Bitcoin and Altcoins Could Resume Uptrend
- Bitcoin price declined recently and corrected below the USD 3,800 support.
- Ethereum and ripple are likely to bounce back in the near term.
- Polymath and ODE gained more than 20% recently.
This past week, we saw decent gains in bitcoin above the USD 4,000 barrier. BTC/USD even traded above the USD 4,200 resistance and later started a downside correction. The price declined below USD 4,000 and USD 3,820 before buyers appeared near the USD 3,620 level. Ethereum price also surged above the USD 150 level and later faced a solid selling interest near the USD 160 level. As a result, there was a bearish correction and ETH/USD dropped below the USD 145 support. Similarly, ripple price rallied above the USD 0.415 resistance later declined below USD 0.400. The overall price structure is still positive (UTC 07:20 AM), but there could be a couple of swing moves before a fresh upward move.
Total market capitalization
Recently, bitcoin price started a downside move and traded below the USD 4,000 and USD 3,900 levels. BTC/USD tested the USD 3,600 - USD 3.620 support zone and it is currently consolidating losses. The price is up around 0.5% and it may continue to move higher towards the USD 3,880 and USD 3,920 resistance levels.
On the downside, an initial support is at USD 3,720, below which there is a strong support near the USD 3,650 and USD 3,620 levels. Below USD 3,600, the price could decline further towards the USD 3,400 or USD 3,320 levels.
Ethereum price spiked above the USD 150 resistance and traded close to the USD 160 level. ETH/USD corrected lower below USD 145 and USD 140, and tested the USD 125 support.
The price is currently recovering and it may continue to rise towards the USD 134 and USD 138 resistance levels. A successful break above the USD 140 level may perhaps open the doors for a solid upward move towards the USD 150 level.
Bitcoin cash and ripple price
Bitcoin cash price declined heavily after trading above the USD 200 level. BCH/USD traded below the USD 180 and USD 160 support levels. It tested the USD 150 support and later bounced back. Bitcoin SV also trimmed gains and traded below the USD 100 support. BCHSV is currently trading near USD 95 and it may continue to rise towards the USD 100 and USD 105 levels.
Ripple price climbed towards the USD 0.450 resistance and later started a downside correction. XRP/USD even broke the USD 0.400 support, tested the USD 0.375 support, and it is currently consolidating losses.
Other altcoins market today
A few small cap altcoins gained traction and moved up by more than 10%, including POLY, ODE, HOT, KMD and NEO. Out of these, POLY rallied more than 25% and ODE gained around 23%.
Overall, bitcoin is trading near a major support area at USD 3,720 and USD 3,700. There could be a few range moves before a fresh upward move towards the USD 3,850 and USD 3,950 levels. Similarly, ethereum, ripple and other altcoins could recover positively after completing a consolidation pattern.