Bitcoin and Altcoins Confined In Tiny Range
- Bitcoin price remained in a range around the USD 7,600 level.
- Ethereum price is consolidating above the USD 600 level.
- Altcoins such as BIX, HT, Siacoin, Decred and Waves gained bullish traction today.
Bitcoin price did not break the USD 7,750 resistance and corrected a few points lower. There was no major downward move and the current wave can be a consolidation phase. Similarly, major altcoins such as ethereum, ripple, bitcoin cash and litecoin traded in a tiny range with a slight bearish angle. The current technical structure suggests that bitcoin and altcoins may correct a few points, but the overall bias is still positive.
Bitcoin price started a minor downside correction and traded below the USD 7,700 level. BTC/USD is currently trading flat around the USD 7,600 (GMT 09:10 AM) level with immediate supports near USD 7,580 and USD 7,550. Below this last, the price will most likely retest the USD 7,400 support.
To the topside, the recent high near USD 7,750 may perhaps prevent upsides in the short term. Should bitcoin buyers succeed in clearing the USD 7,750 resistance, there could be more gains toward the USD 8,000 level in the near term.
Ethereum was confined in a tiny range below the USD 620 resistance. ETH/USD attempted to break the USD 615 and USD 620 resistance levels on a couple of occasions, but it failed.
The price may decline a few points, but the USD 600 and USD 590 support levels are likely to prevent declines. On the flip side, a break above the USD 620 barrier may possibly open the doors for a push toward the USD 640 - USD 650 zone.
Bitcoin Cash and Ripple
Bitcoin cash price is down around 2.5% to USD 1,110. BCH/USD struggled to settle above the USD 1,140 level, which ignited a bearish reaction. The price must stay above the USD 1,100 support to bounce back. If not, it could decline towards the USD 1,060 support.
Ripple price is still above the USD 0.65 support level. However, XRP/USD started a minor corrective wave from the USD 0.675 resistance. The pair may correct a few points more in the short term, but it is likely to find a strong buying interest around USD 0.65.
Other Altcoins Market Today
Most small cap coins traded in a range with tiny gains. Altcoins such as BIX, HT, Siacoin, Decred and Waves performed well during the past few sessions and registered more than 5% gains.
Overall, the current price action is mostly ranging. There may be more downsides, but it could be buying opportunity.