Bitcoin and Altcoins Rebound Facing Resistance
- Bitcoin price started an upside correction above USD 10,200 and USD 10,500.
- Ethereum climbed above USD 200 and ripple price gained nearly 8%.
- JCT, HC and BEAM rallied more than 15% today.
This past week, bitcoin price extended its decline and even traded below the USD 10,000 support. BTC/USD tested the USD 9,500 support area and recently started an upside correction. The price gained more than 5% and is currently (08:10 UTC) trading above the USD 10,500 resistance. However, there are many important hurdles on the upside near the USD 10,850 and USD 11,000. Similarly, there was a strong recovery in many altcoins, including ethereum, ripple, EOS, litecoin, binance coin, bitcoin cash and stellar. ETH/USD jumped more than 8% and even broke USD 200. XRP/USD surpassed the USD 0.280 resistance, but it is still well below the key USD 0.300 resistance.
Total market capitalization
After a strong decline, bitcoin price recovered and formed a decent support base near the USD 10,000 level. BTC/USD started a solid rebound and surpassed the USD 10,200 and USD 10,500 resistance levels. The price is now trading above the USD 10,650 level, with a strong weekly resistance near USD 10,800 and USD 11,000.
To start an uptrend and move into a positive zone, the price must settle above the USD 11,000 level. If the price fails to continue higher, it could decline again. An immediate support is near the USD 10,500 level, below which the price might revisit USD 10,000.
Ethereum price gained a bullish momentum above the USD 185 and USD 190 resistance levels in the past few sessions. ETH/USD even broke the USD 195 resistance and is currently trading near USD 200. An immediate resistance is at USD 202, followed by the weekly resistance at USD 210.
If the price fails near USD 202 or USD 210, it could trim gains and move back towards the USD 190 support level. The main weekly support on the downside is near the USD 185 level.
Bitcoin cash, eos and ripple price
Bitcoin cash price found support near the USD 300 level and recently started an upward move. BCH/USD is up around 6% and it broke the USD 310 and USD 320 resistance. The next important resistance is near USD 340. If the price fails to continue higher, it could retest the USD 300 support area.
EOS found support near the USD 3.500 level. The price recovered more than 6% and traded above the USD 3.700 resistance. However, there are many key resistances near USD 3.850, followed by the weekly hurdle near the USD 4.000 level.
Ripple price gained a strong bullish momentum above the USD 0.250 and USD 0.270 resistance levels. XRP/USD is up around 8% and it is trading near the USD 0.285 level. The main resistances are near USD 0.292 and USD 0.300, above which the price is likely to start a solid rally towards USD 0.320.
Other altcoins market today
In the past three sessions, many small capitalization altcoins climbed more than 8%, including JCT, HC, BEAM, RDD, ELA, LSK, NRG, VEST, QTUM, BTT, ADA and LTC. Out of these, JCT is up around 24% and HC gained nearly 16%.
Overall, bitcoin price is currently rebounding above the USD 10,200 and USD 10,500 levels. Having said that, the price must climb above the USD 10,800 and USD 11,000 resistance levels to continue higher. If not, there is a risk of another bearish wave below USD 10,500.