Bitcoin and Altcoins Signaling Bullish Continuation
Recently, we saw a downside reaction in bitcoin below the USD 3,950 support level. BTC tested the USD 3,900 support level on a couple of occasions, but sellers failed to retain control. Finally, bulls had the upper hand and the price reversed above the USD 3,950 and USD 3,980 resistance levels. Similarly, there was a sharp bullish reaction in ethereum price from the USD 130 support. ETH rallied above USD 135 and it is currently (UTC 08:00 AM) trading above USD 137. Ripple price too recovered and climbed back above the USD 0.300 and USD 0.305 resistance levels, with bullish moves.
Total market capitalization
Yesterday, there was another test of the USD 3,900 support by bitcoin price . There were a couple of spikes near the USD 3,900 before sellers gave up. Finally, there was a strong bullish reaction and the price climbed above the USD 3,950 and USD 3,980 resistance levels.
The price is now trading near the USD 4,000 resistance. If there is follow through above USD 4,000 and 4,015, the price is likely to accelerate towards the USD 4,070 swing high. On the downside, an initial support is at USD 3,980, but the main support is near the USD 3,950 level.
Ethereum price tested the USD 130 support area, where a strong buying interest emerged. As a result, ETH started a solid upward move and traded above the USD 132 and USD 135 resistance levels.
The price even broke the USD 137 level and it is currently consolidating below the USD 138 resistance. The next key resistance is near the USD 140 level. On the downside, the USD 135 level may once again act as a support.
Bitcoin cash, eos and ripple price
Bitcoin cash price jumped by more than 5% and broke the USD 160 and USD 164 resistance levels. BCH/USD is currently trading near the USD 166 level and it may continue to rise towards the USD 170 resistance.
EOS performed really well and climbed above the USD 3.85 resistance level. The price is up more than 10% and it recently cleared the USD 4.00 resistance. A high was formed near USD 4.10 level and the price is currently consolidating gains.
Ripple price tested the USD 0.295 support level before starting a fresh rebound. XRP/USD traded above the USD 0.300 and USD 0.305 resistance levels to move into a positive zone. The next major hurdle for buyers is near the USD 0.308 level.
Other altcoins market today
In the past three sessions, many small cap altcoins recovered and jumped more than 10%, including ENG, WICC, WTC, ADA, WAN, PIVX and XZC. Out of these, ENG climbed more than 50% and WICC is up close to 13%.
Overall, bitcoin price jumped back in a positive zone, with a close above the USD 3,950 and USD 3,970. However, the USD 4,000 resistance is still intact. Therefore, a clear break above the USD 4,000 level is must for BTC buyers to retain action and push the price further higher.
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