Bitcoin and Altcoins Struggle at Key Resistance Levels
Yesterday, we discussed the chances of a fresh increase in bitcoin price above USD 9,200. BTC/USD did climb higher above USD 9,200 and USD 9,300. The price even traded close to the USD 9,400 resistance, where sellers appeared. The price is currently (08:10 UTC) correcting lower, but it is likely to make another attempt to surpass USD 9,400 and USD 9,450. Besides, there were mostly positive moves in ethereum, ripple and bitcoin cash. However, ETH/USD is struggling near the USD 270 resistance and XRP/USD is facing a crucial hurdle near the USD 0.438 and USD 0.440 resistance.
Total market capitalization
Recently, bitcoin price gained bullish momentum above the USD 9,200 and USD 9,300 resistance levels. BTC/USD even broke the USD 9,350 level and traded close to the USD 9,400 resistance area. At the moment, the price is up around 1.5% and it is consolidating near USD 9,300. An immediate support is near USD 9,250, followed by USD 9,200.
On the upside, the price seems to be facing a tough challenge near the USD 9,380 and USD 9,400 resistance levels. Above USD 9,400, the price could continue higher towards USD 9,500 or even USD 9,620.
Ethereum price climbed higher slowly above the USD 265 resistance, but it struggled to clear the USD 270 resistance. ETH/USD is currently moving lower and it seems like it could revisit the USD 265 support level.
If there are more downside, the next main support is at USD 260. On the upside, the price must clear the USD 270 resistance level to continue higher towards the USD 275 and USD 280 resistance levels.
Bitcoin cash, eos and ripple price
Bitcoin cash price recovered above the USD 410 level, but it could not surpass the USD 418 and USD 420 resistances. BCH/USD is currently down around 2% and it is trading near the USD 410 support. If it continues to slide, it might test the USD 400 support once again.
EOS corrected higher above the USD 6.80 and USD 6.85 levels. However, the price failed to gain strength above USD 6.95 and recently started a fresh decline. It is currently trading near USD 6.80 and it might decline further towards the USD 6.650 support area.
Ripple price stayed above the USD 0.425 and USD 0.420 support levels. XRP/USD traded above the USD 0.430 level and tested the USD 0.440 level, where sellers emerged. The price retreated from highs and it is currently testing the USD 0.430 support. The main supports are near USD 0.425 and USD 0.420.
Other altcoins market today
Recently, a few small cap altcoins climbed higher and gained between 5%-15%, including MAID, EGT, HC, HEDG, DGB, KCS, XMR, HT, NEX and NRG. Out of these, MAID is up around 16% and EGT gained nearly 13%.
To sum up, bitcoin price is trading with a positive bias above the USD 9,200 and USD 9,100 support levels. Having said that, BTC/USD must surpass the USD 9,400 resistance area to continue higher. If not, there is a risk of a fresh decline below USD 9,200.
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