17 March 2020 05:25 EDT . 2 min read

Bitcoin and Altcoins Recover, Signaling More Possible Upsides

Disclosure: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions. We may utilise affiliate links within our content, and receive commission.

Bitcoin price started a strong recovery above USD 5,000 and USD 5,200. Ethereum is climbing towards the USD 125 resistance and XRP is likely to test USD 0.160. Dragon coins (DRG) rallied more than 150% and WAXP gained nearly 50% today.

Yesterday, there was a sharp decline in bitcoin price below the USD 5,000 support area. BTC/USD even broke the USD 4,800 support before it found support near USD 4,450. The price is now (08:30 UTC) recovering and might continue higher towards USD 5,500 and USD 5,650.

Similarly, there was a strong recovery in most major altcoins, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is rising steadily and it could soon test the USD 125 resistance. XRP/USD is also climbing and it might continue to gain towards the USD 0.155 and USD 0.160 resistance levels.

Total market capitalization

Bitcoin price

After a fresh decline, bitcoin price found support near the USD 4,500 area. As a result, BTC/USD started a strong increase and broke a couple of important resistances near USD 4,800 and USD 5,000. The price is now up around 10% and trading above the USD 5,200 level. An initial resistance is near the USD 5,450 level, above which the price is likely to test the USD 5,650 level.
If the price fails to continue above the USD 5,450 resistance, it could correct lower. An initial support is near the USD 5,160 level, below which the bears are likely to aim a break below USD 5,000.

Ethereum price

Ethereum price followed bitcoin and recovered after tagging the USD 100 support level. ETH/USD is now showing positive signs above USD 115 and it might continue to rise towards the USD 122 and USD 125 resistance levels.
On the downside, an initial support is near the USD 112 and USD 110 levels. Any further losses could lead the price back to USD 100 in the near term.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price is gaining bullish momentum above the USD 160 and USD 170 resistance levels. BCH/USD is showing positive signs above USD 175 and it is up around 12%. A clear break above the USD 185 and USD 190 resistance levels may perhaps open the doors for a larger upward move in the coming sessions.
Litecoin started a decent recovery from the USD 30.00 support level. LTC/USD is up around 10% and it is trading above the USD 35.00 resistance. The price is now facing hurdles near the USD 36.50 level, above which the bulls are likely to aim a test of the USD 38.50 and USD 40.00 resistance levels.
XRP price remained well bid above the USD 0.132 support level. It is gaining traction and closing in towards the USD 0.150 and USD 0.152 resistance levels. The main resistance is near USD 0.160, above which the bulls are likely to aim a test of the USD 0.168 and USD 0.170 resistance levels.

Other altcoins market today

In the past three sessions, many small-capitalization altcoins gained more than 12%, including DRG, TRUE, WAXP, SNX, MATIC, KCS, VET, ZIL, KNC, CKB, LINK, HBAR, and MCO.

To sum up, bitcoin price is back above USD 5,000 and it is showing positive signs. If there is a clear break above USD 5,450 and USD 5,650, BTC/USD is likely to accelerate higher towards the USD 5,800 and USD 6,000 levels.
_____