This past week, bitcoin price climbed higher above the USD 8,500 resistance. BTC/USD tested the USD 8,800 resistance area and later trimmed most of its gains. The price is now (08:00 UTC) trading well below the USD 8,500 level and seems to be consolidating above the USD 8,200 support area. Similarly, there was a strong decline in most major altcoins, including ethereum, ripple, bitcoin cash, EOS, BNB and XLM. However, altcoins seem to be rebounding and showing positive signs. XRP/USD performed well and broke the key USD 0.282 and USD 0.285 resistance levels. On the other hand, ETH/USD is still facing a major resistance near the USD 185 level.
Total market capitalization
After a downside break below USD 8,500, bitcoin price found support near the USD 8,200 level. On the downside, the main weekly support is near the USD 8,200 level, below which the price could start a strong decline towards the USD 7,500 support area. An intermediate support is near the USD 7,800 level.
On the upside, there are many hurdles for the bulls near the USD 8,400 and USD 8,440 levels. However, the key weekly resistance is near the USD 8,500 level. A successful daily close above USD 8,500 might push the price back towards USD 8,800 or even USD 9,000.
Ethereum price settled below the key USD 185 pivot level. ETH/USD tested the USD 178 area and it is currently correcting higher. However, the price is facing a strong resistance near the USD 185 level, above which it could rise towards the weekly resistance near USD 198.
On the downside, the USD 178 and USD 175 levels are important support, below which the price could accelerate its decline towards USD 160.
Bitcoin cash, eos and XRP price
Bitcoin cash price is trading in a tight range above the USD 215 support area. On the upside, BCH/USD seems to be struggling near the USD 235 and USD 240 levels. On the downside, a bearish break below USD 215 might push the price towards the key weekly support near the USD 200 level.
EOS is holding the key USD 3.000 support level and it is currently moving higher. The price is trading above the USD 3.100 level and it could soon attempt to surpass the USD 3.200 resistance. The next main resistance is near the USD 3.300 level.
XRP price is gaining pace and it is up around 5% today. XRP/USD climbed above the key USD 0.285 resistance and it is currently trading near the USD 0.290 level. The next stop for the bulls could be near the USD 0.300 level in the near term.
Other altcoins market today
In the past two sessions, a few small capitalization altcoins recovered and gained more than 5%, including CENNZ, THETA, ZRX, STRAT, SNX, ATOM, XVG, JWL and NEX. Out of these, CENNZ rallied more than 15% and THETA gained nearly 10%.
Overall, bitcoin price is struggling to start a fresh increase above USD 8,400 and USD 8,440. Only a successful close above USD 8,500 could encourage buyers. Conversely, there could be a slow and steady rise in a few large capitalization altcoins in the near term.