Bitcoin and Altcoins Look Set For The Next Crucial Break
In the past few days, bitcoin price struggled to gain traction above the USD 9,850 resistance. BTC is currently (08:30 UTC) trading above USD 9,650 and holding the key USD 9,550 support zone. It seems like the price looks set to make the next major move either above USD 10,000 or back towards USD 9,000.
Similarly, most major altcoins are stuck in a range and preparing for the next move, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD must break the USD 250 resistance to start a strong increase, and XRP/USD must settle above USD 0.210 for a sustained upward move.
Total market capitalization
After a few attempts to clear USD 9,850, bitcoin price started trading in a range. BTC remained well bid above the USD 9,650 and USD 9,550 support levels. On the upside, the first hurdle for the bulls is near the USD 9,850 level. The main resistance is still near the USD 10,000 level, above which the price could break to the upside and rally to USD 10,400 or USD 10,500.
If there is no upside break, the price is likely to start a major decline below the USD 9,650 and USD 9,550 support levels in the near term.
Ethereum price is also facing a major hurdle near the USD 250 level. To start a strong upward move, ETH price must settle above the USD 250 barrier. The next key resistance is seen near the USD 265 level.
On the other hand, there is a risk of a bearish break below the USD 240 and USD 238 support levels. The next major support is near the USD 230 level.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is consolidating above a crucial support area at USD 250. It seems like BCH is setting up for the next major move. If there is an upside break above the USD 250 level, there are chances of a sustained upward move. Conversely, the price could start a major decline towards the USD 220 level.
Litecoin is holding the key uptrend support at the USD 45.00 level, but it is also struggling to clear the USD 48.50 resistance. Therefore, the price could either start a major upward move above USD 48.50 or it might start a major decline below the USD 45.00 level.
XRP price is holding the main USD 0.200 support zone. On the upside, the bulls are struggling to gain strength above the USD 0.205 resistance. If they succeed, the price could rise steadily above the USD 0.210 level. If not, it might dive towards the USD 0.192 and USD 0.190 support levels.
Other altcoins market today
In the past three sessions, a few smaller altcoins gained more than 5%, including KNC, LEND, XVG, ZRX, CKB, GNT, ENJ, and BTS. Out of these, KNC rallied nearly 15% and broke the USD 0.80 resistance zone, and LEND surged around 14%.
Overall, bitcoin price is likely preparing for the next major move either above the USD 9,850 resistance or below the USD 9,550 support. The chances to the upside are high unless there is another major rejection near USD 9,850 or USD 10,000.
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