During the past few days, bitcoin traded in a tight range above the USD 6,400 support. BTC/USD climbed above the USD 6,500 resistance, but it failed to gain momentum above the USD 6,550 and USD 6,600 resistances. Similarly, ethereum price traded in a range above the USD 200 handle. ETH/USD needs to surpass the USD 208 and USD 210 hurdles to move into a bullish zone. Overall, the current price action (UTC 08:20 AM) indicates that both major cryptocurrencies are preparing for the next big move, which is likely to ignite a lot of volatility in the market.
Total market capitalization
There is a strong support formed near the USD 6,400 level in bitcoin price . BTC/USD is currently trading in a USD 100 range, with an immediate resistance at USD 6,490. A successful close above the USD 6,490 and USD 6,500 resistance levels is likely to set the pace for an extended upward move towards USD 6,550. However, the price must break the USD 6,600 weekly resistance for a larger rally in the coming days.
On the flip side, an immediate support is at USD 6,450. If the price breaks the USD 6,450 support, it could visit the main weekly support near USD 6,400, below which sellers are likely to take control.
Ethereum price is confined in a range above the USD 200 support. ETH/USD is facing many hurdles near the USD 206, USD 208 and USD 210 levels. Therefore, a daily close above USD 210 is needed for an upside acceleration.
On the other hand, if there is a downside break below the USD 200 support, the price is likely to decline sharply towards the USD 185 pivot level.
Bitcoin cash and ripple price
Bitcoin cash price is currently consolidating below the USD 440 resistance, which was a support earlier. BCH/USD must break the USD 450 and USD 460 weekly resistances to climb towards USD 500 this week. If not, there is a risk of a downside break towards the USD 400 support in the near term.
Ripple price is trading with a bullish bias above the USD 0.440 and USD 0.450 supports. As long as XRP/USD is holding gains above the USD 0.440 support, it is likely to trade higher towards USD 0.500 and USD 0.520.
Other altcoins market today
Most altcoins traded in a range during the past few hours, but a few were up between 5%-15%, including NXT, POLY, MGO, FUN, IOST, REP and PAY.
Overall, bitcoin and ethereum are stuck in a tiny range and it seems like both are preparing for the next big move. If BTC/USD surpasses the USD 6,600 resistance, there could be a rally towards USD 7,000 or USD 7,200. Conversely, a daily close below USD 6,400 may well push the price towards USD 6,000 and USD 5,800.
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