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Yesterday, we saw a sharp rise in bitcoin price above the main USD 6,850 resistance. BTC/USD even surged above the USD 7,000 barrier, but it struggled to surpass the USD 7,200 resistance. It is currently (08:30 UTC) consolidating gains above the USD 7,000 and USD 6,850 support levels.

Also, there were strong moves in most major altcoins, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD outperformed and tagged the main USD 175 weekly resistance. XRP/USD also tested the key USD 0.192 resistance and it is currently correcting lower.

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After a sharp rise, bitcoin price faced a strong selling interest near the USD 7,200 resistance. BTC/USD corrected lower below USD 7,100 and it is now consolidating gains above the USD 7,000 level. If there are more downsides, the bulls are likely to protect the USD 6,850 support area (the recent breakout zone).On the upside, the main resistance for further upsides is near the USD 7,200 level. A successful close above USD 7,200 could lead the price towards the USD 7,550 and USD 7,650 levels.

Ethereum price surged above the USD 165 and USD 170 resistance levels. ETH/USD tested the main USD 175 weekly resistance and it is currently correcting lower. It is testing the USD 170 support, below which the price might correct lower towards the USD 165 level. The main support is now near the USD 162 level.On the upside, the bulls must surpass the USD 175 resistance area for upside continuation. The next key resistance above the USD 175 level is near the USD 180 and USD 182 levels.

Bitcoin cash price broke the USD 230 level and tested the USD 240 resistance, where the bears took a stand. BCH/USD is currently correcting lower and trading near the USD 230 level. If the price continues to move down, it might test the USD 220 support region. Conversely, it could revisit the USD 240 resistance area.Litecoin traded close to the USD 44.00 level and it is currently consolidating gains above the USD 42.00 level. The first support is near the USD 41.20 level, below which LTC/USD could retest the USD 40.50 support. On the upside, there are many resistances, starting with USD 42.50 and up to USD 45.50.XRP price made another attempt to settle above the USD 0.190 and USD 0.192 resistance levels, but it failed. As a result, the price is currently correcting lower and it is trading near USD 0.1880 pivot level. If there are more downsides, the price might test the USD 0.182 level in the coming sessions.

In the past few hours, many small-capitalization altcoins gained more than 5%, including DGB, CHZ, KMD, HYN, XVG, LUNA, DBTX, HEDG, XTZ, NRG, REN and LINK. Out of these, DGB rallied more than 22% and CHZ is up close to 20%.

Overall, bitcoin price is trading in a positive zone above the USD 7,000 support level. In the short term, there could be a downside correction in BTC/USD, but as long as it is above USD 6,850, there might be another attempt to clear the USD 7,200 resistance._____

See the original post here:
Bitcoin And Altcoins Consolidating Gains Above Key Supports - Cryptonews