Bitcoin and Altcoins Consolidate Below Key Resistances

In the past few sessions, there were mostly range moves above the USD 8,000 support. BTC/USD made an attempt to climb above the USD 8,200 and USD 8,250 resistance levels, but it failed. It is currently (09:00 UTC) consolidating and remains at a risk of more losses below USD 8,000.

Likewise, many major altcoins struggled to recover and remained in a bearish zone, including ethereum, XRP, bitcoin cash, litecoin, EOS, BSV, ADA, TRX and XLM. ETH/USD is still trading below the USD 178 and USD 180 resistance levels. Besides, XRP/USD struggled to stay above USD 0.250 and it is now trading lower towards the USD 0.245 support area.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

Recently, bitcoin price started a short term upside correction from the USD 8,000 support. BTC/USD climbed above USD 8,120, but it failed to surpass the USD 8,200 and USD 8,250 resistance levels. It is now trading in a range above USD 8,000 and it seems like the bears are eyeing another downside break.
The next support is near the USD 7,850 level. On the upside, the price must move above the USD 8,250 resistance to start recovering towards the USD 8,500 and USD 8,650 levels.

Ethereum price

Ethereum price settled below the USD 180 pivot level and tested the USD 172 support. ETH/USD is currently trading near USD 175 and facing a strong resistance near the USD 178 and USD 180 levels.
On the downside, the price could extend its decline if it breaks the USD 172 and USD 170 levels. The next major support is seen near the USD 164 level.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price declined below the USD 250 support and tested the USD 235 level. BCH/USD is currently consolidating losses above USD 240 and it is facing resistance near USD 250. The main support is near USD 235, below which it could test the USD 220 support area. On the upside, a break above USD 250 might lead the price towards USD 265.
Litecoin is down more than 3% today and it even broke the USD…

Source Link