Bitcoin and Altcoins Still May Regain Momentum This Week
This past week, we saw heavy gains in bitcoin above USD 7,000. BTC/USD gained more than USD 1,500 and traded close to the USD 7,550 level. Later, it started a downside correction below the USD 7,240 and USD 7,000 levels. However, the USD 6,750 level acted as a support and the price recently recovered above USD 7,000. Similarly, ethereum price corrected lower after trading above the USD 200 level. ETH/USD is currently (08:10 UTC) consolidating above the USD 180 and USD 185 support levels. Ripple price also recovered recently from the USD 0.304 support and it is currently trading above the USD 0.315 level.
Total market capitalization
After a strong rally, bitcoin price topped near the USD 7,550 level. BTC/USD corrected below USD 7,200 and even broke the USD 7,000 support. However, buyers were able to hold the USD 6,750 level. The price bounced back and it recently settled above USD 7,000. On the upside, an immediate resistance is at USD 7,120, followed by USD 7,180.
Above USD 7,180 and USD 7,200, the price is likely to climb higher towards the main weekly resistance near USD 7,500 and USD 7,550. On the downside, an immediate support is at USD 7,000, below which there is a risk of a fresh test of the weekly support at USD 6,750.
Ethereum price retreated from well above the USD 200 pivot area. ETH/USD corrected below USD 190 and recently tested the USD 182 level. The price is currently consolidating above USD 185, with resistances at USD 188, USD 190 and USD 195.
The main weekly resistance is at USD 200, above which the price could test USD 220. On the downside, the main support for the current uptrend is near USD 180 and USD 178.
Bitcoin cash, eos and ripple price
Bitcoin cash price performed really well and rallied above the USD 350 and USD 360 levels. BCH/USD touched the USD 380 level and recently corrected lower. The main supports on the downside are USD 340 and USD 325. On the upside, the main resistances this week are USD 360 and USD 380.
EOS rallied above the USD 3.50 and USD 3.60 resistance levels. It traded close to the USD 5.80 level and recently corrected below USD 5.50. On the downside, an initial support is at USD 5.20, followed by the weekly support at USD 5.05. On the upside, a clear break above USD 5.50 may push the price towards USD 5.80.
Ripple price finally settled above the key USD 0.304 and USD 0.310 levels. XRP/USD is currently trading above USD 0.315, with resistances near USD 0.318 and USD 0.320. The key resistance for a fresh increase is near the USD 0.324 level.
Other altcoins market today
In the past couple of sessions, many small cap altcoins corrected lower and declined more than 7%, including AOA, FCT, BCN, TRUE, LSK, BTG, VEST, BSV, RDD, LTC and XEM. Out of these, AOA is down around 14% and FCT declined nearly 13%.
Overall, bitcoin price is currently correcting gains, but it remains well supported above USD 6,750. In the short term, there could be range moves, but BTC/USD is likely to climb higher once again towards USD 7,200 and USD 7,500.
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