Bitcoin and Altcoins Registering Gains
Yesterday, we discussed a few important supports for bitcoin near USD 4,950 and USD 5,000. BTC remained well supported and recently climbed above the USD 5,100 and USD 5,140 resistance levels. The price even broke the USD 5,200 level and it is currently (08:10 UTC) correcting gains. Similarly, there was an upward move in ethereum above the USD 162 and USD 165 resistance levels. Ripple also rebounded and climbed back above the USD 0.320 resistance. Going forward, there could be a short term downside correction, but the crypto market is likely to bounce back.
Total market capitalization
There was a steady rise in bitcoin price above the USD 5,100 resistance area. BTC bulls managed to push the price above the USD 5,140 and USD 5,200 resistance levels. The price traded close to the USD 5,250 level and it is correcting lower. An initial support is at USD 5,160 and USD 5,140, below which the price could test USD 5,100.
On the upside, an initial resistance is at USD 5,220, above which the price is likely to revisit the USD 5,250 resistance area. The next key resistance is at USD 5,320.
Ethereum price climbed higher after testing the USD 155 support. ETH recently broke the USD 163 and USD 165 resistance levels to move into a positive zone. It struggled to clear the USD 168 resistance and currently consolidating near USD 165.
On the downside, a break below the USD 165 support may push the price towards the USD 163 level. On the upside, the main hurdle for buyers is near the USD 170 level.
Bitcoin cash, eos and ripple price
Bitcoin cash price climbed higher towards the USD 330 level recently and later retreated to USD 310. BCH/USD is trading in a range, with a strong support at USD 300. On the upside, there are many resistances near the USD 320 and USD 330 levels.
EOS rebounded above the USD 5.40 level and tested the key resistance at USD 5.50 and USD 5.55, where sellers emerged. The price is moving lower towards the USD 5.40 and USD 5.35 support levels.
Ripple price corrected higher and cleared the USD 0.315 and USD 0.320 resistance levels. XRP/USD even tested the USD 0.324 level and it is currently trading near the USD 0.321 level. On the downside, the key support is at USD 0.320, and resistance on the upside is near USD 0.324 and USD 0.325.
Other altcoins market today
In the past three sessions, many small cap altcoins recovered and climbed by more than 8%, including BIX, HOT, BAT, XTZ, WAX, CRO, KMD and NANO. Out of these, BIX is up around 13% and HOT climbed close to 12%.
Clearly, the recent upward move in bitcoin pushed the price into a positive zone USD 5,140. BTC bulls now have to gain strength above USD 5,200 and USD 5,220 to push the price further higher towards the USD 5,320 level.
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