Bitcoin, Altcoins Facing Hurdles On The Way Up
This past week, there was a decent upward move in bitcoin price above the USD 7,200 resistance area. BTC/USD even surpassed the USD 7,550 resistance to move into a positive zone. The price is now (08:00 UTC) facing hurdles near USD 7,850 and USD 8,000, and it is likely preparing for the next rally.
Similarly, there was a steady rise in most major altcoins, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD broke the USD 195 resistance and it is testing the USD 200 hurdle. XRP/USD also gained traction after it broke the USD 0.192 resistance and it is now approaching USD 0.200.
Total market capitalization
In the past 3-4 days, bitcoin price remained in a bullish zone and surged above the USD 7,200 and USD 7,550 resistance levels. BTC/USD is currently struggling to surpass the USD 7,800 and USD 7,850 levels, above which USD 8,000 could be a game-changer. If there is a clear break above USD 8,000, the price is likely to surge towards the USD 8,500 and USD 8,650 levels.
Conversely, bitcoin could fail to continue above the USD 7,850 and USD 8,000 resistance levels. On the downside, an initial support is near the USD 7,550 level, but the main weekly support is at USD 7,200.
Ethereum price remained in a positive zone above the USD 190 level and it recently climbed above the USD 195 resistance. On the upside, ETH/USD seems to be facing a strong resistance near USD 200. A successful break above USD 200 may perhaps start another rally to USD 220.
On the downside, an initial support is near the USD 192 level. The main support is near the previous major resistance at USD 185.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price climbed above the USD 230 resistance and extended its upward move. BCH/USD is now trading above USD 240 and it is facing a strong selling interest near USD 245 and USD 250. A successful close above USD 250 could lead it towards the USD 265 level. On the downside, the key weekly support is near the USD 220 level.
Litecoin remained stable above the USD 43.20 level. LTC/USD is now facing hurdles near the USD 45.00 level, above which the bulls are likely to gain momentum. In the mentioned case, the price is likely to continue higher towards the USD 46.50 and USD 48.00 resistance levels.
XRP price gained bullish momentum after it broke the USD 0.190 and USD 0.192 resistance levels. The price is now trading above USD 0.195 and it is likely to continue higher above the USD 0.200 and USD 0.202 resistance levels. On the downside, there are key supports near USD 0.190.
Other altcoins market today
In the past three sessions, many small-capitalization altcoins gained more than 5%, including STEEM, HIVE, SC, SNX, BTM, ZRX, DX, ADA, BTS, KNC, DOGE, MANA, ZIL, and OMG. Out of these, STEEM is up around 50% and HIVE rallied more than 35%.
Overall, bitcoin price is trading in a positive zone and it is approaching the key USD 7,850 and USD 8,000 resistance levels. BTC/USD might continue to rise if it clears USD 8,000. If not, it could correct lower towards USD 7,550 or USD 7,200.
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