Bitcoin Trades Below Heavy Resistance, Altcoins Consolidate
In the past few hours, bitcoin price managed to correct higher above USD 9,000 and USD 9,080. BTC even attempted an upside break above the USD 9,200 resistance, but it failed. The price is now stuck in a broad range below the USD 9,200 and USD 9,300 resistance levels.
Most major altcoins are also facing hurdles and are currently (08:30 UTC) consolidating, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is struggling to clear the USD 228 and USD 230 resistance levels. XRP/USD is holding the USD 0.175 support and it could recover towards the USD 0.180 level in the near term.
Total market capitalization
Recently, bitcoin price recovered above the USD 9,000 pivot level. BTC even surpassed the USD 9,080 resistance and spiked above USD 9,200. However, it struggled to continue higher and corrected a few points. It seems like there is a broad range forming between the USD 9,000 support and the USD 9,300 resistance.
If the bulls gain traction above USD 9,300, the price could start an upward move towards the USD 9,550 resistance region in the near term.
Ethereum price is also recovering and it climbed above the USD 220 level. ETH is currently trading above the USD 225 level, with a major hurdle near the USD 228 and USD 230 resistance levels. A successful close above USD 230 is a must for a sustained upward move.
If not, the price might decline below the USD 222 and USD 220 support levels. The next key support is near the USD 215 level.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is rising and trading above the USD 220 level. On the upside, an initial resistance is at USD 225, but the first key resistance is near USD 230. As long as BCH is trading below USD 230, there is a risk of an extended decline towards the USD 205 level.
Litecoin is holding the USD 40.50 and USD 40.00 support levels. LTC price seems to be facing a major resistance at USD 42.20. If there is a clear break above USD 42.20, the price could rise steadily towards the USD 45.00 resistance level. Conversely, there is a risk of a sharp decline below the USD 40.00 support. The next major support is near the USD 38.50 level.
XRP price is still well below the USD 0.180 resistance, but it is holding the USD 0.172 and USD 0.175 support levels. It seems like the price might retest the USD 0.180 resistance or the USD 0.182 pivot level. A successful close above USD 0.182 is needed for a steady increase towards USD 0.192 and USD 0.195 in the coming sessions.
Other altcoins market today
In the past three sessions, a few small altcoins climbed more than 5%, including ERD, ENJ, KNC, CEL, FXC, MCO, and OMG. Conversely, TMTG, CHSB, and REN are gaining bearish momentum.
Overall, bitcoin is facing an uphill task near the USD 9,200 and USD 9,300 resistance levels. If BTC continues to struggle, there are chances of a fresh decline below USD 9,000 in the next few sessions. Conversely, the price could break USD 9,300 and revisit USD 9,550.
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