For the past week, Bitcoin price has mainly been moving 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 consolidating (05:00 UTC) in a contraction area and appears to be preparing for the next big move.
Similarly, there have been range movements in most of the major altcoins, including Ethereum, XRP, Litecoin, EOS, XLM, LINK, BNB, TRX, Bitcoin Cash, and ADA. ETH / USD trades below the USD 600 resistance with key support at USD 0.585. XRP / USD is trading above USD 0.600 and could rebound if there is a significant break above USD 0.620.
Total market capitalization
There was another failed attempt by Bitcoin price to break the USD 19,500 resistance level. BTC is trading well below USD 19,500 with immediate support of USD 19,000. The main support is near the $ 18,500 level. A daily close below the $ 18,500 support could potentially trigger 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 push the price towards the main resistance zone of USD 20,000 in the next few sessions.
Ethereum’s price surged above the USD 600 resistance, but there was no momentum. ETH appears to be consolidating above the USD 585 support level and could make another attempt to gain pace above the USD 600 resistance. The next major resistance is at $ 605, above which the price could test the weekly barrier at $ 620.
On the downside, the USD 585 level is a strong buy zone. If there is a significant break below USD 585, the price could fall towards USD 565.
Bitcoin Cash, Litecoin and XRP Price
Bitcoin cash price is trading above the USD 280 support level. An initial hurdle is near the $ 295 level, but the key breakout resistance is at $ 300. A sharp break above the USD 300 resistance could open the doors to a bigger move higher. 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 $ 84.00 level, above which the price could attempt an upside break above the $ 86.50 level. The next stop for the bulls could potentially be near the USD 90.00 level.
XRP price fell below the USD 0.600 support zone but rebounded quickly. The price is now trading above the USD 0.610 level and could soon attempt to break an uptrend above the USD 0.620 level. A closing price above USD 0.620 could increase the chances of further gains above USD 0.635 and USD 0.640.
Other altcoin market today
There has been no major movement in any altcoin in the past few hours. Some of them show bearish signs, including REV, UNI, QNT, CHSB, AMPL, XEM, NANO, and ZIL. Conversely, there is the possibility of a decent uptrend at LINK and ENJ.
Overall, Bitcoin price appears to be gearing up for the next big step as it clears the USD 19,500 resistance. Conversely, BTC could fall below USD 19,000 and USD 18,500 if it continues to fail near USD 19,500.