Today, the Supreme Court of India lifted the ban on cryptocurrencies trade imposed by the Reserve Bank of India. This is a positive signal and it could boost the market sentiment for bitcoin. However, in the past few hours bitcoin is still trading sideways.
Also, at the moment (08:30 UTC), most major altcoins are consolidating below key breakout levels, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD must climb above the USD 230 and USD 235 resistance levels to start a strong increase. XRP/USD is showing positive signs above USD 0.232, but it must climb above USD 0.240 to start a decent increase in the near term.
Total market capitalization
In the past two days, bitcoin price made two attempts to gain traction above the USD 8,850 and USD 8,900 resistance levels, but it failed. BTC/USD is currently consolidating near USD 8,800 and it might attempt one more time to continue higher. A successful close above the USD 8,850 and USD 9,000 resistance levels could open the doors for a solid rally.
If the price fails to rise above USD 9,000, it could start a fresh decline. An initial support is near the USD 8,650 level, below which there is a risk of a sharp drop below the USD 8,550 support area.
Ethereum price seems to be struggling near the USD 230 and USD 232 levels. Still, a close above the USD 230 resistance area is needed for a fresh increase. The next key hurdles on the upside are seen near the USD 245 and USD 250 levels.
On the downside, the key support is near the USD 220 level, below which the bears are likely to test the USD 210 support.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price tested the USD 340 resistance level and it is currently correcting lower. BCH/USD is trading below USD 330, but it might find support near the USD 324 and USD 320 levels. On the upside, the main resistance levels are USD 340 and USD 350.
Litecoin settled above the USD…