Bitcoin and Altcoins Show Recovery Signs
Bitcoin recovered most of its losses after a correction towards USD 30,000. Ethereum recovered over 10% to test USD 1,100, XRP is attempting a close above USD 0.300. STX, HOT, and ZEN are up over 25%.
After a massive decline, bitcoin price remained well bid above the USD 30,000 zone. BTC traded close to USD 30,200 before it started a fresh increase. There was a clear break above USD 34,000 and the price is currently (05:00 UTC) attempting a close above USD 35,500.
Similarly, there was a recovery wave in most major altcoins. ETH/USD is back above USD 1,050 and it might gain pace once it clears USD 1,150. XRP/USD is showing positive signs, but it must settle above USD 0.300 and USD 0.312 for a fresh increase to USD 0.350.
Total market capitalization
Yesterday, bitcoin price saw a massive decline of over 25%, as it broke the USD 35,500 and USD 34,200 support levels. BTC even dived below the USD 32,400 support before the bulls took a stand near USD 30,500. A low was formed near USD 30,400 before the price started a fresh increase.
There was a clear break above the USD 32,000 and USD 33,500 resistance levels. The price even broke the USD 34,000 resistance level. If it settles above USD 35,000 and USD 35,500, there are chances of a fresh surge towards the USD 37,500 and USD 38,000 levels.
Ethereum price nosedived below the USD 1,150 and USD 1,000 support level. ETH almost tested the USD 900 level before the bears lost control. The price started a strong recovery wave and it climbed back above the USD 1,000 pivot level.
The price is now trading well above USD 1,050, with initial hurdles near USD 1,120 and USD 1,135. The main resistance is near USD 1,150, above which the price could even clear USD 1,200.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price declined over 30% and it tested the USD 400 support zone. BCH remained stable above USD 400 and recently started a decent recovery. It broke the USD 450 resistance and USD 465. It seems like the bulls might attempt to surpass the USD 500 resistance in the near term.
Litecoin (LTC) tumbled below the USD 150 and USD 125 support levels. It tested the USD 112 support zone, where the bulls took a strong stand. The price is currently recovering and trading above USD 135. However, it must clear USD 142 and USD 145 to start another increase towards the USD 165 level.
XRP price found a strong buying interest near the USD 0.255 zone and it climbed above USD 0.285. The price is now attempting a close above USD 0.300 and USD 0.305. If it succeeds, there could be a strong increase towards the USD 0.340 and USD 0.350 levels.
Other altcoins market today
Many altcoins gained over 10%, including HOT, ZEN, IOST, STX, AVAX, NXM, XLM, QNT, THETA, XMR, MKR, and CHSB. Out of these, ZEN surged almost 40%.
Overall, bitcoin price is recovering losses and trading above USD 34,000. If BTC breaks USD 35,500 and USD 36,200, it could start a fresh increase towards the USD 40,000 level.