Bitcoin and Altcoins Correcting Losses But Bulls Might Face Hurdles
Yesterday, we saw a downside extension in bitcoin and altcoins. BTC/USD traded towards the USD 9,000 support and it is currently correcting higher. There was a clear break above the USD 9,500 and USD 9,600 resistance levels. However, the price might face a few important hurdles on the upside near the USD 10,050 and USD 10,200 levels. Similarly, ethereum, ripple, binance coin, bitcoin cash and EOS are currently recovering with a positive angle. However, the bulls are likely to face hurdles in the coming sessions unless bitcoin price surges above USD 10,200.
Total market capitalization
After forming a support base near USD 9,200, bitcoin price started a decent upside correction. BTC/USD climbed above the USD 9,400 and USD 9,500 levels. The price is currently (08:00 UTC) moving towards the USD 10,000 barrier. However, the bulls may struggle to gain momentum above the USD 10,200 resistance area.
If there is an upside break above USD 10,200, the price may even attempt to trade above the USD 10,400 and USD 10,500 levels. If the price fails to climb above USD 10,200, it could decline back below the USD 9,500 level in the near term.
Ethereum price is showing positive signs above the USD 200 and USD 210 levels. ETH/USD is now facing a couple of important resistance near the USD 225 level. If there is an upside break above USD 225, the price could continue to rise.
On the downside, an immediate support is near the USD 205 level, below which the price may find bids near the USD 200 level. If there are more losses, the price could move back towards the USD 190.
Bitcoin cash, eos and ripple price
Bitcoin cash price revisited the USD 270 support and it is currently correcting higher. BCH/USD broke the USD 290 resistance and it is currently making an attempt to clear the USD 300 level. The next important resistance for the bulls near the USD 320 level. On the downside, the main supports are near USD 290 and USD 280.
EOS is recovering and it recently broke the USD 3.750 resistance level. However, there is a significant resistance near the USD 4.000 level, above which the price may test the USD 4.200 resistance area.
Ripple price is showing positive signs above the USD 0.305 and USD 0.310 levels. If XRP/USD accelerates above the USD 0.324, there could be gains in the coming sessions. If not, the price might resume its decline below the USD 0.305 and USD 0.300 supports.
Other altcoins market today
In the past three sessions, many small cap altcoins recovered and gained more than 10%, including NANO, ARDR, BCD, ONT, LTC, LINK, BSV, EGT, QBIT, XTZ and BTT. Out of these, NANO gained around 26% and ARDR is up around 15%.
Overall, bitcoin price is showing a few positive signs above the USD 9,500 and USD 9,600 levels. However, BTC/USD must settle above the USD 10,200 level to move further into a positive zone. If not, it could decline once again towards the USD 9,500 level.