This week, bitcoin price struggled to gain bullish momentum and settled below the USD 3,600 support level. BTC/USD is currently (UTC 08:10 AM) consolidating in a tiny range and the same support at USD 3,600 is now acting as a solid resistance. Going forward, the price may continue to trade in a range before the next wave either above USD 3,600 or below USD 3,500. Similarly, ethereum is finding it tough to break the USD 120 resistance. If it continues to struggle, there is a risk of a downside break below the USD 110 support. Ripple price is trading in a bearish zone below USD 0.320 and it may slowly decline towards USD 0.310.
Total market capitalization
Recently, bitcoin price found support near the USD 3,500 level and it recovered above the USD 3,550 level. However, BTC/USD is struggling to surpass the USD 3,600 resistance, above which buyers might take control and they could push the price towards the USD 3,650 and USD 3,700 resistance levels.
On the downside, an initial support lies at USD 3,520, below which the price may decline to USD 3,475 or even USD 3,400 in the coming sessions.
Ethereum price is trading in a tight range below the key USD 120 resistance. There were many attempts by ETH/USD to surpass the USD 118 – USD 120 resistance zone, but it failed.
On the downside, the USD 112 and USD 110 support levels are significant. If sellers succeed in pushing the price below USD 110, the price could drop towards the USD 100 level.
Bitcoin cash, eos and ripple price
Bitcoin cash price spiked above the USD 130 resistance, but there was no hourly close. BCH/USD retreated from highs and it seems like sellers could push the price towards the USD 125 support in the near term.
EOS is trading with a positive bias as it broke the USD 2.40 and 2.42 resistance levels. If buyers remain in action, there are high possibilities of a test of the USD 2.50 and 2.56 resistance levels.
Ripple price is under pressure below the USD 0.320 support level. XRP/USD is following a bearish pattern and it could continue to move down towards the USD 0.311 or USD 0.310 support level. On the upside, the main resistances for buyers are at USD 0.318 and USD 0.320.
Other altcoins market today
Despite range moves in bitcoin and ethereum, a few small cap altcoins traded higher and gained between 6%-20%, including AOA, LKY, HOT, NPXS and ELA. Out of these, AOA is up more than 15% and LKY gained close to 11%.
To sum up, bitcoin price is currently trading in a tight range between USD 3,500 and USD 3,600. BTC/USD will most likely make the next significant move above USD 3,600 as long as there is no daily close below the USD 3,475 support.