Bitcoin and Altcoins Trading Near Make-or-Break Levels
This past week, bitcoin price declined heavily below the USD 5,250 and USD 5,100 support levels. BTC even broke the USD 5,000 level, but later bounced back above USD 5,100. Recently, the price rebounded above the USD 5,250 resistance and it is currently (08:10 UTC) facing hurdles near USD 5,320 and USD 5,350. On the other hand, most large cap altcoins struggled to regain bullish bias. Ethereum price is currently above USD 155, but struggling to climb above USD 160 and USD 162. Ripple price is slowly rebounding, but it could face a strong selling interest near USD 0.302 and USD 0.304.
Total market capitalization
After a successful daily close above USD 5,150, bitcoin price cleared the USD 5,250 and USD 5,280 resistance levels. BTC/USD even traded above the USD 5,300 level, but it faced a significant resistance near the USD 5,320 and USD 5,350 levels. At the moment, the price is consolidating near USD 5,300 and likely setting up for the next break.
An upside break above the USD 5,350 weekly resistance could open the doors for a larger recovery above the USD 5,400 and USD 5,500 levels. On the downside, an initial support is at USD 5,250, below which the price could test the key USD 5,080 weekly support.
Ethereum price declined and tested a crucial support area near USD 150. ETH/USD bounced back above USD 155, but it is currently facing a strong selling interest near the USD 160 and USD 162 levels.
The main weekly resistance is at USD 165, above which the price might climb towards USD 180. On the downside, the key support is at USD 150, below which the price is likely to grind lower towards USD 132.
Bitcoin cash, eos and ripple price
Bitcoin cash is down more than 4% today and recently broke the USD 255 support. BHC/USD traded close to the USD 250 support and it is currently struggling to recover above USD 255 and USD 258. The main weekly resistance is at USD 265 and the key support is near the USD 250 level.
EOS traded close to the USD 4.50 support level and recently recovered above USD 4.60 and USD 4.65. The price must move above the USD 4.80 and USD 4.85 resistance levels to challenge the key USD 5.00 resistance area.
Ripple price recovered after trading close to the USD 0.284 support level. XRP/USD broke the USD 0.294 resistance and it is currently facing resistance near the USD 0.300 and USD 0.302 levels. The main weekly resistances are USD 0.310 and USD 0.312. On the downside, buyers are likely to protect USD 0.292 or USD 0.284.
Other altcoins market today
In the past three sessions, a few small cap altcoins gained traction and climbed more than 6%, including MIOTA, ODE, MONA, MKR and MAID. Out of these, IOTA (MIOTA) rallied close to 20% and ODE is up around 16%.
To sum up, bitcoin price is showing signs of an upward move, but it must climb above the key USD 5,320 and USD 5,350 resistance levels. If there is no upside break, BTC and altcoins are likely to resume their downward move in the near term.
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