Bitcoin and Altcoins Recovery Could Accelerate if BTC Breaks USD 11K
- Bitcoin price started a recovery after forming a support base above USD 10,000.
- Ethereum climbed above the USD 225 resistance and ripple price recovered above USD 0.311.
- UUU and ICX gained more than 25% today.
There was a significant decline in bitcoin and altcoins in the past three days. BTC/USD even tested the USD 9,800 level and recently formed a support base near USD 10,000. As a result, the price started an upside correction and broke the USD 10,400 and USD 10,600 resistance levels. Similarly, there was a rebound in ethereum, ripple, bitcoin cash, EOS and litecoin. ETH/USD broke the USD 225 resistance level and XRP/USD managed to settle above the key USD 0.310 resistance level. However, BTC/USD must gain momentum above USD 11,000. If not, there is a risk of a fresh decline in the near term.
Total market capitalization
After a significant drop in bitcoin price , sellers struggled to push the price further lower below USD 9,800. Later, BTC/USD formed a support above USD 10,000 and started an upside correction above USD 10,400. It recovered more than USD 800 and even tested the USD 11,050 level, where the bulls faced a strong selling interest.
The price trimmed gains and it is currently (08:10 UTC) consolidating near the USD 10,700 level. On the upside, the price must climb above USD 11,000 and USD 11,050 to accelerate gains. If the bulls fail to gain momentum, there could be a fresh decrease below the USD 10,600 and USD 10,400 support levels.
Ethereum price also followed bitcoin and started a decent recovery above the USD 220 and USD 225 level. ETH/USD tested the USD 235 level, where sellers protected further upsides.
The price is currently consolidating below USD 230 and it might make another attempt to surpass the USD 235 resistance level. If it fails, there could be another dip towards the USD 215 and USD 210 levels.
Bitcoin cash, eos and ripple price
Bitcoin cash price recovered more than 10%. BCH/USD climbed above the USD 290 and USD 300 resistance levels. The price is currently consolidating above USD 300 and it could continue to rise towards the USD 325 and USD 330 levels. Conversely, if there is a downside break below USD 300, the price might revisit USD 280.
EOS is trading in a range near the USD 4.250 level. On the upside, there are many resistances near the USD 4.320 and USD 4.400 levels. On the downside, the main supports are near USD 4.180 and USD 4.100.
Ripple price managed to stay above the USD 0.300 level and recently corrected above the USD 0.305 and USD 0.310 levels. XRP/USD even tested the USD 0.322 resistance, but failed to hold gains. The price is
currently flat near USD 0.310, with supports at USD 0.306 and USD 0.304.
Other altcoins market today
In the past two sessions, a few small cap altcoins recovered and corrected more than 10%, including UUU, ICX, MONA, SAN, ZRX, EKT, ATOM, XEM and BCN. Out of these, UUU gained more than 28% and ICX is up nearly 26%.
To sum up, bitcoin price is showing a few positive signs above USD 10,400 and USD 10,600. Having said that, BTC/USD must climb above USD 11,000, with bullish moves to start a fresh increase towards USD 11,400 and USD 11,650 in the near term.