Bitcoin And Altcoins Still Might Resume Bullish Trend
Yesterday, we saw a short term downside correction in bitcoin below the USD 5,000 level. However, BTC/USD found a strong support near USD 4,800 and later moved higher. The price is consolidating near the USD 5,000 level and it seems like there could be more upsides above USD 5,040 and USD 5,080 in the near term. On the other hand, ripple price gained bullish momentum and rallied close to 7%. XRP/USD broke the USD 0.360 level and it is currently (08:10 UTC) trading with a positive bias. Ethereum price also climbed higher and broke the USD 160 and USD 162 resistance levels.
Total market capitalization
There was a strong buying interest see near the USD 4,800 level in bitcoin price . BTC remained well bid and the price recently moved above the USD 4,900 and USD 4,950 levels. However, the USD 5,000 level is acting as a resistance. The next key resistance is at USD 5,040, above which the price may rise towards the USD 5,120 level in the near term.
On the downside, an initial support is near the USD 4,920 level. If bulls lose control, there are chances of more losses towards the USD 4,800 support area.
Ethereum price formed a strong support near the USD 154 and USD 155 levels. ETH recovered recently and traded above the USD 160 and USD 162 resistance levels. The next key resistance is at USD 165, above which the price may rise towards the USD 170 level.
On the downside, an initial support is at USD 160, below which buyers are likely to take a stand near the USD 155 support.
Bitcoin cash, eos and ripple price
Bitcoin cash price started a significant downside correction from the USD 350 resistance. BCH/USD declined below USD 300 and it is currently consolidating above the USD 270 and USD 275 resistance levels. A fresh increase above USD 300 is needed for a push towards the USD 325 and USD 330 levels.
EOS is slowly moving higher after testing the USD 5.00 support level. It is currently trading above the USD 5.25 level, with many resistances near the USD 5.35 and USD 5.40 levels. The main support is now at USD 5.10.
Ripple price started a strong upward move today and broke the USD 0.350 and USD 0.355 resistance levels. XRP is up more than 6% and it may continue to rise towards the USD 0.375 and USD 0.388 resistance levels. The main stop for buyers could be USD 0.400.
Other altcoins market today
In the past three sessions, a few small cap altcoins climbed higher and gained more than 8%, including MXM, NPXS, XIN, PAI, QBIT, THETA, CRO and ENJ. Out of these, MXM is up more than 60% and NPXS gained nearly 17%.
Overall, bitcoin price seems to be consolidating gains above the USD 4,900 and USD 4,800 support levels. To start a fresh increase, a proper close above the USD 5,000 and USD 5,040 levels is required. On the other hand, a break below the USD 4,800 support might extend correction towards the USD 4,650 level.
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