Over the past few sessions, the price of Bitcoin has traded in a wide range above the support of $ 9,000 and below the resistance of $ 9,300. The current technical structure suggests that the BTC may soon begin an uptrend above the resistance levels of 9,200 and 9,300 USD.
Most major altcoins could follow Bitcoin if it crosses the USD 9,300 threshold, including Ethereum, XRP, Litecoin, Bitcoin Cash, BNB, EOS, TRX, ADA and XLM. The ETH / USD pair may soon make another attempt to break through the resistance of 230 USD. The XRP / USD pair could also begin to rise steadily towards resistance levels of 0.180 and 0.182 USD.
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Bitcoin price
After approaching $ 9,000, the price of Bitcoin tried to settle above the $ 9,300 resistance, but to no avail. The BTC is now consolidating in a wide range above the support level of USD 9,000. An immediate barrier is close to the $ 9,200 level, but the main obstacle to a strong recovery is close to the $ 9,300 level.
A successful close above $ 9,300 could start a steady increase. Otherwise, there is a risk of falling below the level of support of $ 9,000 in the short term.
Ethereum is also stuck in a range above the support levels of 220 and 222 USD. On the upside, the price is facing crucial resistance close to the $ 230 level, above which bulls are likely to take control.
Conversely, a bearish break below the support levels of $ 222 and $ 220 could perhaps trigger a sustained bearish movement towards the $ 205 level.
Bitcoin Cash, Litecoin and XRP prices
The price of Bitcoin Cash is trading above the support level of 220 dollars and could rise towards the resistance of 230 dollars. If the BCH crosses the 230 USD mark, there are chances of a sustained rise towards the 245 and 250 USD levels. If it drops below 220 USD, the price could go up to 200 USD.
The Litecoin is struggling to break through the previous support (now resistance) at 42.20 USD. If the LTC manages to exceed USD 42.20, the next target for bulls could be USD 45. On the other hand, a daily close below 40 USD could start another big drop in the next sessions.
The price of XRP consolidates above the 0.172 USD support and trades near the 0.175 USD level. On the upside, there are significant barriers near the levels of $ 0.178 and $ 0.180. A successful close above 0.180 USD will most likely push the price into a positive zone. The next resistance is at 0.182 USD, followed by 0.188 USD. On the downside, the main breakout support is at 0.172 USD.
The market for other altcoins today
In the last three sessions, a few small altcoins have gained more than 5%, including NEXO, ETN, ERD, XVG, SNX, CHSB, FXC, MIOTA and KNC. Among these, NEXUS climbed 18% and ETN about 17%.
In summary, the price of Bitcoin is probably preparing for a crucial surge. The BTC could start rising sharply above the $ 9,300 mark as long as there is no daily close below the $ 9,000 support level.
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