Bitcoin and Ethereum Rebound Facing Uphill Task
This past week, we saw a strong downside correction in bitcoin and altcoins such as ethereum, litecoin, ripple, cardano, EOS, and bitcoin cash. BTC/USD even broke the USD 5,000 support before buyers appeared near the USD 4,950 level. Later, the price formed a decent support near USD 4,980 and slowly rebounded above USD 5,050 and USD 5,100 resistances. The price even broke the USD 5,125 resistance and tested the USD 5,175 resistance. Similarly, there was a decent rebound in ethereum and ripple above the USD 165 and USD 0.320 resistance levels. However, there many hurdles for buyers on the upside and any further gains won’t be easy.
Total market capitalization
There was a solid rebound in bitcoin price above the USD 5,050 and USD 5,100 resistance levels. BTC/USD tested the USD 5,175 level and it is currently (08:10 UTC) trading in a tight range. On the upside, there is a crucial resistance formed near USD 5,200. If there is an upside break above USD 5,200, the price could test the key USD 5,400 weekly resistance.
On the downside, an initial support is at USD 5,050, below which the price may perhaps test the USD 5,000 weekly support area.
Ethereum price formed a strong support near the USD 160 – USD 162 area. ETH/USD climbed above the USD 165 resistance and recently tested the USD 170 resistance.
Buyers need to clear the USD 170 and USD 172 resistance levels to start a fresh increase towards the USD 180 and USD 185 resistance levels. On the downside, a break below the USD 160 level may call for more losses in the near term.
Bitcoin cash, eos and ripple price
Bitcoin cash gained bullish momentum and broke the USD 290 and USD 295 resistance levels. BCH/USD is up more than 8% and it even broke the USD 300 level. At the moment, the price is consolidating, with support near the USD 295 and USD 292 levels. On the upside, the key resistances are at USD 310 and USD 325.
EOS jumped back above the USD 5.35 and USD 5.40 resistance levels. The price is up more than 4% and it recently broke the USD 5.50 resistance level. The next key resistance is at USD 5.60, above which the price may revisit the USD 5.80 weekly resistance.
Ripple price recovered recently above the USD 0.315 and USD 0.320 resistance levels. XRP/USD even broke the USD 0.325 resistance before it faced sellers near USD 0.330. The price must clear the USD 0.330 and USD 0.332 levels for more gains in the near term.
Other altcoins market today
In the past three sessions, a few small cap altcoins moved higher and gained more than 8%, including XTZ, LAMB, MXM, INB, NULS, ZIL, WTC, REP and PIVX. Out of these, XTZ rallied close to 17% and LAMB is up around 15%.
To sum up, bitcoin price rebounded above the USD 5,000, but it is still facing a couple of important resistances near USD 5,200. A successful close above USD 5,200 and USD 5,250 is a must for a fresh increase. If not, BTC is likely to decline back towards the USD 5,000 or USD 4,950 support.
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