Bitcoin and Altcoins Likely Bracing for Next Key Break

This past week, bitcoin and altcoins started a solid recovery after a downside extension. BTC/USD traded above the USD 10,000 and USD 10,600 resistance levels. It even broke the USD 11,000 resistance and recently started a downside correction. Similarly, there was a convincing rebound in major altcoins such as ethereum, ripple, EOS, BCH, binance coin and litecoin. ETH/USD settled above USD 220 and recently tested the USD 235 level. XRP/USD traded with a positive bias above USD 0.322 and tested the main USD 0.340 resistance levels. At the outset, it seems like the market is consolidating and preparing for the next key break.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

The recent recovery in bitcoin price was positive since it broke the key USD 10,500 and USD 10,600 resistance levels. BTC/USD even climbed above USD 11,000 and recently corrected lower. The price is currently (08:00 UTC) consolidating above USD 10,500 and it seems like it is preparing the next key break either above USD 11,000 or below USD 10,500. On the upside, a clear break above USD 10,750 might push the price towards USD 11,200 and USD 11,500.
If there is a downside break below USD 10,500, the price could test the main weekly support near the USD 10,000 level. If there are more losses, bitcoin might move back into a bearish zone.

Ethereum price

Ethereum price gained traction above the USD 220 and USD 225 level. ETH/USD tested the USD 235 level and it is currently forming a support base near the USD 220 level. The main weekly resistances are near USD 240, above which the price could test USD 250.
On the downside, an initial support is at USD 220, below which there is a risk of a downside extension towards the USD 200 weekly support.

Bitcoin cash, eos and ripple price

Bitcoin cash price settled above the USD 300 level and recently broke the USD 320 resistance. On the upside, an initial resistance is near USD 325, above which it could test USD 340. On the downside,…

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