Bitcoin and Major Altcoins Showing Signs Of an Upside Break
This past week, bitcoin price extended its decline below the USD 9,300 and USD 9,200 support levels. However, BTC managed to stay above the USD 9,000 support and it is currently (08:30 UTC) showing signs of a possible fresh increase towards USD 9,500 in the coming sessions.
Similarly, most major altcoins are recovering, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is up close to 2% and it is approaching the USD 240 level. XRP/USD is approaching the USD 0.200 and USD 0.202 resistance levels.
Total market capitalization
After trading close to the USD 9,000 support, bitcoin price started a steady recovery wave. BTC/USD is now trading above USD 9,150 and it is approaching the USD 9,200 resistance. The main weekly resistance is near the USD 9,300 level, above which the bulls are likely to take control in the near term.
If there is no upside break above USD 9,200 or USD 9,300, there is a risk of a sharp decline below the USD 9,050 and USD 9,000 support levels. The next major support is at USD 8,650.
Ethereum price is trading above the USD 230 and USD 235 levels. ETH/USD is approaching the USD 240 and USD 242 resistance levels. A successful break above USD 242 is needed for a sustained upward move. The key hurdle on the upside is near the USD 250 level.
Conversely, the price might correct lower one more time towards the USD 235 support. The most important support is near USD 230, below which the price might turn bearish.
Bitcoin cash, ADA and XRP price
Bitcoin cash price is holding the USD 220 support level and it is trading above the USD 225 level. The first major resistance is near the USD 230 level, above which the bulls might aim a test of the USD 240 level. If there is no upside break above USD 230, the price might revisit the USD 215 support zone.
ADA is consolidating gains above the USD 0.120 level. The price is facing hurdles near USD 0.124 and USD 0.125, above which the price might accelerate towards the USD 0.130 level. On the downside, the main support is near the USD 0.120 level, below which there are chances of more losses in the coming sessions.
XRP price is moving higher towards the USD 0.200 and USD 0.202 resistance levels. A successful close above the USD 0.202 level could set the pace for a strong rise. The next major resistance is near the USD 0.212 level. On the other hand, the price may perhaps revisit the USD 0.188 support zone.
Other altcoins market today
In the past three sessions, a few small-capitalization altcoins soared over 10%, including SXP, BAND, LUNA, KAVA, AMPL, QNT, LEND, ABBC, and ICX. Out of these, SXP surged 45% and it broke the USD 1.750 resistance.
To sum up, bitcoin price is still showing signs of an upside break above the USD 9,200 and USD 9,300 resistance levels. If the bulls fail to gain strength this week, there are high chances of a sustained downward move below USD 9,000 in the coming sessions.
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