Bitcoin Holding Ground While Altcoins Rally
Bitcoin price found a strong support near the USD 6,200 support and later started an upward move. BTC/USD traded above the USD 6,300 and USD 6,320 resistance levels. However, upsides were capped by the USD 6,400 resistance zone. More importantly, a few major altcoins rallied sharply, including ripple, cardano, tron and stellar. Ethereum also recovered above the USD 200 level and is currently trading with a positive structure.
Total market capitalization:
Bitcoin price remained well bid around the range support at USD 6,200. BTC/USD broke the USD 6,300 and USD 6,350 levels, but buyers failed to overcome the USD 6,400 hurdle. The price is currently (UTC 08:20 AM) up around 1.2% and is trading above the USD 6,320 level.
On the upside, a proper break and close above the USD 6,400 zone is needed for buyers to take control. If there is a downside reaction, the USD 6,300 and USD 6,250 levels are likely to act as decent supports in the short term.
Ethereum price recovered more than 6% and broke the USD 200 resistance. ETH/USD even surpassed the USD 210 level, but the price seems to be struggling to clear the USD 215 and USD 220 resistance levels.
On the downside, the broken resistances near the USD 204 and USD 200 levels are likely to act as supports if the price corrects lower. On the other hand, above USD 220, the price may rally to USD 235.
Bitcoin cash and ripple
Bitcoin cash price moved higher from the USD 400 – USD 410 support. BCH/USD is up more than 4% and is trading above the USD 430 level. The price has to break the USD 440 and USD 450 barriers to gain traction in the near term. On the downside, the USD 420 and USD 410 levels are decent supports.
Ripple price was one of the best performers since it climbed around 20%. XRP/USD broke the USD 0.300, USD 0.320 and USD 0.330 resistance levels. The next major resistance on the upside is near the USD 0.350 level.
Other altcoins market today
Many small cap altcoins gained traction recently and jumped by more than 10%, including LINK, ARDR, MKR, DRGN and WAVES. The market sentiment seems to be favoring altcoins and there could be more gains in ADA and XRP in the short term.
To sum up, bitcoin recovered from a crucial support and a few altcoins rallied. If BTC/USD breaks the USD 6,400 resistance, there may possibly be more upsides in altcoins.
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