In the past few sessions, bitcoin price traded in a range below the USD 7,400 and USD 7,550 resistance levels. BTC/USD remained well bid above USD 7,120 and it seems like the bulls are eyeing a crucial upside break above USD 7,400 in the coming sessions.
Similarly, most major altcoins are trading above key uptrend supports, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is back above USD 170 (08:30 UTC) and it is facing hurdles near USD 175. XRP/USD is consolidating below the main USD 0.202 breakout resistance.
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After a minor downside correction, bitcoin price found support above the USD 7,120 level. BTC/USD is currently rising and trading above the USD 7,250 level. If BTC/USD extends its rise, it could make another attempt to clear the USD 7,400 resistance area. The main hurdle for buyers is still near USD 7,550, above which the price could rally.
On the downside, an initial support is near the USD 7,120 level, below which the price may perhaps struggle to stay above the USD 7,000 support area in the near term.
Ethereum price remained well bid above the USD 162 support level and it recently recovered higher. ETH/USD is now trading above USD 170 and it is facing a major resistance near the USD 175 level. A successful break above USD 175 might lead the price towards the USD 180 and USD 188 levels.
If there is a bearish correction, the USD 162 level is likely to provide a strong support. Any further losses is likely to push the price lower towards the USD 155 level.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price surged above the USD 265 resistance level. However, BCH/USD struggled to gain momentum above the USD 280 resistance and it is currently correcting lower. The previous resistance near USD 265 is acting as a support. Any further losses might call for a test of the USD 250 support level in the near term.