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Bitcoin and Altcoins Recover Sharply, Trading Near Inflection Zone

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Bitcoin price jumps more than 4% and tested the USD 9,550 resistance zone. Ethereum reclaimed USD 230 and XRP is showing positive signs above USD 0.190. SC, XVG, LEND, REN and MKR rallied more than 20% today.

Yesterday, bitcoin price extended its decline below the USD 9,200 and USD 9,050 support levels. For a moment, BTC even spiked below USD 9,000, but the bears failed to gain strength. As a result, the price started recovering and it recently jumped more than 4% to test the USD 9,550 resistance region.

Most major altcoins are also recovering and showing positive signs. This includes ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD broke the USD 230 resistance, but it is facing hurdles near the USD 235 level. XRP/USD also corrected above USD 0.190, but it might struggle to continue higher above USD 0.195.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

The bitcoin price started a sharp upward move above the USD 9,300 resistance zone. The upward move was such that BTC even tested the USD 9,550 resistance zone. It is currently (08:30 UTC) retreating from USD 9,550, with initial support near the USD 9,400 level. The key support for the current bullish wave is seen near the USD 9,300 level.

To continue higher, the price must clear the USD 9,550 resistance area. If not, there is a risk of a fresh decrease below the USD 9,300 support zone.

Ethereum price

Ethereum price also followed a similar pattern and recovered above the USD 225 and USD 230 levels. However, ETH seems to be facing a strong resistance near the USD 235 level. If the bulls succeed in clearing the USD 235 level, the price could accelerate higher towards the USD 245 and USD 250 levels.

Conversely, the price could start a fresh decline and it might struggle to stay above the USD 228 and USD 225 support levels.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price is up around 4% and it is trading above the USD 230 level. On the upside, the USD 240 level is a major inflection zone. If BCH clears the USD 240 resistance, it could easily continue towards USD 250 or USD 255. If not, the price might retreat lower and revisit the USD 225 level or USD 220 support.

Litecoin is slowly recovering higher above USD 43.00 and USD 43.50. On the upside, the USD 45.00 level is a major resistance zone, above which the bulls are likely to gain momentum. The first major support on the downside is near USD 42.20, below which the price might revisit USD 40.00.

XRP price started a strong recovery wave from the USD 0.182 support zone. It is now trading above the USD 0.190 level, but the USD 0.192 and USD 0.195 levels are important hurdles. The main resistance is still near the USD 0.200 level. A successful break above USD 0.200 could initiate a strong move towards USD 0.212.

Other altcoins today

In the past three sessions, many small altcoins rallied more than 10%, including SC, XVG, LEND, REN, MKR, ZIL, VET, QNT, CHSB, GNT, SEELE, IOST, NANO, ADA and ENJ. Out of these, SC gained more than 40% and XVG is up around 23%.

Overall, bitcoin recovered above USD 9,300 and USD 9,400 and is trading near a major inflection zone at USD 9,550. It could either rally further above USD 9,550 or retreat lower to USD 9,300 in the near term.

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