This past week, there was a steady increase in bitcoin price above the USD 6,850 resistance area. BTC/USD even surpassed the USD 7,000 level, but it struggled to accelerate above the USD 7,200 resistance area. It is currently (08:30 UTC) consolidating gains and likely preparing for a fresh increase above USD 7,200 and USD 7,250.
Similarly, almost all major altcoins are trading in a positive zone, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is consolidating above the USD 180 support and facing hurdles near USD 185 and USD 188. XRP/USD is showing bullish signs and it might soon test the USD 0.200 resistance area.
Total market capitalization
After a successful close above the USD 7,000 pivot level, bitcoin price extended its rise above the USD 7,150. BTC/USD even climbed above the USD 7,200 resistance, but it struggled to continue higher. It is currently consolidating gains, with an initial support near the USD 7,050 level. The main weekly support is likely forming near the USD 6,850 level.
On the upside, an initial hurdle is near the USD 7,200 and USD 7,250 levels. A clear break above the recent swing high might lead the price towards the USD 7,550 and USD 7,650 levels.
Ethereum price performed well this past week as it broke the USD 175 resistance. ETH/USD traded close to the USD 190 level and recently corrected lower. The price is again rising towards the USD 185 resistance. The key barrier is near the USD 190 level, above which it could test USD 200.
On the downside, the previous major hurdle near the USD 175 level may perhaps act as a weekly support. A break below USD 175 might lead the price towards USD 165.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price remained well bid above the USD 220 support and it settled above the USD 230 level. On the upside, BCH/USD is facing a lot of hurdles near the USD 240 and USD 250 levels. A clear break above USD 250 is likely to call a move towards the USD 275 resistance zone.
Litecoin is currently consolidating near the USD 42.50 area. On the upside, an initial resistance is near the USD 43.20 level, above which it could test the key USD 45.50 resistance area. On the downside, the first major support is near the USD 41.20 level, followed by the USD 40.50 level. The main support is near USD 40.00.
XRP price is trading above the USD 0.188 resistance area and it is testing the USD 0.192 pivot level. If the bulls gain strength, the price is likely to surpass the USD 0.195 resistance and test the USD 0.200 resistance area. On the downside, the main support is near the USD 0.180 level.
Other altcoins market today
In the past three sessions, a few small-capitalization altcoins declined more than 5%, including MAID, NMR, QNT, XZC, ZEC, SNT, DGB, and THETA. Out of these, MAID rallied more than 100% to move to the top 70 league.
Overall, bitcoin price is trading in a bullish zone above the USD 6,850 and USD 7,050 support levels. To continue higher, BTC/USD must gain strength above USD 7,200 and USD 7,250. The next key target for the bulls could be USD 7,650 or even USD 7,800.