Bitcoin and Altcoins Rebound Gains Pace, Downside Risk Remains
Bitcoin price recovered above USD 3,450, but it remains well below the USD 3,500 resistance. Ripple rallied more than 10% and climbed above the USD 0.320 resistance. Ethereum price broke the USD 105 resistance to start a short term correction.
Yesterday, we saw a few recovery signs for bitcoin above the USD 3,400 resistance. Recently, BTC/USD traded above the USD 3,450 resistance, but it remained below the key USD 3,480 and USD 3,500 resistance levels. As long as bitcoin stays below the USD 3,500 resistance, it could resume its decline. On the other hand, ripple performed well recently and traded above the USD 0.312 and USD 0.320 resistance levels. The current (UTC 08:20 AM) price action is positive for ripple, but it must settle above USD 0.320 and 0.322 for bullish continuation.
Total market capitalization
There was a slow and steady rise above USD 3,420 in bitcoin price . BTC/USD traded above the USD 3,450 and USD 3,470 resistance levels. However, sellers were able to defend the key USD 3,480 and USD 3,500 resistance levels. The price is currently consolidating near USD 3,450, and it could either test the USD 3,500 resistance or drop back to USD 3,400.
If buyers fail to surpass the USD 3,500 resistance, there could be a fresh decline. The main supports are USD 3,400 and USD 3,380.
Ethereum price started a short term correction and moved above the USD 105 and USD 107 resistance levels. However, ETH/USD is facing a solid resistance near the USD 109 - USD 110 resistance level.
If there is a bearish reaction, the previous resistance near USD 105 might act as a support in the coming sessions. The key support for a major drop is USD 100 - USD 101.
Bitcoin cash, eos and ripple price
Bitcoin cash price climbed higher and broke the USD 114 and USD 115 resistance levels. BCH/USD tested the USD 120 resistance, where sellers emerged and protected further upsides. The pair is currently correcting lower and it could test the USD 112 support.
EOS recovered above the USD 2.25 and USD 2.30 resistance levels, with a bullish bias. However, the price failed to surpass the USD 2.35 - USD 2.36 resistance zone and it is currently correcting lower.
Ripple price was the best performer as it broke the USD 0.310 and USD 0.320 resistance levels. XRP/USD even broke the USD 0.330 resistance, but it failed to hold gains. The price is now trading below the USD 0.320 level, with an immediate support at USD 0.315 and USD 0.312. The main hurdles are USD 0.320, USD 0.322 and USD 0.328.
Other altcoins market today
During the past few hours, a few small cap altcoins moved higher and gained between 5% - 10%, including AOA, BCN, MIOTA, MONA and KMD. On the other hand, a few posted losses such as HOT, NPXS, DENT, PAI and WAVES.
Overall, bitcoin price is showing a few positive signs above the USD 3,400 pivot level. However, BTC/USD must break the USD 3,480 and USD 3,500 resistance levels to jump into a positive zone. If not, there is a risk of a fresh drop in bitcoin and altcoins in the near term.