Bitcoin and Altcoins Recover, Gaining Bullish Momentum
Bitcoin price found a strong support at USD 3,700 and bounced back. Ethereum and ripple also recovered between 6%-7%. Bitcoin private rallied around 40% and ZIL gained nearly 25%.
Yesterday, bitcoin price was under bearish pressure below USD 4,000. However, BTC/USD found a strong buying interest near the USD 3,700 support area, resulting in a solid recovery. The price broke the USD 4,000 resistance and it is currently (UTC 08:20 AM) gaining bullish momentum. Similarly, ethereum and ripple gained traction and recovered above the USD 115 and USD 0.370 resistances respectively. The current price action and technical structure is positive, but buyers need to remain in action to push bitcoin and altcoins further higher in the coming sessions.
Total market capitalization
After testing the USD 3,700 support, bitcoin price started a decent recovery. BTC/USD broke the USD 3,850 and USD 4,000 resistance levels to move into a bullish zone. The price is currently up around 8% and it seems like buyers could push the price above the USD 4,100 resistance level.
On the flip side, if buyers fail to push the price above the USD 4,100 resistance, there could be a fresh downside correction. An initial support is at USD 4,000, below which the price will most likely test the USD 3,850 support level.
Ethereum price retested the USD 100 - USD 102 support area where buyers emerged. ETH/USD recovered more than 6% and traded above the USD 108 and USD 110 resistance levels.
The price is currently consolidating near the USD 115 level, with an immediate resistance at USD 120. If there is a break above USD 120, the price could rally towards USD 135. If not, the price may decline back to USD 102.
Bitcoin cash and ripple price
Bitcoin cash mostly consolidated near the USD 180 support area. BCH must break the USD 190 and USD 200 resistance levels to move into a positive zone. On the other hand, BCHSV declined sharply below USD 100 and trimmed most its gains. The next major support on the downside is at USD 95, below which the price could retest USD 80.
Ripple price formed a support base near USD 0.330 and jumped above the USD 0.350 and USD 0.370 resistance levels. XRP/USD is currently up around 6.5% and it seems like the price may climb further towards USD 0.385 or USD 0.392.
Other altcoins market today
Many small cap altcoins recovered more than 10% today, including BTCP, ZIL, XVG, POLY, DGB, KMD, RDD, RVN, VERI, VET, IOST, ZEN, ZEC, MGO, ZRX and NANO.
To sum up, bitcoin price is slowly recovering and it is showing positive signs above USD 4,000. However, BTC/USD must break the USD 4,100 and USD 4,200 resistance levels to climb further higher. If buyers struggle to clear USD 4,100, there could be a fresh decline in bitcoin. Similarly, ethereum price needs to surpass the USD 120 resistance and XRP/USD must clear USD 0.400 to set the pace for more gains.