Bitcoin and Altcoins Indicating Early Signs Recovery
In the past two days, we saw bearish moves in bitcoin and altcoins. BTC/USD broke the USD 3,800 support, but it found a strong support near USD 3,750. A fresh recovery was initiated recently and the price corrected above USD 3,800. However, the price must break the USD 3,850 and USD 3,900 resistance levels to stage a comeback. Similarly, it seems like ethereum price is approaching the key USD 142 resistance, above which ETH/USD could rise to USD 150. Ripple declined from well above USD 0.330 and settled below USD 0.320. It is currently (UTC 08:10 AM) consolidating and there could be a decent recovery towards the USD 0.320 and USD 0.322 resistance levels.
Total market capitalization
Recently, bitcoin price formed a decent support base near the USD 3,750 level. BTC/USD started a steady upside correction and moved above the USD 3,800 level. However, there are key resistances waiting near USD 3,850 and USD 3,900 levels, which are likely to stop the current wave.
Should buyers clear the USD 3,900 resistance, the price could rebound in the near term. Conversely, a failure to move past the USD 3,850 and USD 3,900 resistance levels may trigger a fresh bearish wave.
Ethereum price is slowly gaining pace and it recently broke the USD 138 resistance. ETH/USD is up around 1.2% and it could continue to move higher towards the USD 140 and USD 142 resistance levels.
If buyers fail to gain strength above the USD 140 and USD 142 resistance levels, the price is likely to dive again towards the USD 130 support level in the near term.
Bitcoin cash, eos and ripple price
Bitcoin cash price seems to be forming a support base above the USD 130 and USD 132 levels. BCH/USD must break the USD 135 and USD 138 resistance levels to start a short term rebound towards USD 145.
EOS tested the USD 3.30 support and later bounced back. The price is currently trading above the USD 3.50 resistance and it may continue to rise towards the USD 3.65 and USD 3.70 resistance levels.
Ripple price failed to hold yesterday’s rally and declined heavily below the USD 0.325 and USD 0.320 supports. XRP/USD is trading below USD 0.320 and it could continue to struggle in the short term unless buyers push the price back above USD 0.320.
Other altcoins market today
In the past couple of sessions, a few small cap altcoins climbed higher and gained more than 10%, including MANA, THETA, ABBC, ODE, VERI, AION, ELF, RVN and ARK. Out of these, MANA rallied more than 28% and THETA is up around 26%.
The current price action indicates that bitcoin could correct higher in the short term towards USD 3,850 or 3,900. However, BTC/USD must gain pace above USD 3,900 to continue higher. If not, there could be a fresh decline in BTC price and altcoins in the coming sessions.