Bitcoin and Altcoins Recovered From a Sharp Decline
Recently, there was a sharp decline in bitcoin price below the USD 3,800 and USD 3,750 levels. However, the decline did not last long and BTC/USD bounced back above the USD 3,800 support level. Similarly, there was a drop in ethereum price below USD 130, but later ETH/USD rebounded above USD 135. Ripple price also gained traction and moved above the USD 0.308 and USD 0.310 resistance levels. The current (UTC 08:20 AM) price action is positive and it seems like there are chances of further upsides in the near term.
Total market capitalization
After a sharp decline below the USD 3,750 level, bitcoin price found support near the USD 3,680 level. BTC/USD bounced back sharply and traded above the USD 3,780 and USD 3,800 levels. It is currently trading well above USD 3,800, with an immediate resistance at USD 3,850 and USD 3,880.
If there is a clear break above the USD 3,850 resistance, there are chances of more gains towards the USD 3,900 and USD 3,940 levels. On the downside, an initial support is at USD 3,800, below which the price may perhaps decline to USD 3,750.
Ethereum price followed bitcoin and declined sharply below the last swing low at USD 130. ETH/USD tested the USD 126 level and rebounded sharply above USD 130 and USD 132.
The price is currently trading above USD 135 and it may continue to rise towards the USD 138 and USD 140 resistance levels. If there is a fresh decline, the price may find support near the USD 132 level.
Bitcoin cash, eos and ripple price
Bitcoin cash price also faced an increased pressure, but it managed to move back above USD 130. On the upside, the BCH/USD pair could face a strong resistance near the USD 135 and USD 136 levels. On the downside, the main support is at USD 130 and USD 128.
EOS started a short term upward move and traded above the USD 3.50 and USD 3.55 levels. It is currently up around 1.5% and it may continue to rise towards the USD 3.60 and USD 3.65 levels.
Ripple price recovered sharply after testing the USD 0.300 support level. XRP/USD is trading above the USD 0.310 level and it seems like it could test the key USD 0.315 resistance level.
Other altcoins market today
In the past few hours, a few small cap altcoins rallied significantly and gained bullish momentum, including ABBC, RVN, NEXO, S4F, QNT, STEEM and AE. Out of these, ABBC rallied more than 60% and RVN is up around 15%.
Overall, the recent bounce in bitcoin was positive, suggesting a bullish candlestick formation. If BTC/USD gains pace above the USD 3,850 and USD 3,880 levels, there could be more gains in the near term. Similarly, ethereum might climb to USD 140 and USD 142 and ripple towards the USD 0.315 and USD 0.320 levels.