Bitcoin and Altcoins Turn Green, Sellers Exhausted
Yesterday, there were heavy declines in bitcoin below the USD 5,000 and USD 4,800 support levels. BTC/USD even broke USD 4,500 and traded close to the USD 4,300 level. Later, the price formed a decent support base and started a short term recovery above USD 4,500. Similarly, ethereum declined below the USD 140 support, traded towards USD 125, and later started an upside correction. Going forward, there could be a short term correction above USD 4,700 in bitcoin, but gains could be limited.
Total market capitalization
There was a sharp decline below the USD 4,800 support in bitcoin price . BTC/USD even broke the USD 4,500 support and tested the USD 4,200 – USD 4,300 support area. Later, a support base was formed above USD 4,300, resulting in a short term upside correction.
The price climbed above the USD 4,400 and USD 4,500 resistance levels to set the pace for a recovery. The next major resistance is at USD 4,700, above which the price could trade towards the USD 4,900 – USD 5,000 resistance zone. On the downside, an initial support is at USD 4,500, below which the price may slide back towards the USD 4,300 level.
Ethereum price cleared the USD 140 level and traded towards the USD 125 support. Later, ETH/USD started a recovery and climbed above the USD 130 and USD 132 levels.
However, there are many resistances for buyers near the USD 140, USD 142 and USD 145 levels. The main hurdle for a major recovery is near the USD 150 level. On the downside, key supports are USD 130 and USD 125.
Bitcoin cash and ripple price
Bitcoin cash ABC jumped sharply and gained more than 20% to USD 240. The USD 200 level proved to be a strong support for BCHABC, resulting in a sharp upward move. BCHSV also recovered a few points and traded above the USD 60 resistance.
Ripple price declined heavily towards the USD 0.400 support where buyers emerged. XRP/USD bounced back and it is currently (UTC 08:30 AM) up more than 6% to USD 0.460. An immediate resistance is at USD 0.470 followed by USD 0.480.
Other altcoins market today
A few small cap altcoins recovered more than 10% today, including ARK, FCT, MKR, ETN, RDD, HC, NXT and NEXO. Out of these, ARK climbed around 34% and FCT rallied close to 30%.
Overall, bitcoin sellers seem to be exhausted below USD 4,400. Therefore, there are chances of a rebound in BTC/USD above the USD 4,700 level in the near term. Similarly, altcoins like ethereum, ripple, neo, litecoin and bitcoin cash could stage a recovery. On the other hand, if bitcoin price fails to surpass the USD 4,700 and USD 4,800 resistances, there could be a fresh decline towards USD 4,300 or even USD 4,100.