Bitcoin and Altcoins Basing for Next Move
Bitcoin price mostly consolidated above the USD 6,500 support during the past few hours. BTC/USD made an attempt to clear the USD 6,650 resistance, but buyers failed to gain momentum. Similarly, Ethereum is finding a strong selling interest near the USD 235 level. The current market sentiment is neutral-to-bearish as long as bitcoin is trading below the USD 6,800 resistance. Altcoins like bitcoin cash and QTUM are showing positive signs and may perhaps continue to climb higher in the short term.
Total market capitalization:
Bitcoin price remained above the USD 6,500 support with a positive angle. However, there were multiple rejections noted around the USD 6,650 resistance in BTC/USD. At present, the price is trading flat near the USD 6,580 level with an immediate resistance at USD 6,620 and USD 6,650.
If buyers gain momentum above the USD 6,650 resistance, the price is likely to revisit the USD 6,800 resistance zone. On the other hand, the USD 6,500 level is a strong support, below which there is a risk of more declines towards the USD 6,400 and USD 6,320 support levels.
Ethereum price remained confined in tiny range above the USD 220 level. ETH/USD seems to be facing a tough resistance near the USD 235 level, above which there are chances of a fresh rally towards the USD 250 level.
On the flip side, if sellers push the price below the USD 220 support, the price will most likely trade towards the USD 205 support in the near term.
Bitcoin cash and ripple price
Bitcoin cash price is currently up more than 1% and is trading above the USD 540 support. BCH/USD needs to break the USD 560 resistance to climb further towards the USD 600 level. On the downside, supports are visible near the USD 540 and USD 520 levels.
Ripple price struggled to clear the USD 0.600 resistance and declined. XRP/USD is currently down more than 3% and is trading near the USD 0.560 level. The main supports are at USD 0.550 and USD 0.532.
Other altcoins market today
A few altcoins climbed higher today, including cortex, FUN, NEM, IOST, ELA, ELF, ETN, SC and BCN. Out of these, cortex rallied around 24% and FUN gained more than 12%.
To sum up, bitcoin price is showing a few bearish signs below the USD 6,650 and USD 6,800 resistance levels. Buyers need to soon jump into action to push the price above the USD 6,800 barrier. If not, there is a risk of a bearish reaction in BTC/USD and altcoins in the coming sessions.
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