Bitcoin and Altcoins Bracing For Short Term Rebound
- Bitcoin price recovered above USD 3,250 and it could continue higher.
- Ethereum and ripple are currently showing a few positive signs on the hourly chart.
- Revain and FCT rallied more than 25% recently.
This past week, there was a downward move below USD 3,350 and USD 3,250 in bitcoin. BTC/USD even broke the USD 3,200 support area and tested the USD 3,150 support area. Later, the price recovered and it seems like there could be more upsides above USD 3,300 and USD 3,350 in the coming sessions. Similarly, ethereum price stayed above the USD 80 support and it is currently (UTC 08:20 AM) correcting higher towards the USD 90 and USD 95 resistance levels. Ripple price remained stable and it is currently facing a lot of hurdles near the USD 0.295 and USD 0.300 resistance levels.
Total market capitalization
After forming a decent support near USD 3,150, bitcoin price started an upward move. BTC/USD gained pace above the USD 3,200 level and it is currently trading above USD 3,250. If buyers remain in action, there are chances of more gains above the USD 3,300 and USD 3,350 resistance levels in the near term.
The main weekly resistances are at USD 3,400 and USD 3,500, above which bitcoin will most likely move into a bullish zone. On the downside, an initial support is at USD 3,200, below which the price could test the weekly support at USD 3,150.
Ethereum price retested the USD 80 support area recently where buyers emerged. ETH/USD is currently moving higher and it seems like it could even break the USD 88 and USD 90 resistances.
However, the key weekly resistance is near the USD 98 - USD 100 zone, which may continue to stop gains in the near term. If there is a successful close above USD 100, the price may move into a medium term bullish trend.
Bitcoin cash and ripple price
Bitcoin cash declined heavily this past week and broke the USD 100, USD 95 and USD 90 support levels. BCH/USD is currently trading near the USD 80 support, with resistance at USD 85 and USD 90. BCHSV also followed BCH and declined below the USD 80 support. It is currently recovering, but it won’t be easy for buyers to clear the USD 80 and USD 85 resistance levels.
Ripple price is currently flat near the USD 0.285 support level. To start a solid upward move, XRP/USD must move above the USD 0.295 and USD 0.300 resistance levels. The key weekly support is at USD 0.280, below which there could be a sharp decline.
Other altcoins market today
During the past few hours, a few small cap altcoins gained traction and moved up by more than 10%, including R, FCT, ARB, MGO and MOAC. Out of these, revain (R) rallied more than 35% and factom (FCT) is up close to 28%.
Overall, bitcoin price seems to be preparing for a short term rebound above USD 3,300. Having said that, BTC/USD must break the USD 3,400 and USD 3,500 resistance levels for a larger recovery in the near term. If there is no positive move above the USD 3,400 level, then bitcoin and altcoins like ethereum, ripple, litecoin, eos, neo and tron are likely to resume bearish moves.