Bitcoin Topside Bias Vulnerable Below USD 10K, Altcoins Consolidate
- Bitcoin price is facing a strong resistance near USD 10,000.
- Ethereum and XRP are consolidating above USD 210 and USD 0.200 respectively.
- STEEM and SOLVE rallied more than 15% today.
Bitcoin price started a downside correction after it failed to clear the USD 9,500 and USD 10,000 resistance levels. BTC/USD traded below the USD 9,850 support and tested USD 9,550. The price is currently (09:00 UTC) stuck in a range and seems to be facing a strong resistance near USD 10,000.
Looking at most major altcoins, there were range moves in ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is currently consolidating above USD 210, with a key resistance near USD 215. Similarly, XPR is consolidating gains above USD 0.200 and it must surpass USD 0.210 for a sustained upward move.
Total market capitalization
After struggling to clear the USD 10,000 barrier, bitcoin price corrected lower below USD 9,850. It even traded below USD 9,700 and tested the USD 9,550 support level. The price is currently trading in a range above USD 9,700 and it might again rise towards the key USD 9,950 and USD 10,000 resistance levels.
To start another strong increase, the price must settle above the USD 10,000 resistance. If not, the bears are likely to aim a substantial downside correction towards USD 9,200 or even USD 9,000.
Ethereum price corrected lower and tested the USD 205 zone. ETH is currently trading above USD 210 and it is facing a couple of strong hurdles near the USD 215 and USD 218 levels. The main resistance is still near the USD 220 level.
On the downside, an initial support is near the USD 205 level. The main support is near the USD 200 handle, below which the price might accelerate lower towards the USD 192 level.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is trading above the USD 240 and USD 245 levels. At the outset, BCH is consolidating near USD 250 and it seems like the bulls are eyeing a test of the USD 260 and USD 265 resistance levels. On the downside, the first key support is near the USD 240 level, below which it could test USD 225.
Litecoin settled above the USD 45.00 level, but it seems to be facing a couple of key hurdles near the USD 46.50 level. If there is a successful break above the USD 46.50 level, LTC price might continue to rise towards the USD 48.50 and USD 50.00 levels.
XRP price is trading well above the USD 0.200 and USD 0.202 levels. On the upside, the USD 0.209 and USD 0.210 levels are key barriers for the bulls. If they succeed, the price might rise steadily towards the USD 0.220 and USD 0.225 levels in the near term. Conversely, it might slide below USD 0.200 and revisit the USD 0.190 support.
Other altcoins market today
In the past three sessions, a few small altcoins gained more than 5%, including STEEM, SOLVE, MONA, ETN, FXC, QNT, and NANO. Conversely, BHT, NMR, CRPT, ZIL, LEND, and CKB are down more than 5%.
Overall, bitcoin is facing an uphill task near the USD 9,950 and USD 10,000 levels. Therefore, the next few sessions might be crucial and BTC could either rise sharply towards USD 10,000 or start a steady decline towards USD 9,200 or even USD 9,000.