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Bitcoin and Altcoins Correcting Strong Gains

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Bitcoin price reversed its losses and rallied above the USD 7,000 resistance. Ethereum recovered above USD 125, but XRP struggled to gain strength from lows. ADK, STRAT, MKR, SNX and STEEM are up more than 10% today.

This week, we saw a bearish extension in bitcoin price below the USD 7,000 and USD 6,850 support area. However, the USD 6,550 support area acted as a strong buy zone, resulting in a sharp recovery in BTC/USD. The price surged close to USD 1,000 and climbed above many hurdles including USD 7,000.
Similarly, there was a decent recovery wave in most major altcoins, including ethereum, XRP, bitcoin cash, litecoin, EOS, BNB, ADA, TRX and XLM. ETH/USD recovered from USD 115 and climbed above USD 125. However, XRP/USD struggled to gain similar strength and it is currently (09:00 UTC) up around 2% from the recent monthly low.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After testing the USD 6,550 support bitcoin price started a strong reversal wave. BTC/USD climbed above the USD 6,850 and USD 7,000 resistance levels. Besides, there was a break above USD 6,200, but the price failed to clear the USD 6,450 resistance area.
It is currently correcting gains and trading near the USD 7,100 level. An immediate support is near the USD 7,020 and USD 7,000 levels. The next key support is at USD 6,850, below which the recent rally could complete reverse. On the upside, the price could gain strength if it clears the USD 7,200 area.

Ethereum price

Ethereum price fell below the USD 120 support before buyers appeared near the USD 115 level. After bitcoin rallied, ETH/USD recovered and traded above the USD 120 and USD 125 levels. The price tested the USD 132 resistance and it is currently correcting lower.
On the downside, if the price fails to stay above the USD 125, it could decline back towards the USD 120 and USD 118 support levels.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price traded close to the USD 170 level before it started an upside correction. BCH/USD is up around 5% and it traded above the USD 180 level. On the upside, the price seems to be facing a lot of hurdles near the USD 190 and USD 192 levels, above which it could rally further above USD 200.
Litecoin found support near the USD 35.00 level and recently followed bitcoin’s rise. LTC/USD broke the USD 36.50 and USD 38.00 resistance levels. The price even spiked above USD 40.00, but failed to stay above the same. It is currently correcting lower, but the USD 38.00 level might protect losses.
XRP price declined below the USD 0.180 support level before it started an upside correction. XRP/USD recovered above USD 0.190, but it struggled to surpass the USD 0.198 and USD 0.200 hurdles. The price is back below USD 0.190 and it could even revisit the USD 0.180 support.

Other altcoins market today

In the past three sessions, many few small capitalization altcoins recovered more than 8%, including ADK, STRAT, MKR, SNX, STEEM, LSK, TOMO, ATOM, SXP, THETA, ZEN, EOS and SLV. Out of these, ADK rallied more than 45% and STRAT is up nearly 14%.

To sum up, bitcoin is showing positive signs above the USD 7,000 and USD 6,850 levels. In the short term, there could be a minor decline, but as long as BTC/USD is above USD 6,850, it could continue above USD 7,200 and USD 7,250.

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