Bitcoin and Altcoins Could Correct Before Fresh Increase
- Bitcoin price is gaining pace and it could break the USD 4,000 resistance.
- Ethereum and ripple bounced back and trading nicely above key supports.
- REPO, MCO and ONT gained more than 10% today.
There were mostly range moves in bitcoin price below the USD 4,000 resistance level. BTC/USD recovered from the USD 3,900 support, but it struggled to break the USD 3,980 and USD 4,000 resistance levels. It seems like there could be a minor decline towards the USD 3,920 and USD 3,900 supports before the price attempts to break the USD 4,000 resistance. Similarly, there were a few bearish moves in ethereum and ripple, but both rebounded and challenged key resistances at USD 150 and USD 0.330 respectively.
Total market capitalization
There was another attempt by bitcoin price to gain strength above the USD 4,000 resistance. However, BTC/USD failed near USD 4,020 and later corrected lower. It moved below the USD 3,960 support and it seems like there could be an extended downside correction towards the USD 3,920 and uSD 3,900 support levels.
On the upside, the USD 3,980 level is an initial resistance followed by USD 4,000. A successful hourly and 2-hour close above the USD 4,000 resistance is required for buyers to gain bullish momentum in the near term.
Ethereum price bounced back above the USD 145 level, with a bullish angle. However, ETH/USD seems to be facing a strong resistance (UTC 08:10 AM) near the USD 148 and USD 150 levels.
A clear break above the USD 150 resistance will most likely clear the path for more gains towards the USD 156 and USD 160 levels. On the downside, an initial support is at USD 145, below which the price could test the USD 142 support.
Bitcoin cash, eos and ripple price
Bitcoin cash price is correcting lower from the USD 148 resistance area. BCH/USD declined below USD 145 and it seems like the price may test the USD 140 support in the near term. On the upside, the broken USD 145 level will most likely act as a resistance, followed by USD 148.
EOS performed well recently and gained more than 6%. The price surpassed the USD 2.75 resistance and tested the USD 2.85 level, where sellers emerged.
Ripple price stayed above the USD 0.315 support and recovered above the USD 0.325 resistance. However, XRP/USD faced a strong resistance near the USD 0.330 level and it is currently declining towards the USD 0.325 and USD 0.322 support levels.
Other altcoins market today
In the past few hours, many small cap altcoins traded higher between 6%-25%, including REPO, MCO, ONT, TOMO, ELF, STRAT, DGB and FCT. Out of these, REPO gained more than 20% and MCO is up close to 15%.
Overall, bitcoin price is well supported above the USD 3,900 level, with a bullish angle. However, BTC/USD must break the USD 4,000 level to climb further higher. If buyers continue to struggle, there could be a short-term pullback in bitcoin and altcoins in the coming sessions.