Bitcoin and Ethereum Bulls Sighting Fresh Upward Move
This past week, bitcoin price climbed towards the USD 5,400 resistance level. Later, BTC/USD corrected lower and recently tested the USD 5,150 support area. The price remains well supported on the downside and it seems like the bulls are sighting a fresh upward move in the coming sessions. Similarly, there was a downside correction in ethereum below the USD 170 support, but the USD 165 level acted as a strong support. Ripple price also corrected lower, but the USD 0.315 level prevented losses and XRP/USD recovered above the USD 0.320 level.
Total market capitalization
Recently, there was a downside correction below USD 5,250 and USD 5,200 in bitcoin price . BTC/USD traded close to the USD 5,150 support area, where buyers emerged. The price bounced back and it is currently (08:10 UTC) trading above the USD 5,200 and USD 5,225 levels. On the upside, an initial resistance is near the USD 5,280 and USD 5,300 levels.
A successful close above the USD 5,300 resistance is likely to open the doors for more gains above the USD 5,350 resistance level. The main weekly resistance is at USD 5,400, above which the price may accelerate towards the USD 5,550 or USD 5,600 zone.
Ethereum price also corrected lower below the USD 170 support level. However, ETH/USD found support near USD 165 and it recently bounced back to USD 170.
The bulls need to gain traction above the USD 170 and USD 172 levels for a decent rise towards the USD 180 weekly resistance. On the downside, the main supports are at USD 165 and USD 160. A daily close below USD 160 might put a lot of pressure on the bulls.
Bitcoin cash, eos and ripple price
Bitcoin cash failed to retain gains and declined sharply below the USD 300 support level. BCH/USD even broke the USD 290 level and tested the USD 280 support. The price is currently consolidating and remains at a risk of more losses below USD 280.
EOS declined sharply below the USD 5.20 and USD 5.00 support levels. The price traded close to the USD 4.90 level and recently bounced back above USD 5.10. On the upside, there are many hurdles for buyers near the USD 5.20 and USD 5.30 levels.
Ripple price trimmed most its gains and declined from the USD 0.340 swing high. XRP/USD broke the USD 0.330 support and tested the main weekly support near the USD 0.314 and USD 0.315 levels. The price recently rebounded above USD 0.322 and it could face sellers near the USD 0.328 and USD 0.330 levels.
Other altcoins market today
Despite bearish moves in bitcoin and ethereum, a few small cap altcoins moved higher by more than 6%, including DGD, BIX, FCT, REP, SC, MCO and NANO. Out of these, DBD rallied close to 12% and BIX is up around 8%.
Overall, bitcoin is still trading in an uptrend above the USD 5,150 and USD 5,100 support levels. Only a daily close below USD 5,000 might negate the current bullish bias. If not, there are chances of more upsides in BTC and altcoins in the near term.
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