Bitcoin and Altcoins Still Preparing For Next Break
This past week, there were mostly range moves in bitcoin price below the USD 19,500 resistance. BTC attempted an upside break, but there was no follow-up move above USD 19,650 and USD 19,800. The price is currently (05:00 UTC) consolidating in a contracting range and it seems to be preparing for the next major move.
Similarly, there were range moves in most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD is trading below the USD 600 resistance, with a key support at USD 0.585. XRP/USD is trading above USD 0.600 and it could rally once there is a clear break above the USD 0.620.
Total market capitalization
There was another failed attempt by bitcoin price to clear the USD 19,500 resistance level. BTC is trading well below USD 19,500, with an immediate support at USD 19,000. The main support sits near the USD 18,500 level. A daily close below the USD 18,500 support may possibly start a sustained downward move.
On the upside, the USD 19,500 resistance zone holds the key. A follow-up move above the USD 19,500 level could lift the price towards the main USD 20,000 resistance zone in the next few sessions.
Ethereum price climbed above the USD 600 resistance, but there was no momentum. ETH seems to be consolidating above the USD 585 support level and it could make another attempt to gain pace above the USD 600 resistance. The next key resistance is at USD 605, above which the price could test the weekly barrier at USD 620.
On the downside, the USD 585 level is a strong buy zone. If there is a clear break below USD 585, the price could slide towards the USD 565 level.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is trading above the USD 280 support level. An initial hurdle is near the USD 295 level, but the key breakout resistance is at USD 300. A clear break above the USD 300 resistance might open the doors for a larger increase. The next major resistance is near the USD 320 level.
Litecoin (LTC) remained well bid above the USD 80.00 and USD 81.20 support levels. The first major resistance is near the USD 84.00 level, above which the price might attempt an upside break above the USD 86.50 level. The next stop for the bulls may possibly be near the USD 90.00 level.
XRP price spiked below the USD 0.600 support zone, but it quickly recovered. The price is now trading above the USD 0.610 level and it might soon attempt an upside break above the USD 0.620 level. A close above USD 0.620 might increase the chances of more gains above USD 0.635 and USD 0.640.
Other altcoins market today
In the past few hours, there was no major move in any altcoin. A few of them are showing bearish signs, including REV, UNI, QNT, CHSB, AMPL, XEM, NANO, and ZIL. Conversely, there are chances of a decent upward move in LINK and ENJ.
Overall, bitcoin price is seemingly setting up for the next major move if it clears the USD 19,500 resistance. Conversely, BTC could nosedive below USD 19,000 and USD 18,500 if it continues to fail near USD 19,500.
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