Bitcoin Rebounds After Bulls Defend USD 6,800
Bitcoin corrected lower yesterday and declined below the USD 7,000 support. BTC/USD traded towards the USD 6,800 support, which acted as a strong buy zone. The price rebounded and moved back above the USD 6,900 level. Major altcoins like ethereum, ripple, bitcoin cash and litecoin also corrected lower and are currently consolidating in a range. Going forward, if bitcoin price climbs back above USD 7,000 and USD 7,080, there could be more upsides in the near term.
Total market capitalization:
Bitcoin price declined below the USD 7,000 and USD 6,900 levels. However, BTC/USD held an important support area at USD 6,800 (the previous resistance) and bounced back.
Buyers remained in control and pushed the price back above USD 6,900 and USD 6,950.
On the upside, an initial resistance is USD 7,020, above which the price could face sellers near USD 7,080. Finally, a break above USD 7,080 will most likely clear the path for a fresh weekly high above the USD 7,150 level.
Ethereum price declined below the USD 275 support and tested the USD 270 level. Later, ETH/USD recovered and is currently (UTC 08:30 AM) trading near the USD 280 level.
The price has to climb above the USD 290 and USD 300 resistance levels to move into a bullish zone. If not, there is a risk of more losses towards the USD 260 and USD 250 levels in the coming days.
Bitcoin cash and ripple
Bitcoin cash price broke the USD 540 support area and tested the next support at USD 520. BCH/USD found bids near the USD 520 support and recovered back above USD 530. The price is currently down 1.2% to USD 535 with immediate resistances near USD 540 and USD 550.
Ripple price broke the USD 0.330 support and tested the USD 0.320 level. XRP/USD later corrected higher and it is currently trading flat near the USD 0.3320 level. Resistances on the upside awaits near USD 0.335 and USD 0.340.
Other altcoins market today
Most small cap altcoins rallied today, including waltonchain, nano, dogecoin, nuls, wanchain, NPXS, ICX, RDD, XMR and golem. Out of these waltonchain was up 30% and nano climbed more than 15%.
To sum up, the recent dip in bitcoin was protected by buyers near an important support at USD 6,800. As long as BTC/USD is above this support, the price may slowly rise towards the USD 7,080 and USD 7,150 levels. On the other hand, ethereum may continue to struggle unless buyers push the price above the USD 300 level.
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