Bitcoin and Altcoins Hesitate, But Further Gains Seem Likely
- Bitcoin price stayed above the USD 3,500 support and later recovered.
- Ethereum (ETH) and ripple (XRP) are placed nicely above key supports.
- MGO and DCN gained more than 12% today.
This past week, bitcoin price started a downside correction and traded below the USD 3,880 and USD 3,750 support levels. BTC/USD tested the next major support at USD 3,500 and later bounced back. The price is currently consolidating above USD 3,700 and it seems like it could slowly move higher toward USD 3,880 and USD 4,000 in the near term. Ethereum price rallied recently above the USD 125 and 130 resistance. ETH/USD could gain traction if buyers clear the UD 140 resistance. Ripple price retreated from the USD 0.450 swing high and settled below USD 0.400. However, the price is finding strong bids near USD 0.345 and it might recover above USD 0.380 and USD 0.400.
Total market capitalization
After testing the USD 3,500 support, bitcoin price recovered above USD 3,600 and USD 3,700. BTC/USD is currently (UTC 08:20 AM) trading in a range above the USD 3,700 support, with an immediate resistance at USD 3,780. If there is a break above USD 3,780 and USD 3,800, the price could accelerate gains toward the USD 4,000 weekly resistance level.
On the downside, an initial support is at USD 3,700, below which the next support is at USD 3,620. The main weekly support is at USD 3,500, below which sellers could target the USD 3,200 support area.
Ethereum price formed a solid support near the USD 115 - USD 120 zone and later rallied above USD 125. ETH/USD even broke the USD 130 resistance, but it struggled to gain momentum above the USD 140 resistance.
Buyers need to clear the USD 140 level to test the weekly resistance at USD 150. On the downside, the first support is at USD 130, below which the main weekly support is at USD 125. If there is a push below USD 125, the price could trade back in a bearish zone.
Bitcoin cash and ripple price
Bitcoin cash settled above USD 150 support. BCH/USD must break the USD 165 and USD 175 resistance levels to challenge the USD 200 barrier in the coming days. Bitcoin SV is struggling to hold gains above USD 90 and it is currently down 2% to USD 85. If BCHSV continues to move down, it may test the USD 80 or USD 75 support level.
Ripple price traded sharply lower from the USD 0.450 swing high. XRP/USD tested the USD 0.325 support and later recovered above USD 0.350. The next key resistance for buyers is near the USD 0.380 and USD 0.392 levels.
Other altcoins market today
Recently, a few small cap altcoins gained bullish momentum and traded up by more than 8%, including MGO, DCN, IOST, KMD and MOAC. Out of these, MGO gained more than 17% to USD 0.51 and DCN is up around 14%.
Overall, bitcoin price is trading above the key USD 3,500 support. If BTC/USD breaks the USD 3,800 and USD 3,880 resistance levels, it could clear the USD 4,000 barrier. Similarly, ethereum and ripple are trading above crucial supports and they may extend gains in the coming sessions.