Recently, bitcoin price declined below USD 8,300, but the USD 8,200 level acted as a support. As a result, there was a fresh increase, but the price is struggling to gain pace above USD 8,400 and is currently (08:00 UTC) well below the USD 8,500 resistance levels. Similarly, there was a short term upward move in altcoins, including ethereum, ripple, EOS, bitcoin cash, litecoin, binance coin, tron and stellar. ETH/USD seems to be facing resistance near USD 180 and is consolidating above the USD 175 support. XRP/USD recovered recently, but it failed to surpass the USD 0.255 level and is currently trading below USD 0.250. Overall, upsides are currently limited and the market seems to be trading in a range.
Total market capitalization
After a downside correction, bitcoin price bounced back from the USD 8,200 support. BTC/USD climbed above USD 8,300, but struggled to surpass the USD 8,400 resistance. The price is currently trading in range between USD 8,200 and USD 8,500. On the upside, a clear break above the USD 8,500 resistance is a must for bullish continuation.
On the downside, the USD 8,200 level is a decent support. If the price declines below USD 8,200, it could test the next key support near the USD 8,000 level.
Ethereum price is holding the USD 175 support area, but it seems to be facing many hurdles on the upside near the USD 180 and USD 182 levels. The main resistance is near USD 185, above which the price could accelerate higher.
On the downside, the USD 175 support holds the key. If there is a downside break below USD 175, there is a risk of an extended drop towards the USD 170 or USD 165 level.
Bitcoin cash, eos and XRP price
Bitcoin cash price is currently consolidating above the USD 220 support. If BCH/USD breaks the USD 220 support, it could slide towards the USD 205 support area. Conversely, a clear break above USD 230 and USD 235 might lead the price towards the USD 250 resistance area in the near term.
EOS is trading above the USD 2.850 support level and is facing resistance near the USD 3.000 and USD 3.050 levels. If there are more losses below USD 2.850, the price could test the USD 2.600 support. On the upside, the price is likely to test USD 3.200 if it clears USD 3.050.
XRP price is trading in a range above the USD 0.242 support area. XRP/USD climbed higher recently, but it struggled to clear the USD 0.255 resistance area. The main resistance on the upside is still near the USD 0.262 level.
Other altcoins market today
In the past two sessions, a few small capitalization altcoins outperformed and gained more than 5%, including CENNZ, BCD, XMX, THETA, ARDR, QNT and LINK. On the other hand, NRG, LAMB, CRPT, BCN, ZIL and MONA declined more than 5%.
To sum up, bitcoin is trading in a range below the key USD 8,500 support. In the short term, there could be more ranging moves before the next crucial move in BTC/USD. It could either rally above USD 8,500 or decline below USD 8,000.
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