Bitcoin Struggling Near USD 9,000, Altcoins Show Signs of Life
Bitcoin price is facing a major resistance near the USD 9,000 zone. Ethereum could surpass the USD 192 resistance and XRP is rising towards USD 0.200. ETN, KCS, DGB, ZIL, and HYN are up more than 20% today.
After halving, bitcoin price managed to settle above the USD 8,550 pivot level. BTC even climbed above the USD 8,850 resistance, but it seems like it is facing a major resistance near the USD 9,000 zone. If there is a clear break above USD 9,000, the price could start a strong rally.
Looking at most major altcoins, there were mostly broad range moves in ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is slowly rising and might surpass the USD 192 resistance. XRP is also recovering and approaching the range resistance zone near the USD 0.200 level.
Total market capitalization
The current (08:30 UTC) technical structure for bitcoin price is positive above the USD 8,550 and USD 8,600 levels. BTC managed to climb above the USD 8,850 resistance zone, but it seems like the bulls are struggling to overcome the USD 9,000 hurdle. If they succeed, the price is likely to rally above the USD 9,200 and USD 9,250 levels in the near term.
If the price fails to continue above USD 9,000, there is a risk of a bearish reaction. An initial support is near the USD 8,720 level, below which the price could retest the USD 8,550 support.
Ethereum price is slowly rising and approaching the USD 192 resistance. ETH/USD must settle above the USD 192 level to revisit the main USD 200 resistance zone. A daily close above the USD 200 level is needed for a sustained upward move.
On the downside, an initial support is near the USD 185 level. The first key support is at USD 180, below which the price might continue to move down towards the USD 175 level.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is consolidating in a range above the USD 230 support level. On the upside, BCH is facing many hurdles near the USD 240 and USD 245 levels. If the bulls gain strength above USD 240, the price could even surpass USD 250. If not, the price could start a fresh decline towards USD 220 or even USD 212.
Litecoin is trading near the USD 42.20 level and it is struggling to settle above the USD 43.20 resistance. If LTC clears the USD 43.20 resistance, it could test the USD 45.00 barrier. Until then, the bears are likely to aim a downside break below the USD 40.00 support zone.
XRP price is showing positive signs above the USD 0.192 and USD 0.190 support levels. The price is now approaching the main USD 0.200 and USD 0.202 resistance levels. If there is a proper close above the USD 0.202 level, it could kick start a fresh uptrend wave towards USD 0.212 and USD 0.220.
Other altcoins market today
In the past three sessions, many smaller altcoins gained more than 10%, including ETN, KCS, DGB, ZIL, HYN, WAVES, BHT, GNT, KNC, SEELE, and MATIC. Out of these, ETN rallied close to 28% and KCS is up around 24%.
To sum up, bitcoin is showing a lot of positive signs above USD 8,850, but it must gain bullish momentum above USD 9,000 to increase buying interest. If not, it could retreat lower towards USD 8,550 and USD 8,400.