Bitcoin and Altcoins Pointing Early Signs Of Recovery
- Bitcoin price formed a support base above USD 3,500 and later recovered.
- Ethereum jumped above USD 125 and ripple price settled above USD 0.325.
- Augur (REP) and QKC gained more than 20% today.
After testing the USD 3,450 level, bitcoin price recovered above USD 3,500 and formed a support base. Later, BTC/USD started an upside correction and traded above the USD 3,600 and USD 3,620 resistance levels. Similarly, ethereum price formed a solid support above USD 115 and bounced back above USD 120 and USD 125. Ripple price also performed well and managed to settle above the USD 0.325 levels. These are early positive signs, but the market must recover further to overcome selling pressure. If not, there is a risk of bitcoin and altcoins moving back in a bearish zone.
Total market capitalization
There was a decent upward move above the USD 3,500 and USD 3,600 resistances in bitcoin price . BTC/USD even traded above the USD 3,650 level, but it failed to hold gains and later started a short term downside correction. An initial support is near the USD 3,600 level, below which the price may retest the USD 3,550 level.
On the upside, the first hurdle for buyers is near the USD 3,680 level, above which the price must settle above USD 3,700 for an acceleration towards the USD 3,800 level.
Ethereum price gained more than 8% recently and moved above the USD 120 and USD 125 resistance levels. ETH/USD tested the USD 130 resistance and it is currently (UTC 08:30 AM) consolidating gains.
Buyers need to push the price above USD 130 and USD 132 for more gains towards the USD 140 level. On the downside, the USD 125 level is an initial support, below which the price may drop back to USD 120.
Bitcoin cash, eos and ripple price
Bitcoin cash price found support and recovered above the USD 125 and USD 130 levels. However, BCH/USD seems to be struggling above USD 130 and it could decline once again towards the USD 122 - USD 124 zone. On the flip side, a break above USD 130 - USD 132 could lead the price towards USD 140.
EOS rallied above the USD 2.20 and USD 2.40 levels. It traded close to the USD 2.50 resistance and later corrected below USD 2.40. The key support is at USD 2.35 and USD 2.32.
Ripple price gained traction above the USD 0.310 support and jumped above the USD 0.320 and USD 0.325 resistance levels. XRP/USD may continue higher if it surpasses the USD 0.330 resistance level.
Other altcoins market today
Many small cap altcoins gained bullish momentum and recovered more than 10%, including REP, QKC, LINK, REPO, STRAT, NPXS, MANA, WAX, MKR, THETA and DCN. Out of these, REP is up around 25% and QKC gained close to 25%.
Overall, bitcoin price recovered nicely above USD 3,500 and USD 3,600, but it must extend gains above the USD 3,700 barrier to move into a bullish zone. If BTC/USD fails to hold gains above USD 3,500, it could drag ethereum, ripple and other altcoins lower in the near term.