Bitcoin And Altcoins Might Be Preparing For A Rally
In the past few sessions, bitcoin price traded in a broad range above the USD 9,000 support and below the USD 9,300 resistance. The current technical structure suggests that BTC could be preparing for a fresh increase above the USD 9,200 and USD 9,300 resistance levels.
Similarly, most major altcoins might follow bitcoin if it breaks the USD 9,300 hurdle, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is currently (08:30 UTC) trading near USD 225 and it might soon make another attempt to clear the USD 230 resistance. XRP/USD might also start a steady rise towards the USD 0.180 and USD 0.182 resistance levels.
Total market capitalization
After a close above USD 9,000, bitcoin price made an attempt to settle above the USD 9,300 resistance, but it failed. BTC is now consolidating in a broad range above the USD 9,000 support level. An immediate barrier is near the USD 9,200 level, but the key hurdle for a strong rally is near the USD 9,300 level.
A successful close above USD 9,300 might start a steady increase. If not, there is a risk of a decline below the USD 9,000 support level in the near term.
Ethereum price is also stuck in a range above the USD 220 and USD 222 support levels. On the upside, the price is facing a crucial resistance near the USD 230 level, above which the bulls are likely to take control.
Conversely, a downside break below the USD 222 and USD 220 support levels may perhaps spark a sustained bearish move towards the USD 205 support.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is trading above the USD 220 support level and it might rise towards the USD 230 resistance. If BCH clears the USD 230 hurdle, there are chances of a sustained upward move towards the USD 245 and USD 250 level. Should there be a downside break below USD 220, the price might revisit USD 200.
Litecoin is struggling to clear the previous support (now resistance) at USD 42.20. If LTC climbs successfully above USD 42.20, the next target for the bulls could be USD 45.00. On the other hand, a daily close below USD 40.00 might start another strong decline in the coming sessions.
XRP price is consolidating above the USD 0.172 support and trading near the USD 0.175 level. On the upside, there are important hurdles near USD 0.178 and USD 0.180. A successful close above the USD 0.180 will most likely push the price into a positive zone. The next resistance is at USD 0.182, followed by USD 0.188. On the downside, the main breakdown support is at USD 0.172.
Other altcoins market today
In the past three sessions, a few small altcoins gained over 5%, including NEXO, ETN, ERD, XVG, SNX, CHSB, FXC, MIOTA, and KNC. Out of these, NEXO climbed 18% and ETN is up around 17%.
To sum up, bitcoin price is likely preparing for the next crucial break. BTC could start a strong increase above the USD 9,300 hurdle as long as there is no daily close below the USD 9,000 support level.
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