In the past few sessions, bitcoin price struggled to surpass the USD 7,850 and USD 8,000 resistance levels. BTC/USD is currently (08:00 UTC) consolidating above USD 7,650 and likely preparing for the next key break. It could either rally above USD 7,850 or start a substantial decline towards USD 7,200.
Similarly, most major altcoins are facing key hurdles on the upside, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is struggling to clear the USD 198 and USD 200 resistance levels. XRP/USD is also facing a strong selling interest near the USD 0.200 level.
Total market capitalization
After another failed attempt to clear USD 7,850, bitcoin price started consolidating gains. BTC/USD corrected a few points, but it remained well supported on the downside above USD 7,650 and USD 7,550. On the upside, the price has to gain strength above USD 7,850 and USD 8,000 for bullish continuation in the near term.
If not, there is a risk of substantial downside correction below the USD 7,550 support. The next major support is near the USD 7,200 level, where the bulls are likely to emerge.
Ethereum price is stuck in a tight range above the USD 190 level. ETH/USD seems to be facing a major resistance near the USD 200 level. If there is a successful break and close above USD 200, the price is likely to continue higher towards the USD 212 level.
On the downside, the USD 190 level is an initial support. The key support is near the USD 188 level, below which the bears are likely to aim a larger correction towards the USD 175 level.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price settled above the USD 230 pivot level. However, BCH/USD is still finding it difficult to clear the USD 245 and USD 250 resistance levels. If the bulls continue to struggle, there could be another bearish reaction towards the USD 220 support level.
Litecoin topped near the USD 45.00 resistance level and it is currently declining below USD 44.00. It seems like LTC/USD is approaching the USD 43.20 support. Any further losses may perhaps lead the price towards the USD 42.00 support level. On the upside, the price must surpass the USD 45.00 resistance level for a sustained rise towards the USD 46.50 level.
XRP price settled above the key USD 0.192 resistance and even surpassed the USD 0.195 level. However, the price is facing a major hurdle near the USD 0.200 level. If the price clears the USD 0.200 hurdle and gains pace above USD 0.202, it could continue to rise towards the USD 0.212 and USD 0.215 levels.
Other altcoins market today
In the past two sessions, a few smaller altcoins gained more than 5%, including LEND, DGTX, XLM, LSK, SNX, MANA, REN, and XTZ. Conversely, a few altcoins declined more than 10% (HIVE, DGB, and STEEM).
To sum up, bitcoin price is struggling to climb above the USD 7,850 and USD 8,000 resistance levels. If BTC/USD continues to fail, there is a risk of a sharp decline towards the USD 7,550 and USD 7,200 levels in the coming sessions.