After Encouraging Week Bitcoin and Altcoin Look For New Support
- Bitcoin price tested the USD 4,050 level and later corrected lower.
- Ethereum (ETH) and ripple (XRP) are trading above key supports.
- WAX and GXC gained more than 10% today.
This past week, there was a solid upward move in bitcoin above the USD 3,900 and USD 4,000 resistance levels. BTC/USD tested the USD 4,050 level and later corrected lower. It is currently (UTC 08:00 AM) trading below USD 4,000, with many supports on the downside above USD 3,900. Similarly, there were bullish moves in ethereum price above USD 135 and USD 140. ETH tested the USD 145 resistance and recently corrected below USD 140. Ripple price spiked above the USD 0.320 resistance on two occasions, but it failed to hold gains and later corrected towards the USD 0.312 support.
Total market capitalization
Finally, there was a strong bullish wave in bitcoin price above the USD 3,900 resistance. BTC/USD even broke the USD 4,000 weekly resistance area before sellers emerged near the USD 4,050 level. A high was formed just below USD 4,060 before the price started a downside correction.
The price is currently trading below the USD 4,000 level, with an immediate support at USD 3,950 and 3,940. However, the main weekly support is at USD 3,900, which was a key resistance earlier. On the upside, the key resistances are near USD 4,000 and USD 4,050.
Ethereum price also followed a similar pattern and climbed above the USD 135 and USD 140 resistance levels. ETH/USD tested the USD 145 resistance and later corrected below the USD 140 level.
The main weekly supports are at USD 135 and USD 132, below which there is a risk of more losses below the USD 130 support in the near term. On the upside, the USD 140 level is an initial resistance, followed by the USD 145 pivot level.
Bitcoin cash, eos and ripple price
Bitcoin cash performed well recently as it rallied above the USD 140 and USD 148 resistance levels. BCH/USD even surged above USD 160 before sellers appeared near USD 165. It is currently correcting lower, with supports near USD 155 and USD 150.
EOS made another attempt to clear the USD 3.80 resistance, but buyers failed to gain momentum. The price is currently correcting below USD 3.75 and it may continue to decline towards the USD 3.65 or USD 3.62 support area.
Ripple price spiked on a couple of occasions towards the USD 0.320 resistance, but it failed to stay above USD 0.320 and USD 0.318. XRP/USD corrected lower recently and tested the USD 0.314 support. The next main supports are USD 0.312 and USD 0.310.
Other altcoins market today
Despite dips in bitcoin and ETH, a few small cap altcoins traded higher and gained more than 8%, including WAX, GXC, KCS, CRO, R and BCH. Out of these, WAX rallied more than 11% and GXC is up around 10%.
Overall, the recent upward move in bitcoin was encouraging, but the current correction wave must find support near USD 3,950 or USD 3,920. On the upside, a fresh daily close above USD 4,000 could trigger renewed buying interest in BTC in the coming sessions.