Bitcoin and Altcoins Remain Supported on Dips
Bitcoin price dipped towards the USD 6,300 – USD 6,400 support area recently where buyers emerged. BTC/USD recovered steadily and moved back above the USD 6,500 resistance. Similarly, major altcoins like ethereum, ripple and bitcoin cash completed a short-term downside correction and later bounced back. Having said that, buyers are currently facing important resistances like USD 6,800 for BTC/USD and USD 235 for ETH/USD. If there is a successful break above the stated resistances, the market could climb further higher into the positive zone.
Total market capitalization:
Bitcoin price failed on more than two occasions near the USD 6,800 resistance. BTC/USD corrected lower towards USD 6,400 where it found support and later recovered above the USD 6,500 and 6,550 resistance levels.
The price is currently (UTC 08:20 AM) trading near the USD 6,600 level with an immediate resistance at USD 6,650. Above this, the price will most likely trade towards the USD 6,750 and USD 6,800 resistance levels. On the downside, the key weekly supports are USD 6,400 and 6,320.
Ethereum price stayed above the important USD 200 support. ETH/USD cleared the USD 215 and 220 resistance levels, but buyers seem to be struggling near a crucial hurdle at USD 235.
If buyers surpass the USD 235 barrier, there could be decent gains towards the USD 244 and 250 levels. On the downside, the main supports are visible near USD 215 and USD 200.
Bitcoin cash and ripple price
Bitcoin cash price failed to break the USD 600 resistance and corrected lower. BCH/USD is currently trading well above the USD 500 support with an immediate resistance at USD 550. Above USD 550, buyers are likely to take control for a push towards the USD 600 weekly resistance.
Ripple price is down around 1.5% to USD 0.580. XRP/USD recently spiked above the USD 0.600 level, but buyers failed to keep the price above the stated level. On the downside, the main weekly supports are at USD 0.572 and USD 0.550, and resistances are USD 0.600 and USD 0.620.
Other altcoins market today
During the past three sessions, a few altcoins gained traction, including odyssey, nebulas, verge, THETA, siacoin, wanchain and ZIL. Out of these, Odyssey and nebulas traded higher by 34% and 23% respectively.
To sum up, bitcoin seems to be holding the ground very well above the USD 6,400 support. However, BTC/USD buyers need to surpass the USD 6,800 barrier to set the pace for more upsides. If not, there is a risk of a bearish break in BTC and altcoins in the coming days.
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