Bitcoin and Altcoins Stage Strong Recovery, XRP Underperforms
Bitcoin retested the USD 22,500 support and started a fresh increase. Ethereum found support near USD 588 and recovered above USD 600, XRP is still in the red zone. ZIL and CELO are up around 5%.
Bitcoin price extended its decline below the USD 23,000 support level. However, BTC remained stable near USD 22,500 and USD 22,400. The price started a fresh upward move and it is currently (13:00 UTC) trading above the USD 23,000 level.
Similarly, most major altcoins are recovering higher with positive moves, including ethereum, EOS, XLM, LINK, BNB, TRX, bitcoin cash, litecoin and ADA. ETH/USD is back above USD 600 and it could revisit the USD 620 resistance. XRP/USD is still trading below the USD 0.500 pivot level, but there are a few positive signs emerging.
Total market capitalization
Recently, bitcoin price declined below the USD 23,000 support level. BTC even spiked below USD 22,500, but the bulls remained active. As a result, the price started a fresh increase and it climbed back above USD 23,000. An initial resistance is near the USD 23,200 level. The main breakout resistance is now forming near the USD 23,500 level.
An initial support on the downside is near the USD 22,850 level. The first key support sits near USD 22,450, where the bulls might remain active.
Ethereum price extended its decline below the USD 600 and USD 595 levels. ETH spiked below USD 590, but it found support near USD 588. It started a fresh recovery wave and climbed above the USD 600 resistance level.
The first major resistance for the bulls is near the USD 620 level. The breakout zone is forming near the USD 630 level, above which the price could start a steady increase.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price declined heavily below the USD 330 support level. BCH even tested the USD 300 level, where the bulls took a strong stand. The price is currently rising and it is trading above USD 315. The first major resistance is near the USD 325 and USD 330 levels, above which the price could test USD 350.
Litecoin (LTC) tested the USD 100.00 and USD 98.00 support levels, where the bears struggled. As a result, LTC formed a base and started a fresh increase above the USD 105.00 level. It is now approaching the USD 110.00 level. A close above the USD 110.00 level might call for a push towards the USD 120.00 level.
XRP price declined further below the USD 0.488 and USD 0.465 support levels. The price even traded close to the key USD 0.450 support level. It is currently correcting higher, but the bulls might face a lot of hurdles near the USD 0.488 and USD 0.500 levels in the near term.
Other altcoins market today
In the past few hours, a few altcoins gained over 4%, including XMR, CELO, ZIL, ANT, ALGO, MKR, CEL, and ADA. Conversely, FIL, EOS, and OMG are still in the red zone.
To sum up, bitcoin price is trading above important supports near USD 22,500 and USD 22,000. BTC is showing positive signs above the USD 23,000 level. Having said that, the bulls need to clear the USD 23,200 and USD 23,500 levels to start a strong increase.