Bitcoin and Altcoins Rebound Likely To Face Hurdles
- Bitcoin price is correcting higher towards the USD 10,200 and USD 10,320 resistances.
- Ethereum is likely to struggle near USD 195 and ripple price could face hurdles near USD 0.290.
- ICX and ETC climbed around 20%
After a downward move, bitcoin price found support near USD 9,750 and recently started an upside correction. BTC/USD climbed above the USD 10,000 resistance, but it is still facing many important hurdles near USD 10,000, USD 10,280 and USD 10,320. Similarly, ethereum, ripple, bitcoin cash, binance coin, litecoin and EOS are correcting higher towards important resistances. If BTC gains strength above the USD 10,200 and climbs above USD 10,320, there could be further upsides. If not, the price is likely to complete the current correction and start a fresh decline in the coming sessions below USD 10,000.
Total market capitalization
Recently, bitcoin price started an upside correction above the USD 9,800 and USD 10,000. BTC/USD is up more than 3% today and is currently (08:00 UTC) trading near the USD 10,200 resistance level. If there are more upsides, the price might test the USD 10,280 and USD 10,320 resistance levels.
To move back in an uptrend, the price must settle above the USD 10,500 pivot level in the near term. Conversely, if the price fails to climb continue higher, there could be another bearish reaction below the USD 10,000 support area.
Ethereum price started an upside correction from the USD 180 support. ETH/USD broke the USD 190 and USD 192 resistance levels. Finally, the price needs to gain strength above USD 195 to continue higher towards the USD 205 resistance area.
If the price fails near USD 195, it could retreat below USD 190 and resume its decline. The main support on the downside is near the USD 180 level, below which the bulls are likely to struggle.
Bitcoin cash, eos and ripple price
Bitcoin cash price recovered and climbed above the USD 305 resistance. BCH/USD is up around 5% and is trading above USD 310. However, the USD 320 resistance is likely to act as an important hurdle for the bulls. If the price fails to surpass the USD 320 resistance, it could decline back towards the USD 300 support.
EOS gained strength after the bulls successfully defended the USD 3.350 support area. The price is up around 7% and it broke the USD 3.650 resistance level. The next key resistance is at USD 3.800, above which the next stop for the bulls might be USD 4.000.
Ripple price managed to stay above the last swing low at USD 0.258 and recently corrected above the USD 2.650 resistance. XRP/USD is trading above USD 0.270 and is facing hurdles near USD 0.275. The main resistance for a strong upward move is near the USD 0.290 and USD 0.292 levels.
Other altcoins market today
In the past three sessions, many small cap altcoins recovered and surged more than 10%, including RHOC, ICX, ETC, BEAM, ENJ, PAI, GNT, STRAT, RVN and MONA. Out of these, both ETC and ICS gained close to 20%.
Overall, bitcoin is attempting an upside break above a few important resistances near USD 10,200 and USD 10,280. If BTC/USD gains strength, there could be a rally towards USD 10,500 and USD 10,600. Conversely, a failure may perhaps result in a fresh decline below USD 10,000.