Bitcoin and Altcoins Gaining Pace
In the past few sessions, there was a slow and steady rise in bitcoin price above the USD 7,700 and USD 7,800 levels. BTC/USD touched the USD 8,000 level on a couple of occasions, but it failed to gain momentum. At the moment, the price is trading in a range below USD 8,000 and it seems like there could be an upside break in the near term. Altcoins are also gaining pace and they might correct higher further. Litecoin gained more than 8%. LTC/USD might even clear the USD 140 resistance.
Total market capitalization
There was a close above the USD 7,900 level in bitcoin price . However, BTC/USD struggled to gain pace above the USD 8,000 and USD 8,050 levels. The price is currently (08:10 UTC) trading in a range below USD 8,000 and it seems to be preparing for more gains above the USD 8,000 and USD 8,050 levels. The next key resistance is near the USD 8,200 area.
Conversely, if the price fails to clear the USD 8,000 and USD 8,050 resistance levels, there could be a fresh drop below the USD 7,900 and USD 7,800 support levels in the near term.
Ethereum price settled above the USD 245 level. ETH/USD is currently struggling to clear the USD 250 resistance, above which the price could accelerate above the USD 255 and USD 258 levels in the near term.
On the downside, an initial support is near the USD 245 level. If the price fails to stay above USD 245 pivot level, there could be a fresh decline towards the USD 240 level.
Bitcoin cash, eos and ripple price
Bitcoin cash price is currently consolidating below the key USD 400 pivot level. BCH/USD is facing an uphill task near USD 400, but a successful close could open the doors for a sharp rise in the near term. The next main hurdle for the bulls is near the USD 420 level. On the downside, the main supports are near USD 380 and USD 370.
EOS failed to gain strength above the USD 6.400 level and recently declined. The price broke the USD 6.350 support level and it could accelerate losses if there is a close below USD 6.300. The next major support is near the USD 6.250.
Ripple price is holding the USD 0.385 and USD 0.380 support levels. XRP/USD must break the USD 0.395 and USD 0.400 resistance levels to start a fresh upward move. The next major resistance is near the USD 0.411 level. On the downside, the main support is at USD 0.380, below which the price might test USD 0.365.
Other altcoins market today
In the past three sessions, a few small cap altcoins gained more than 6%, including EGT, XZC, WAX, GXC, HEDG, LTC, ADA and KCS. Out of these, EGT is up around 25% and XZC gained nearly 18%.
Overall, bitcoin price is trading in a range below the USD 8,000 resistance area. A successful close above USD 8,000 might start a decent upward move. If not, there is a risk of another slide below USD 7,800 in the coming sessions.
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