For the past two days, there have been mostly broad moves in Bitcoin price below the USD 19,500 resistance. BTC fell below USD 19,000 but remained well bid above USD 18,500. The price is currently trading near USD 19,000 (05:00 UTC) and appears to be preparing for the next critical break.
Similarly, there have been range movements in most major altcoins, including Ethereum, XRP, Litecoin, EOS, XLM, LINK, BNB, TRX, Bitcoin Cash, and ADA. ETH / USD stuck between USD 580 support and USD 600 resistance. XRP / USD is trading above USD 0.600 and USD 0.620 but faces hurdles near USD 0.635 and USD 0.655.
Total market capitalization
Bitcoin price moved a few times, but the bulls were able to protect heavy losses under the support of $ 18,500. BTC rebounded above USD 18,800 and even surged above USD 19,000. On the upside, the USD 19,250 and USD 19,300 levels are initial hurdles. The main breakout resistance appears to be forming near the $ 19,500 level.
On the downside, the USD 18,800 level is an initial support. The first major support is at $ 18,500, below which the price could drop sharply towards $ 18,000 or $ 17,800.
Ethereum price also followed a similar pattern and stayed well above the USD 580 support. ETH is trading above the USD 590 level but is facing strong resistance near the USD 600 and USD 605 levels. A closing price above the USD 605 level is a must to start a steady climb.
On the flip side, initial support is near the USD 585 level. Support for key breakdowns is now forming near the USD 580 level.
Bitcoin Cash, Litecoin and XRP Price
Bitcoin cash price holds the support level of $ 280 and is slowly increasing. BCH could accelerate higher if it breaks the USD 300 and USD 302 resistance levels. The next major resistance is near the USD 315 level. Conversely, there is a risk of falling sharply below the USD 280 and USD 270 support levels.
Litecoin (LTC) is doing well, trading above the USD 85.00 and USD 86.50 support levels. It even surged above USD 88.50 but struggled to continue above USD 90.00. If there is a closing price above the USD 90.00, the bulls could test the USD 95.00 level.
XRP price holds the support level at $ 0.600 and rebounded above the $ 0.620 level. On the upside, the $ 0.635 level is an immediate resistance. The main breakout resistance is at USD 0.650 and USD 0.655, above which the price could move towards USD 700.
Other altcoin market today
In the past few hours, many altcoins have gained over 10%, including DCR, EGLD, ALGO, RUNE, XEM, COMP, AAVE, CRV, BAND, ZIL, YFI, Berufsbildung, ABBC, LUNA and NXM. Of these, DCR is up over 35% and has passed the $ 30.00 resistance level.
Overall, Bitcoin price is showing some positive signs above USD 18,800. However, BTC needs to gain momentum above the USD 19,250 and USD 19,300 resistance levels to set the pace for a bigger rally.