Bitcoin and Altcoins Rebound But Facing Uphill Task
- Bitcoin price started an upside correction and traded above USD 10,000.
- Ethereum is up 7% and broke USD 220, while ripple price is facing hurdles near USD 0.320.
- WTC, GXC and QTUM are up more than 10% today.
This week, we saw a downside extension in bitcoin and altcoins. BTC/USD broke the USD 10,000 and USD 9,800 support levels. However, the USD 9,500 level acted as a decent support, resulting in the start of an upside correction. The price gained nearly 5% in the past three sessions and even settled above the USD 10,000 resistance. Similarly, there was a positive rebound in ethereum, bitcoin cash, binance coin, EOS, litecoin and ripple. ETH/USD jumped around 7% and broke the USD 220 resistance. XRP/USD also climbed higher, broke USD 0.310, but it faced a strong resistance near USD 0.320.
Total market capitalization
After testing USD 9,500, bitcoin price started a decent upside correction. BTC/USD broke the USD 10,000 resistance level to move back in a positive zone. It opened the doors for more upsides and recovery, but the price seems to be facing a major hurdle near the USD 10,200 level.
A convincing close above USD 10,200 is needed for upside continuation. The next key resistance is near the USD 10,500 level. Conversely, if the price fails to surpass USD 10,200, it could reverse gain and decline below USD 9,800.
Ethereum price performed well and bounced back from the USD 200 support. ETH/USD surpassed the USD 210 and 220 resistance levels. The current (08:10 UTC) price action is positive, but the price must clear the USD 225 hurdle for more gains in the near term.
On the downside, an immediate support is near the USD 220 and USD 218 levels. If there are more downsides, the price could revisit the USD 210 support level.
Bitcoin cash, eos and ripple price
Bitcoin cash price gained more than 5% and surpassed the USD 290 and USD 300 resistance levels. BCH/USD tested the USD 310 level and it is currently consolidating. An immediate support is at USD 300, below which the price might move back in a bearish zone. On the upside, a break above USD 310 could push the price towards USD 325.
EOS is gaining bullish momentum and it recently broke the USD 4.200 and USD 4.250 resistance levels. The price is up nearly 10% and it seems like it could continue to rise above USD 4.500. The main resistance for the bulls is near the USD 4.750 and USD 4.800 levels.
Ripple price remained well bid above the USD 0.305 level and it recently climbed above the USD 0.310 and USD 0.312 resistance levels. However, XRP/USD faced a strong resistance near USD 0.320 and it is currently correcting lower. The main support is at USD 0.310, below which the price might turn bearish again.
Other altcoins market today
In the past three sessions, many small cap altcoins rebounded and gained more than 8%, including WTC, GXC, QTUM, OMG, NEO, NEXO, NEX, STEEM, RVN, JCT, ONT and XIN. Out of these, WTC gained around 20% and GXC is up nearly 16%.
To sum up, bitcoin price must surpass USD 10,200 to continue higher towards USD 10,500. If not, there could be a fresh decrease in bitcoin and altcoins in the near term.