Bitcoin and Altcoins Rebound, Important Hurdles Ahead
Yesterday, we discussed that bitcoin could be bracing for a rebound above USD 3,350. BTC/USD did move higher and broke many important resistances such as USD 3,400, USD 3,450 and USD 3,500. The crypto market turned green and altcoins like ethereum and ripple also gained bullish momentum. ETH broke the USD 90 resistance and traded towards the USD 97 – USD 88 resistance. Ripple price performed really well and climbed above the USD 0.320 and USD 0.330 resistance levels. The current market sentiment is positive and it seems like there could be more gains above USD 3,500 in bitcoin.
Total market capitalization
There was a decent support base formed in bitcoin price above the USD 3,300 level. BTC/USD started a solid upward move and broke the USD 3,400, USD 3,450 and USD 3,500 resistance levels. The price is currently up more than 7% and it is consolidating near the USD 3,500 level.
An initial support is at USD 3,460, below which there is a risk of a downside correction towards the USD 3,400 level. On the upside, the price must break the USD 3,550, USD 3,580 and USD 3,600 resistance levels to set the pace for a run towards the USD 3,800 and USD 4,000 hurdles.
Ethereum price climbed sharply above the USD 90 resistance and it traded close to the USD 97 – USD 98 resistance area. ETH/USD is currently up around 8% at USD 94.
On the upside, buyers need to surpass the USD 97, USD 98 and USD 100 resistance levels to further gains. On the downside, the previous resistances at USD 92 and USD 90 are likely to act as strong supports in the near term.
Bitcoin cash and ripple price
Bitcoin cash price recovered more than 8% and jumped above the USD 85 and USD 88 resistance levels. BCH/USD is now facing a solid resistance near the USD 90 – USD 92 zone. BCHSV failed to gain traction and it only recovered by 2%. The price is currently trading near the USD 78 level, with key resistances near the USD 80 and USD 82 levels.
Ripple price gained a lot of bullish momentum after buyers pushed the price above the USD 0.300 and USD 0.310 resistances. XRP/USD rallied more than 15% and traded above the USD 0.330 resistance. The next hurdles for buyers are USD 0.342 and USD 0.350.
Other altcoins market today
During the recent recovery, many small cap altcoins recovered more than 15%, including EOS, ONT, DOGE, QTUM, DGB, MGO, HC, DCN, MOAC and XIN. Out of these, EOS rallied more than 25% and ONT traded up around 21%.
To sum up, there are many positive signs above the USD 3,400 support for bitcoin. If BTC/USD continues to stay above USD 3,400, there are chances of more upsides above USD 3,550 in the near term. However, a convincing break above USD 3,600 is a must for an upside continuation. Similarly, ethereum price needs to settle above the USD 97 – USD 98 resistance zone to climb further higher in the coming sessions.