Bitcoin Price Stuck In Range, Altcoins Holding Key Supports
Bitcoin price is facing a strong resistance near USD 8,350 and USD 8,400. Ethereum is correcting towards USD 180 and ripple traded to a new weekly high near USD 0.299. EDUCare (EKT) is up close to 15% and ZRX gained nearly 10% today.
In the past few hours (08:00 UTC), there were mostly range moves in bitcoin price above the USD 8,200 support area. On the upside, BTC/USD seems to be facing a strong resistance near USD 8,350 and USD 8,400. Therefore, the next move could be either a sharp increase above USD 8,400 or a downside extension below the USD 8,200 support. Conversely, there were positive moves in many major altcoins, including ethereum, EOS, bitcoin cash, ripple, binance coin, ADA and XLM. ETH/USD remained well bid above USD 180 and it is currently correcting lower. XRP/USD performed nicely and it traded to a new weekly high near USD 0.299.
Total market capitalization
After struggling to clear the USD 8,400 resistance, bitcoin price started a downward move. BTC/USD is trading below the USD 8,300 level and is testing the USD 8,250 support. The next key support is near the USD 8,200 level, below which the price could extend its decline towards the USD 8,000 and USD 7,800 support levels.
On the upside, an immediate resistance is near the USD 8,350 level. The key resistance is near the USD 8,400 level. If the price gains momentum above the USD 8,400 resistance, it could even surpass the USD 8,500 resistance.
Ethereum price revisited the USD 188 zone, but it failed to continue higher. ETH/USD is currently correcting lower and it recently traded below the USD 185 support. The next key supports are near the USD 180 and USD 178 levels.
On the upside, the USD 185 level might once again prevent gains. Having said that, the bulls need to gain traction above USD 190 to set the tone for a break above the USD 200 barrier.
Bitcoin cash, eos and XRP price
Bitcoin cash price tested the USD 230 level recently, but it failed to test the USD 235 resistance. BCH/USD is trading lower within a range and it could test the USD 215 support level. The main supports on the downside are USD 205 and USD 200, below which there is a risk of a sharp decline in the near term.
EOS is still holding the key USD 3.050 and USD 3.000 support levels. However, the price seems to be struggling to clear the USD 3.250 and USD 3.300 resistance levels. It seems like there could be an extended decline below USD 3.000 before a fresh increase.
XRP price remained in an uptrend and it cleared the USD 0.292 resistance area. XRP/USD traded to a new monthly high near USD 0.299 and it is currently correcting lower. An immediate support is near the USD 0.285 level. However, the main support is near the USD 0.282 zone.
Other altcoins market today
In the past two sessions, a few small capitalization altcoins climbed higher and gained more than 5%, including EKT, ZRX, BAT, NEX, FCT and SEELE. On the other hand, CENNZ, RIF, CRPT, QNT and VSYS are down more than 5%.
Overall, bitcoin is clearly struggling to gain strength above the USD 8,400 resistance. If BTC/USD continues to struggle, there is a risk of a bearish reaction below the USD 8,200 and USD 8,000 support levels in the near term.