Bitcoin Stuck In Key Range, Altcoins Face Hurdles
Bitcoin price found decent support above the USD 6,300 level and recovered. BTC/USD crawled back above the USD 6,400 support and is currently (UTC 08:20 AM) trading in a tight range. The main mover during the past three sessions was bitcoin cash since it rallied more than 15%. Other major altcoins like ethereum and ripple are also trading with a positive angle, but both are facing important hurdles on the upside. Going forward, bitcoin buyers need to gain strength above USD 6,500 for an upside acceleration. If not, it could drop back towards the USD 6,300 level.
Total market capitalization:
Bitcoin price is currently trading above the USD 6,400 support. BTC/USD recently tested the USD 6,500 – USD 6,525 zone where sellers emerged and protected more gains. It seems like the price is trading in the USD 6,300 – USD 6,500 range.
If there is a break above the USD 6,500 resistance, the price may trade above the USD 6,550 and USD 6,600 levels. On the other hand, a downside break below USD 6,300 could spark heavy slides in the near term.
Ethereum price is consolidating above the USD 200 and USD 205 support levels. ETH/USD must move above the USD 215 and USD 220 resistances to move into a bullish zone.
Above USD 220, the next major resistance is near the USD 230 level. On the flip side, the price is likely to find support near the USD 205 level. The main support for buyers is USD 200.
Bitcoin cash and ripple price
Bitcoin cash price performed really well as it broke the USD 460, USD 480 and USD 500 resistance levels. BCH/USD traded towards the USD 550 level and is currently up 16% to USD 520. On the downside, there are many supports, starting with USD 500 and ending with USD 480.
Ripple price trimmed yesterday’s gains and is currently down around 3.5% to USD 0.510. The next major support for XRP/USD buyers is at USD 0.500, below which the price may test the USD 0.480 support.
Other altcoins market today
Many altcoins traded higher recently, including UCASH, XET, ETN, STEEM, PIVX, WAVES, BTG and KCS. Out of these, XET and ETN moved up 32% and 24% respectively.
To sum up, bitcoin needs to stay above the USD 6,400 and USD 6,300 supports to gain momentum above the USD 6,500 level. On the upside, a break above USD 6,525 could clear the path for a surge towards the USD 6,700 resistance.
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