Bitcoin and Altcoins In Corrective Increase With Downtrend Intact
Bitcoin price is correcting higher, but it is still struggling near USD 7,550 and USD 7,600. Ethereum is facing resistance near USD 165 and ripple surpassed the USD 0.272 resistance. XMX and BSV rallied more than 20% today.
Yesterday, bitcoin price declined heavily below the USD 7,850 and USD 7,650 support levels. BTC/USD even settled below USD 7,550 and tested the USD 7,300 area. The price is currently (08:00 UTC) correcting higher, but it is likely to face a strong resistance near the USD 7,500 and USD 7,620 levels.
Similarly, many major altcoins, including ethereum, EOS, ripple, bitcoin cash, litecoin, binance coin, ADA and XLM are correcting higher, but they are facing many hurdles on the upside. ETH/USD is trading above the USD 160, but it likely to struggle near USD 165. On the other hand, XRP/USD rallied above USD 0.270 and it is likely to test the USD 0.280 and USD 0.282 resistance levels.
Total market capitalization
After a sharp decline below USD 7,550, bitcoin price found support near the USD 7,300 area. BTC/USD is currently correcting higher above USD 7,400, but it is facing a lot of hurdles on the upside. An immediate resistance is near the USD 7,520 and USD 7,550 levels.
The main resistance is near the USD 7,600 level, above which the price could recover towards the USD 7,850 resistance. If there is no recovery above USD 7,550 and USD 7,600, the price could decline below USD 7,300. The next supports are USD 7,250 and USD 7,100.
Ethereum price found support near the USD 154 level and it is currently correcting higher. ETH/USD is trading above USD 160 and USD 162, but there is a strong resistance on the upside near the USD 165 area. If there is a close above USD 165, the price could revisit USD 172.
On the downside, the price might find support near USD 160, below which it is likely to revisit the USD 154 support.
Bitcoin cash, eos and XRP price
Bitcoin cash price recovered after testing the USD 200 support area. BCH/USD is up more than 4% today and it is trading above the USD 215 level. On the upside, an immediate resistance is near USD 220, followed by USD 225. If there is a fresh decline, the USD 212 level might provide support, followed by USD 205.
EOS is correcting higher and is trading above the USD 2.650 pivot level. The price is approaching the USD 2.800 and USD 2.850 resistance levels, where the bulls are likely to face a strong selling interest. On the downside, the key supports are USD 2.650 and USD 2.620.
XRP price climbed back above the USD 0.265 and USD 0.272 levels. XRP/USD even traded above USD 0.275 and is currently up more than 4%. The next key resistances are USD 0.280 and USD 0.282, above which the price could continue to rise.
Other altcoins market today
In the past three sessions, many small capitalization altcoins recovered more than 5%, including XMX, BSV, SNX, QNT, AE, KCS, RLC, OMG, BCN, DGTX, TRX and HOT. Out of these, XMS rallied close to 25% and BSV is up around 20%.
Overall, bitcoin is struggling to correct higher, while a few altcoins are gaining traction. Having said that, there are many hurdles on the upside for BTC, ETH, BCH, EOS and XRP. Therefore, upsides might remain capped unless BTC surges above USD 7,850.