Bitcoin and Altcoins Could Resume Bullish Moves
- Bitcoin price tested the USD 3,700 - USD 3,720 support area and later recovered.
- Ethereum remains in an uptrend above the USD 140 support area.
- REPO rallied more than 45% and HOT gained around 18% today.
Yesterday, there was a slight downside correction in bitcoin price below the USD 3,800 support. BTC/USD declined below USD 3,750 and tested the USD 3,700 - USD 3,720 support area where buyers emerged. Later, the price recovered and it seems to be preparing for more gains above the USD 3,840 and USD 3,890 resistance levels. On the other hand, ethereum remained well bid above the USD 140 and USD 142 support levels. Ripple price is currently struggling, but a break above the USD 0.370 resistance may trigger bullish moves in the near term.
Total market capitalization
After forming a support base near USD 3,700 bitcoin price started an upward move. If there is an upside break above the USD 3,800 and USD 3,850, there could be more gains above the USD 3,900 level in the near term.
On the downside, an initial support is at USD 3,740, below which the price is likely to test the USD 3,700 handle. A break below the USD 3,700 support could push BTC towards the USD 3,620 support.
Ethereum price gained traction and jumped above the USD 148 and USD 150 resistance levels. ETH/USD is up around 0.5% and it may continue to rise towards the USD 155 and 158 resistance levels.
If the price declines a few points, buyers are likely to protect the USD 148 support. The main support is at USD 144, below which the price may test the USD 140 pivot area.
Bitcoin cash and ripple price
Bitcoin cash price failed to break the USD 175 resistance and later started a downside move. BCH/USD is currently consolidating above the USD 160 support and it may soon bounce back above the USD 165 resistance. Bitcoin SV declined more than 4% and tested the USD 85 support area. A break below the USD 85 support could push the price below the USD 80 support.
Ripple price declined recently and tested the USD 0.355 support. XRP/USD seems to be struggling above the USD 0.360 level, therefore, a break above USD 0.365 could clear the path for a push toward USD 0.375.
Other altcoins market today
During the past few sessions, a few small cap altcoins gained more than 10%, including REPO, HOT, LINK, and ARK. Out of these, REPO gained more than 40% and HOT is up around 18%.
To sum up, bitcoin price is slowly moving higher and it may soon clear the USD 3,800 - USD 3,820 resistance area. A successful close above USD 3,850 may clear the path for a push towards USD 3,950 and USD 4,000. On the other hand, ethereum is trading nicely above USD 144 and it may accelerate above the USD 155 and USD 160 levels in the near term.