Bitcoin and Altcoins Rebound, Market Cap up 6%
Yesterday, we saw a major downside correction in bitcoin and most major altcoins, including ethereum, ripple, bitcoin cash, EOS, litecoin, binance coin and tron. BTC/USD declined below USD 7,700 and later found a strong buying interest near the USD 7,500 level. As a result, the price bounced back above USD 7,800 and is currently facing crucial resistances near USD 7,950 and USD 8,000. Similarly, there was a strong recovery in ethereum and ripple. ETH/USD is up around 6% and it is currently (08:10 UTC) facing a resistance near USD 250. XRP/USD recovered from USD 0.362, but there are many hurdles for the bulls near USD 0.390, USD 0.392 and USD 0.400.
The total market capitalization is up by 6% in the past 24 hours.
Total market capitalization
After testing the USD 7,500 support, bitcoin price started a strong rebound. BTC/USD climbed above the USD 7,700 and USD 7,800 resistance levels. The price even tested the USD 7,950 resistance area, but it failed to continue higher. BTC is up more than 4%, but it must break the USD 7,950 and USD 8,000 resistance levels to move further higher.
If it fails to continue higher, there could be a fresh downward move below the USD 7,800 support. The next key support is at USD 7,720, below which the price is likely to revisit the USD 7,500 support area.
Ethereum price declined below the USD 242 support and tested the USD 230 support zone. Recently, ETH/USD recovered above USD 242 and USD 245. However, the price is facing a strong resistance near the USD 250 level.
A clear break above the USD 250 level is needed for bullish continuation. On the downside, the USD 242 level is likely to act as a decent support.
Bitcoin cash, eos and ripple price
Bitcoin cash price rallied after testing the USD 375 support level. BCH/USD is up more than 9% and it is currently trading above the USD 400 level. The next key resistance is near the USD 415 level, above which the price could accelerate above the USD 420 level.
EOS also started a strong upward move after it tested the USD 5.80 support level. It is up more than 8% and broke the USD 6.00 and USD 6.15 resistance levels. The bulls are in control and the price may continue to rise towards USD 6.40.
Ripple price bounced back sharply after testing the USD 0.360 support area. XRP/USD is currently up 6% and it is trading above the USD 0.380 level. On the upside, there are many resistances near the USD 0.390, USD 0.392 and USD 0.400 levels.
Other altcoins market today
In the past three sessions, many small cap altcoins started a strong upward move and gained more than 15%, including TFUEL, AOA, ORBS, SAN, THETA, WAVES, ELF, BTT, MAID, LRC, HOT, KMD, MANA, GNT, XEM and LINK. Out of these, TFUEL is up around 135% and AOA climbed nearly 92%.
Overall, bitcoin is back in a positive zone above the USD 7,800 level. However, BTC/USD must clear the USD 7,950 and USD 8,000 resistance levels to start a strong rally in the near term. The next key resistances are USD 8,250 and USD 8,300.
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