Bitcoin and Altcoins Could Rebound In Short Term
Bitcoin price remained below the USD 3,500 resistance, but it also managed to stay above the USD 3,400 support level. BTC/USD moved a few points above the USD 3,450 level and it seems like the price may continue to trade higher. Having said that, an hourly close above the USD 3,500 resistance is must for buyers to gain momentum. On the other hand, ethereum and ripple remain in a bearish zone below USD 110 and USD 0.305 respectively. XRP/USD is gaining bearish momentum below USD 0.300 and it could test USD 0.295 before a fresh rebound in the short term.
Total market capitalization
It seems like bitcoin price is forming a strong support base above the USD 3,420 and USD 3,425 levels. BTC/USD is currently (UTC 08:10 AM) trading above the USD 3,450 level, with a bullish structure. Should buyers push the price above USD 3,480 and USD 3,500, there could be more gains towards the USD 3,550 resistance.
On the other hand, if buyers fail to push the price above USD 3,500, there could be a drop below USD 3,450 and USD 3,440. An immediate support is at USD 3,425, followed by the USD 3,400 level.
Ethereum price is currently consolidating above the USD 105 support, with a few positive signs. However, ETH/USD remains bearish as long as it is trading below the USD 110 and USD 112 resistance levels.
If sellers gain pace below the USD 105 support, the price is likely to slide towards the USD 101 and USD 100 support levels.
Bitcoin cash, eos and ripple price
Bitcoin cash price moved down further and tested the USD 118 support level. If BCH/USD remains in a bearish zone, there is a risk of a break towards the USD 112 support level in the coming sessions. The main resistances are USD 120 and USD 122.
EOS slowly moved higher, but it failed to stay above the USD 2.40 resistance. The price is currently consolidating, but it may climb towards the USD 2.42 and USD 2.45 levels in the near term.
Ripple price declined further and broke the USD 0.302 and USD 0.300 support levels. XRP/USD is down more than 1% and it seems like the price will most likely test the USD 0.295 support level before initiating a recovery attempt.
Other altcoins market today
Despite bearish moves in major altcoins, a few small cap altcoins gained traction and gained heavily, including B2G, BTT, NPXS, THETA and ETP. Out of these, B2G rallied close to 280% and BTT is up more than 50%.
Overall, bitcoin price is currently stable above USD 3,450, but it must trade above the USD 3,480 and USD 3,500 resistance levels to move into a positive zone. If buyers fail to gain momentum in the coming sessions, there is a risk of a downside break below USD 3,400. Similarly, ethereum and ripple could decline sharply if bitcoin breaks the USD 3,400 – USD 3,420 support.
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