Bitcoin and Altcoins Rebound After Tagging Key Supports
After a steady decline, bitcoin price found support near the USD 5,150 level. BTC started a solid rebound and recently traded above the USD 5,250 and USD 5,300 resistance level. It is currently flirting with the USD 5,350 resistance and it may continue to rise in the near term. Similarly, ethereum climbed higher and broke the main USD 160 resistance. ETH is now trading above USD 160 and it could test USD 165. Ripple price bounced back and broke the USD 0.300 and USD 0.302 resistance levels. Overall, the crypto market turned green and currently (08:10 UTC) trading with a positive bias.
Total market capitalization
The past few hours were positive since bitcoin price broke many hurdles near the USD 5,300 level and moved into a positive zone. BTC is currently consolidating near USD 5,350 and it could rise towards the USD 5,400 and USD 5,420 levels in the near term. Any further gains might push the price towards the USD 5,450 level.
On the downside, the recent hurdles near USD 5,320 and USD 5,300 levels are likely to act as supports. Below USD 5,300, the price could revisit the USD 5,250 support area.
Ethereum price finally managed to move above the key USD 160 resistance. ETH/USD is currently consolidating above USD 160 and it may climb higher towards the USD 164 or USD 165 resistance.
On the downside, the USD 160 level might now act as a support. If the bulls fail to keep the price above USD 160, there could be a fresh decline towards the USD 155 support area.
Bitcoin cash, eos and ripple price
Bitcoin cash price performed well and recovered most its recent losses. BCH/USD is up more than 12% and it broke the USD 265 and USD 270 resistance levels. The pair might correct lower in the short term, but it is likely to bounce back after tagging the USD 260 support. On the upside, the main resistances are USD 272 and USD 275.
EOS is up more than 4% and it recently broke the USD 4.60 and USD 4.70 resistance levels. The price is currently trading above USD 4.75 and it may revisit the USD 4.80 and USD 4.85 resistance levels.
Ripple price started a decent upward move and recovered above the USD 0.298, USD 0.300 and USD 0.302 resistance levels. XRP/USD is now trading above the USD 0.305 level and it is likely to test the USD 0.310 resistance in the coming sessions.
Other altcoins market today
In the past few sessions, many small cap altcoins rebounded and gained more than 8%, including RVN, ATOM, ZEN, TRUE, WAX, VET, THETA, WAVES, NET, WTC, LINK, SC and OMG. Out of these, RVN is up around 20% and ATOM climbed nearly 11%.
Overall, bitcoin price is showing a few positive signs above the USD 5,300 level. If BTC buyers gain momentum above USD 5,350 and USD 5,400, there could be a strong upward move in the near term.
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