Bitcoin Could Gain Bullish Momentum While Altcoins Consolidate
After a short term downside correction, bitcoin price found support and recovered above USD 3,950. BTC/USD is climbing higher and it is currently (UTC 08:10 AM) trading just above the USD 4,000 resistance, with a bullish angle. Therefore, there are chances of more upsides above USD 4,025 and USD 4,050 in the coming sessions. On the other hand, ethereum price was mostly flat, but it stayed above the USD 135 and USD 136 support levels. Ripple price started a short term rebound and climbed above the USD 0.313 level. It seems like XRP/USD is preparing for an upward move above USD 0.314 and USD 0.315.
Total market capitalization
In the past few hours, bitcoin price managed to gain traction as it broke the USD 3,980 and USD 4,000 resistance levels. BTC/USD is up around 0.5% and it seems like it could break the USD 4,025 resistance and revisit the USD 4,050 level. If there are further gains, the price may target the USD 4,100 level.
On the downside, the USD 4,000 and USD 3,980 levels are likely to act as supports. If buyers fail to retain strength, the price could decline back towards the USD 3,950 support.
Ethereum price remained well bid above the USD 135 and USD 136 support levels. However, ETH/USD is facing a strong resistance near the USD 138 level, above which there are chances of a break above the USD 140 resistance level.
If sellers remain in action near USD 138 or USD 140, the price could revisit the USD 135 support. Any further losses may push the price into a bearish zone, with the next support at USD 130.
Bitcoin cash, eos and ripple price
Bitcoin cash price started a downside correction below the USD 160 support. BCH/USD is currently down around 1% and it seems like it could test the USD 155 support level in the near term.
EOS is currently consolidating above the USD 3.65 support level. To start a fresh bullish wave, the price must break the USD 3.75 and USD 3.80 resistance levels. The main resistance above USD 3.80 is at USD 4.00.
Ripple price managed to stay above the USD 0.312 support and it is currently correcting higher. If XRP/USD surpasses the USD 0.314 and USD 0.315 resistance levels, there could be decent gains towards USD 0.320.
Other altcoins market today
During the past two sessions, many small cap altcoins started an upward move and gained more than 10%, including XTZ, GXC, HT, RVN, PAI, CRO, ZEC and IOST. Out of these, XTZ is up more than 17% and GXC gained nearly 16%.
The current price action suggests bitcoin price is gaining momentum above USD 4,000. Having said that, BTC/USD must move above the USD 4,025 and USD 4,050 resistance levels to start a solid upward move. On the other hand, ethereum is stuck in a range and it is likely preparing for the next break.
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