Bitcoin and Altcoins Spring Up, Face Strong Resistance
After a nasty decline, bitcoin price found support near USD 6,550. BTC/USD started a relief rally and climbed more than 10% in the past three sessions. It broke the USD 6,850 and USD 7,000 resistance levels. However, the price seems to be struggling (09: 00 UTC) to clear the USD 7,350 resistance area.
Similarly, there was a solid bounce in many major altcoins, including ethereum, XRP, bitcoin cash, litecoin, EOS, BSV, ADA, TRX and XLM. ETH/USD is back above USD 145, but it is facing resistance near the USD 150 and USD 155 levels. Besides, XRP/USD is lacking momentum and finding it hard to climb above USD 0.220 and USD 0.222.
Total market capitalization
Finally, bitcoin price found support near the USD 6,550 level and recently started recovering. BTC/USD traded above the USD 6,850 and USD 7,000 resistance levels. The price even climbed above USD 7,200, but the USD 7,350 and USD 7,420 levels are preventing further upsides.
The main resistance for a possible trend change is near the USD 7,650 level, above which the bears are likely to lose control. On the downside, an immediate support is near the USD 7,000 level, followed by USD 6,850.
Ethereum price is up more than 10% and it broke the USD 140 and USD 145 resistance levels. ETH/USD even traded above the USD 150 resistance, but it failed to continue higher. The price is now trading below USD 150, with supports near USD 145 and USD 142.
On the upside, the price must settle above the USD 150, USD 152 and USD 155 levels to start a nice bullish wave in the near term.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price recovered from the USD 195 level and climbed back above USD 200 and USD 205. BCH/USD is now approaching the USD 215 and USD 220 resistance levels, above which there are chances of a run towards the key USD 250 resistance area. On the downside, the USD 200 and USD 195 levels are important supports.
Litecoin found a strong buying interest near the USD 42.20 level. As a result, there was a rally in LTC/USD above the USD 45.00 resistance area. However, there are still many hurdles for buyers near the USD 48.80 and USD 49.50 levels.
XRP price seems to be forming an important support base near the USD 0.200 level. XRP/USD is currently correcting higher and trading above USD 0.215. If the price settles above USD 0.220 and USD 0.222, there are chances of more upsides in the coming sessions. The next key resistance is near the USD 0.235 level.
Other altcoins market today
In the past three sessions, many small capitalization altcoins recovered more than 10%, including STO, FSN, EXMR, MKR, VET, STEEM, CHZ, ATOM, IOST, SNT, BTM and MATIC. Out of these, STO jumped around 350% and FSN is up more than 70%.
To sum up, bitcoin is making a significant move above USD 7,000. Having said that, BTC/USD must settle above USD 7,350 and USD 7,500 to start an uptrend. If not, it could decline below USD 7,000 and USD 6,850 again.