Bitcoin and Altcoins Trading Near Crucial Inflection Point
In the past few sessions, bitcoin mostly traded in a tight range below the USD 3,900 resistance level. BTC is stuck between USD 3,850 and USD 3,900 and it seems like it is preparing for the next key break. Ethereum price is slowly moving down after it failed to break the USD 135 resistance level. ETH declined below USD 132 and it could test the USD 130 support. On the other hand, ripple price spiked above the USD 0.320 resistance, but it failed to hold gains and retested the USD 0.310 support area.
Total market capitalization
There was another attempt by bitcoin price to clear the USD 3,900 resistance, but buyers failed to gain momentum. BTC retreated a few points, but it remained in a tight range above the USD 3,850 support and below the USD 3,900 resistance. It seems like the price is all set for the next break, which could be either above USD 3,900 or towards USD 3,800 and 3,720.
Once there is an upside break above USD 3,900, buyers are likely to take control. The next key resistance is near the USD 3,980 – USD 4,000 zone, where sellers might put up a strong fight.
Ethereum price started following a slow and steady bearish path after it failed to break the USD 135 resistance. ETH is approaching (UTC 08:10 AM) the USD 130 support, which could play an important role in the near term.
If buyers fail to defend the USD 1303 support, the price may decline sharply. On the other hand, the price could bounce back and even make an attempt to surpass the USD 134 and USD 135 resistance levels.
Bitcoin cash, eos and ripple price
Bitcoin cash price is slowly moving higher and it recently broke the USD 130 resistance level. BCH/USD is showing a few positive signs and it seems like buyers could push the price above the USD 132 resistance level.
EOS is currently consolidating above the USD 3.50 support level. To start a fresh upward move, the price must clear the USD 3.60 and USD 3.70 resistance levels. On the downside, the USD 3.50 support is very important, below which there could be heavy losses.
Ripple price rallied recently above the USD 0.315 and USD 0.320 resistance levels. However, XRP/USD fails to hold gains and declined sharply to revisit the USD 0.310 support level. The price may consolidate for a few hours before a fresh upward move.
Other altcoins market today
Despite range moves in bitcoin, a few small cap altcoins gained traction and moved up by more than 7%, including ETN, WAX, REPO, ETN, BCD, INB, PIVX, XLM and KCS. Out of these, ETN rallied more than 20% and WAX is up close to 18%.
Overall, bitcoin price is trading near a crucial inflection point and is likely preparing for the next key break. BTC could either clear the USD 3,900 hurdle and rally strongly or decline sharply below the USD 3,800 support level.