Bitcoin traded with ranging moves above the USD 6,000 support during the past few hours. It seems like BTC/USD is preparing for the next move, which could be either below USD 6,000 or above USD 6,250. Similarly, Ethereum is trading just above the USD 420 low. It will either bounce back or break the stated low for an extended decline. Going forward, bitcoin and altcoins are likely to make the next move either below the recent lows or above key resistances.
Bitcoin price is currently trading flat near the USD 6,110 level (GMT 08:30). On the upside, there is a significant resistance near the USD 6,250 level. Above this, BTC/USD may perhaps recover further towards the next hurdle at USD 6,500.
On the flip side, if the price fails to move above USD 6,250 and declines below USD 6,000, it could even break the USD 5,800 level. Below this, there is a risk of a new low below the USD 5,600 level.
Ethereum price retested the last swing low near USD 420 and recovered a few points. It seems like ETH/USD is holding losses, but there is a risk of more declines if the price fails to move above USD 450.
Above USD 450, the price is likely to accelerate recoveries above the USD 470 level. On the downside, a break below USD 420 may well push the price towards USD 400.
Bitcoin Cash and Ripple
Bitcoin cash price is back above the USD 700 level, but there is a lack in momentum. BCH/USD must break the USD 720 and USD 740 resistance levels to gain traction. If not, there is a risk of a sharp decline back towards USD 650.
Ripple price is slowly moving lower towards the USD 0.45 support. Should XRP/USD decline below USD 0.45, the price will most likely accelerate losses. On the upside, a break above the USD 0.50 resistance is required to start a recovery.
Other Altcoins Market Today
Many small cap altcoins are trading in a range, but there are a few positive signs emerging. Today, Digibyte, Kin and Mithril traded with a lot of strength and gained between 12-18%.
To sum up, the next move in bitcoin depends whether it stays above USD 6,000, below which, the price may revisit USD 5,600. Alternatively, there could be an upside correction towards USD 6,500.