Bitcoin and Altcoins Rebound Could Face Resistance
- Bitcoin price is currently correcting higher towards the main USD 10,000 resistance.
- Ethereum is consolidating near USD 170 and ripple price is struggling below USD 0.265.
- WAN, ENJ and SNX gained more than 10% today.
This past week, we saw a downside extension in bitcoin price below the USD 10,000 and USD 9,750 support levels. BTC/USD even broke USD 9,500 and traded close to USD 9,300. Recently, the price started an upside correction, above USD 9,500, but it is facing a lot of hurdles on the upside near the USD 9,800, USD 9,850 and USD 10,000 levels. Similarly, many major altcoins, including ethereum, ripple, EOS, litecoin, binance coin, bitcoin cash and stellar are currently correcting higher. However, ETH/USD is likely to struggle near USD 175 and USD 180. Moreover, XRP/USD is also facing an uphill task near the USD 0.262 and USD 0.265 levels.
Total market capitalization
After forming a decent support near USD 9,500, bitcoin price started an upside correction. BTC/USD gained around 2% and climbed above the USD 9,700 level. An immediate resistance is near the USD 9,800 level, followed by USD 9,850. The main weekly resistance for the bulls is near the USD 10,000 level, above which the price is likely to move back into a positive zone.
On the downside, an initial support is near the USD 9,500 level. However, the main support is at USD 9,300, below which the price could extend its decline to USD 9,000 or even USD 8,600.
Ethereum price tested the USD 165 support area and it is currently consolidating near the USD 170 level. On the upside, an initial hurdle is near the USD 175 level. However, the key resistance is near USD 180, above which the bulls might take control.
If the price fails to move above USD 175 or USD 180, it is likely to decline once again. The main weekly supports are USD 165 and USD 162, below which the bears could target the USD 150 level.
Bitcoin cash, eos and ripple price
Bitcoin cash price broke the USD 300 support level and tested USD 270. BCH/USD is currently correcting higher and is trading near USD 280. However, the price is likely to face a strong selling interest near the USD 295 and USD 300 levels in the coming sessions.
EOS failed to stay above the main USD 3.350 support and traded close to USD 3.050. The price is recovering above USD 3.200, but the previous support near the USD 3.350 level is likely to act as a solid resistance for more upsides.
Ripple price extended its decline below the USD 0.262 support level. XRP/USD tested the USD 0.250 support area and it is currently rebounding. However, the previous major supports near USD 0.262 and USD 0.265 are likely to prevent gains in the near term. On the downside, the main weekly support is at USD 0.250, followed by USD 0.246.
Other altcoins market today
In the past two sessions, a few small cap altcoins recovered and gained more than 5%, including WAN, ENJ, SNX, BCD, DRG, WAX, KCS, ICX and XMR. Conversely, NRG, ALGO, REN, SOLVE, GNT, STRAT and ELA declined more than 5% in the past few hours.
Overall, bitcoin price is correcting higher, but the bulls might struggle near USD 9,850 and USD 10,000. A successful daily close above USD 10,000 might start a solid recovery in the coming days. If not, BTC/USD might extend its decline towards USD 9,000.