Bitcoin And Altcoins Holding Key Uptrend Supports
Bitcoin price is trading in an uptrend above the USD 7,000 support. Ethereum remained well bid above USD 162 and XRP is consolidating above USD 0.190. CyberVein (CVT) rallied more than 35% and SEELE is up close to 20% today.
After a strong rally, bitcoin price faced hurdles near the USD 7,550 resistance. As a result, there was a downside correction below USD 7,400, but the price remained well bid above USD 7,000. It is currently (08:30 UTC) rising and trading above key uptrend supports such as USD 7,120 and USD 7,000.
Similarly, dips in most major altcoins remain well supported, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD tested the USD 162 support and it is now consolidating near USD 170. XRP/USD is facing hurdles near USD 0.200, but it is likely to hold the key USD 0.192 and USD 0.188 support levels.
Total market capitalization
Recently, bitcoin price corrected lower from the USD 7,550 resistance area. BTC/USD declined below the USD 7,250 support and traded close to the USD 7,050 and USD 7,000 support levels. The price remained well supported and it bounced back above USD 7,250. The bulls are now facing hurdles near USD 7,400, above which it could continue higher.
On the downside, the main supports are USD 7,120 and USD 7,000, below which the price is likely to start an extended bearish wave towards the USD 6,550 support area.
Ethereum price corrected lower from USD 175 and traded below the USD 168 support. However, ETH/USD found a strong support near USD 162 and it bounced back above USD 168. To continue higher, the price must gain bullish momentum above the USD 172 and USD 175 levels.
On the downside, an initial support is near the USD 162 and USD 160 levels, below which the price is likely to dive towards the USD 145 support area.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price remained well bid above the USD 240 level and it climbed above the USD 265 resistance. BCH/USD is up more than 5% and it recently tested the USD 280 barrier. If there are more gains, the bulls are likely to aim a test of the USD 300 level. On the downside, the main support is now near USD 250.
Litecoin seems to be forming a strong support base above the USD 42.50 level. On the upside, an initial resistance is near the USD 47.50 level, followed by USD 48.00. The main barrier for the bulls is near USD 50.00, above which LTC may perhaps rally towards USD 55.00.
XRP price started a downside correction from the USD 0.205 resistance level. The price declined below USD 0.200, but it remained stable above USD 0.190 and USD 0.188. As long as there is no daily close below USD 0.188, the price is likely to continue higher above USD 0.200 and USD 0.205.
Other altcoins market today
In the past three sessions, a few small-capitalization altcoins gained more than 5%, including CVT, SEELE, BSV, BTG, LINK, KNC, and LUNA. Out of these, CVT rallied more than 35% and SEELE is up close to 20%.
Overall, bitcoin price is trading above the key supports at USD 7,120 and USD 7,000. Therefore, BTC might continue to rise towards USD 7,550, USD 7,650 and USD 7,800. If not, there could be an extended decline towards USD 6,550.