Bitcoin and Altcoins Market Showing Signs of Life
In the past three days, there were bullish moves in bitcoin price above the USD 3,500 resistance. Finally, BTC/USD buyers were able to gain traction above the USD 3,500 and USD 3,550 resistance levels. The price even spiked above the USD 3,700 level before starting a downside correction. Similarly, there was a sharp upward move in ethereum price above the USD 112 resistance. ETH/USD rallied above the USD 115 resistance and settled above the USD 120 resistance. Ripple also traded above USD 0.315, but it failed to hold gains and revisited the USD 0.300 support area. The current (UTC 08:10 AM) price action is positive, but there could be a short term downside correction in bitcoin and altcoins.
Total market capitalization
There was a solid bullish wave above the USD 3,650 and USD 3,700 resistances in bitcoin price . BTC/USD traded towards the USD 3,720 and later corrected below the USD 3,680 and USD 3,650 support. The price is currently consolidating above USD 3,600, with supports at USD 3,612, USD 3,600 and USD 3,580.
On the upside, the price is likely to face sellers near the USD 3,680 and USD 3,700 resistance levels. Above USD 3,700, buyers are likely to aim for a test of the USD 3,850 resistance.
Ethereum price gained bullish momentum after buyers pushed the price above USD 112 and USD 115. ETH/USD broke the USD 120 level, traded above the USD 125 resistance, and later corrected below the USD 124 and USD 122 levels.
On the downside, an immediate support is near the USD 120 level, below which there is a risk of a downside extension towards the USD 116 support.
Bitcoin cash, eos and ripple price
Bitcoin cash recovered and broke the USD 115 and USD 120 resistance levels. BCH/USD traded towards the USD 130 level and later corrected below USD 125. Dips towards the USD 120 level are likely to find a strong buying interest.
EOS rallied significantly after buyers were able to break the USD 2.50 resistance. The price gained traction above the USD 2.60 level and settled above the USD 2.70 level, with a bullish angle.
Ripple price traded above the USD 0.320 and USD 0.325 resistance levels. However, XRP/USD failed to retain gains and declined heavily below USD 0.310. The price is currently consolidating gains above USD 0.300, with a few bearish signs.
Other altcoins market today
During the past few sessions, a few small cap altcoins gained more than 8%, including ARK, QNT, PIVX, NPXS and THETA. Out of these, ARK surged more than 25% and QNT is up around 9%.
Overall, there are positive signs visible in the crypto market and bitcoin price might continue to climb higher as long as it is above the USD 3,500 weekly support. The main weekly resistances are near USD 3,700 and USD 3,850, above which the price could rally towards USD 4,000. If there is a break below USD 3,500, BTC and altcoins are likely to move back in a bearish zone.