Bitcoin and Ethereum Approaching Crucial Break
Bitcoin price traded within a range during the past few days above the USD 6,400 weekly support. It seems like BTC/USD is approaching the next significant break either above USD 6,650 or below USD 6,400 in the near term. Similarly, ethereum price could make the next move either above USD 235 or below USD 215 in the coming sessions. Other altcoins like bitcoin cash and ripple are trading with a slight bearish bias below key resistances.
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This past week, there were mainly range moves in bitcoin price above the USD 6,400 support. BTC/USD remained elevated, but buyers struggled to surpass the USD 6,650 resistance level. A break above USD 6,650 and USD 6,700 is needed for a positive wave towards the USD 7,000 and USD 7,200 in the near term.
On the other hand, if the price breaks the USD 6,400 weekly support, it may increase selling pressure. The next major support awaits at USD 6,250, below which the price could break the all-important USD 6,000 support.
Also, volatility in the bitcoin market is now down to levels not seen since July 2017, before the huge run-up in prices seen later that year.
Ethereum price made a few attempts to settle above the USD 230 and USD 235 resistances. However, sellers successfully defended more gains and pushed the price lower.
On the downside, the USD 220 and USD 215 levels are holding losses. Overall, the next major move in ETH/USD could be either above USD 235 or below USD 215 in the coming sessions.
Bitcoin cash and ripple price
Bitcoin cash price is holding the USD 500 support level with a positive angle. BCH/USD must break the USD 540 resistance to trade higher. The next resistance above USD 540 is USD 560. On the downside, the key support for buyers is at USD 500.
Ripple price declined sharply recently and settled below the USD 0.500 support. XRP/USD found support above USD 0.475, but upsides are likely to be capped by the USD 0.490 and USD 0.500 resistance levels.
Other altcoins market today
During the past two sessions, a few altcoins, including ZRX, CMT, TRX and MKR gained heavily and rallied more than 10%. Out of these, ZRX gained 16.5% and tron price was up around 15%.
To sum up, bitcoin price is set for the next move, which could be towards USD 7,000 if buyers succeed in clearing the USD 6,650 resistance. If not, BTC/USD is likely to drop sharply and it may well drag altcoins lower as well. The most important support to keep track is at USD 6,400.
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