Bitcoin and Altcoins Rebound Reaches Crucial Juncture
- Bitcoin price is now facing a strong resistance near the USD 3,900 level.
- Ethereum and ripple could struggle to break the USD 140 and USD 0.320 resistance respectively.
- ABBC coin surged more than 50% and binance coin (BNB) is up more than 15%.
Recently, there was a strong rebound in bitcoin above the USD 3,750 and USD 3,800 resistance levels. BTC/USD even broke the USD 3,850 resistance. However, the price is now trading near an important resistance at USD 3,900. Therefore, the price could either rally further above USD 3,900 or start a downside correction. Similarly, ethereum price is trading near a crucial juncture below the USD 140 resistance level. Ripple price is currently (UTC 08:00 AM) trading near USD 0.315 and it could test the USD 0.320 resistance, where sellers might emerge.
Total market capitalization
There was an upside extension above the USD 3,800 resistance in bitcoin price . BTC/USD broke the USD 3,850 resistance and tested the key USD 3,900 resistance (prevented gains earlier as well). In the short term, the price may either break the USD 3,900 resistance and climb towards the USD 4,000 resistance or start a downside correction.
An initial support on the downside is near the USD 3,850 level, below which the price is likely to revisit the USD 3,800 pivot level in the near term.
Ethereum price traded close to the USD 140 resistance, where sellers emerged. ETH/USD is currently trading near the USD 137 level and it seems like it could test the USD 135 support.
As long as the price is below the USD 140 resistance, there is a risk of a fresh downside reaction towards the USD 135 and USD 132 support levels. The main support is near USD 130, where buyers may emerge.
Bitcoin cash, eos and ripple price
Bitcoin cash price is holding gains above the USD 130 support, but it facing a strong resistance near the USD 132 level. On the downside, a break below the USD 130 support may perhaps push the price back towards the USD 125 support.
EOS settled above the USD 3.70 support level after yesterday’s rally. However, it seems like buyers are facing a tough challenge near the USD 3.90 level. Therefore, there are chances of a downside correction below the USD 3.70 and USD 3.65 support levels.
Ripple price failed once to break the USD 0.320 resistance and corrected towards the USD 0.315 level. XRP/USD might trade higher again towards the USD 0.320 resistance before the next move.
Other altcoins market today
In the past few hours, many small cap altcoins gained bullish momentum and rallied more than 10%, including ABBC, RNV, HT, DGTX, KCS, BNB, AOA and STEEM. Out of these, ABBC rallied more than 50% and RVN is up close to 28%.
To sum up, bitcoin price is clearly struggling near the USD 3,900 resistance zone. If BTC buyers continue to face strong offers, there are chances of a short term downside correction. Similarly, ethereum could retreat from the USD 140 resistance and ripple price might retest the USD 0.310 support level.