Bitcoin and Altcoins Showing Signs of Life
- Bitcoin price found support near the USD 6,200 level and is currently recovering.
- Altcoins are correcting higher towards important resistance levels.
- Siacoin, SOC, ICON and Verge posted decent gains today (more than 10%).
Bitcoin price extended its downward move below the USD 6,400 level. BTC/USD tested the USD 6,200 support area where buyers emerged. At present (GMT 10:00 AM), the price is recovering and moving higher toward key barriers. Similarly, most major altcoins such as Ethereum, ripple and bitcoin cash formed a support base and started an upside correction with positive signs.
Bitcoin price fell further after sellers managed to push the price below the USD 6,400 level. BTC/USD declined a few points below the USD 6,200 support, but later it managed to form a support base near the stated level.
The price started an upward correction and moved above the USD 6,300 level. However, there are many hurdles waiting around the USD 6,700. A break and close above the mentioned hurdle is needed for an upside break toward USD 7,000.
Ethereum price settled below the USD 500 level and traded close to USD 450. Later, ETH/USD started an upward move and climbed above the USD 475 level. The price is currently up around 1% and is facing a tough resistance near the USD 500 level.
The price has to move above the USD 500 level to recover further in the near term. On the downside, supports are seen near the USD 460 and USD 450 levels.
Bitcoin Cash and Ripple
Bitcoin cash price is still struggling as it settled below the USD 900 support. BCH/USD is currently up around 1%, but it is way below the USD 900 pivot level. Supports are seen on the downside around the USD 850 and USD 840 level.
Ripple price tested the USD 0.50 support level before starting a recovery. XRP/USD moved above the USD 0.52 resistance and is currently approaching a major resistance near the USD 0.5500 level.
Other Altcoins Market Today
Many small cap altcoins started an upward move and climbed higher. Today, coins such as Siacoin, SOC, ICON and Verge registered more than 10% gains and moved into a positive zone.
The overall market sentiment is stable, but it is still in a bearish zone. Bitcoin price must climb back above the USD 6,700 and USD 7,000 resistance levels to stage a decent comeback.