Bitcoin and Altcoins Holding Important Supports
- Bitcoin price tested the USD 3,670 support and rebounded above USD 3,700.
- Ethereum and ripple also tested key supports and later corrected a few points.
- NEXO, ENJ and BNB gained more than 12% today.
There were further losses in bitcoin price below the USD 3,750 and USD 3,700 support levels. BTC/USD tested the USD 3,660 - USD 3,670 support and later corrected above the USD 3,700 level. The price is currently consolidating above key supports, but there is a solid resistance formed near USD 3,800. Similarly, ethereum price tested the USD 120 - USD 122 support zone and corrected above USD 125. Ripple also corrected higher after testing the USD 0.2980 support zone. The market sentiment slightly improved, but to start a decent rebound, bitcoin must move above the USD 3,800 resistance.
Total market capitalization
There was an extended slide below the USD 3,700 support in bitcoin price . The BTC/USD pair tested the USD 3,660 - USD 3,670 support area and later bounced back. The price is currently (UTC 08:10 AM) trading above USD 3,720, with an immediate resistance near the USD 3,750 level.
However, the main resistance is near the USD 3,800 level, above which the price could move into a positive trend. On the downside, the USD 3,660 support area is significant. Should sellers push the price below USD 3,600, there could be more losses towards the USD 3,550 level.
Ethereum price declined below the USD 125 pivot level and tested the USD 120 - USD 122 support zone. ETH/USD corrected higher and moved above the USD 125 resistance. On the upside, an initial resistance is at USD 128, followed by USD 130.
On the downside, the USD 125 level is an initial support. The main support is near the USD 120 - USD 122 zone, where buyers could continue to fight. Therefore, there are high chances of a recovering in ETH as long as the price is above USD 120.
Bitcoin cash, eos and ripple price
Bitcoin cash price declined below the USD 125 support and tested the USD 120 zone. BCH/USD found support at USD 120 and recently corrected above the USD 124 level. The next key resistance is at USD 128, above which the price could test the USD 130 resistance.
EOS fell after it broke the USD 3.50 support level. It declined below the USD 3.40 and USD 3.25 support levels. A low was formed near the USD 3.10 level and the price is currently correcting above the USD 3.20 level.
Ripple price spiked below the USD 0.300 support level and tested the USD 0.298 support. XRP/USD recovered later and moved above the USD 0.302 resistance. The next resistance awaits near the USD 0.305 and USD 0.308 levels.
Other altcoins market today
In the past two sessions, a few small cap altcoins rebounded and gained more than 7%, including NEXO, ENJ, BNB, HT, AOA and BAT. Out of these, NEXO rallied more than 20% and ENJ is up close to 15%.
Overall, bitcoin recovered from the USD 3,670 support level. However, BTC buyers need to gain clear the USD 3,750 and USD 3,800 resistance level to start a substantial upward move. If not, there could be a fresh decline in bitcoin and altcoins in the near term.