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Over the past two days, there have been mostly broad moves in the bitcoin price below the USD 19,500 resistance. BTC fell below USD 19,000 but remained well offered above USD 18,500. The price is currently (05:00 UTC) trading close to USD 19,000 and it looks like it is preparing for the next crucial break.
Likewise, there have been range movements in most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH / USD is stuck between USD 580 support and USD 600 resistance. XRP / USD is trading above USD 0.600 and USD 0.620, but faces hurdles near USD 0.635 and USD 0.655.
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Bitcoin price
There have been a couple of swings in the bitcoin price, but the bulls have been able to protect heavy losses below the USD 18,500 support. BTC has fetched over USD 18,800 and has even climbed above USD 19,000. On the upside, the USD 19,250 and USD 19,300 levels are initial hurdles. The main resistance at the breakout appears to be forming near the USD 19,500 level.
On the downside, the USD 18,800 level is an initial support. The first key support is at USD 18,500, below which the price could fall heavily towards the USD 18,000 or USD 17,800 level.
Ethereum price
The price of Ethereum also followed a similar trend and remained well offered above the USD 580 support. ETH is trading above the USD 590 level but is facing strong resistance near the USD 600 and USD 605 levels. A close above the USD 605 level is a must to start a steady rise.
On the downside, an initial support is near the USD 585 level. Support for the key breakdown is now forming near the USD 580 level.
Bitcoin cash, litecoin and XRP price
The bitcoin cash price holds the USD 280 support level and slowly rises. BCH could accelerate to the upside if it breaks out of the USD 300 and USD 302 resistance levels. The next big resistance is near the USD 315 level. Conversely, there is a risk of a sharp drop below the USD 280 and USD 270 support levels.
Litecoin (LTC) is doing well and is trading above the USD 85.00 and USD 86.50 support levels. It even climbed above USD 88.50 but struggled to continue rising above USD 90.00. For a close above USD 90.00, the bulls could test the USD 95.00 level.
The XRP price maintains the USD 0.600 support level and has recovered above the USD 0.620 level. On the upside, the USD 0.635 level is immediate resistance. The main resistance at the breakout is near USD 0.650 and USD 0.655, above which the price could rise towards the USD 0.700 level.
More altcoin markets today
In the past few hours, many altcoins have gained over 10%, including DCR, EGLD, ALGO, RUNE, XEM, COMP, AAVE, CRV, BAND, ZIL, YFI, VET, ABBC, LUNA and NXM. Of these, the DCR rose more than 35% and broke the USD 30.00 resistance level.
Overall, the bitcoin price is showing some positive signs above USD 18,800. That said, BTC needs to gain momentum above the USD 19,250 and USD 19,300 resistance levels to set the pace for a broader rally.
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