Bitcoin and Altcoins Staging Strong Comeback After Tagging Support
Bitcoin price started a strong upward move after tagging the USD 6,850 support. Ethereum is testing the USD 130 resistance and XRP is approaching USD 0.192. BlockStamp (BST) rallied 300% and traded above the USD 1.5000 resistance area.
This week, bitcoin price extended its decline below the USD 7,250 support level. BTC/USD even traded below the USD 7,050 and USD 7,000 support levels. Finally, the price traded close to the USD 6,850 support level and recently started a fresh increase.
Similarly, most major altcoins tested key supports and are currently (09:00 UTC) recovering, including ethereum, XRP, bitcoin cash, litecoin, EOS, BNB, ADA, TRX and XLM. ETH/USD is now trading near the USD 130 resistance area. Besides, XRP/USD is correcting higher towards the USD 0.192 resistance.
Total market capitalization
After another decline below USD 7,000, bitcoin price found support near the USD 6,850 level. As a result, BTC/USD started a strong rise and recovered above the USD 7,000 and USD 7,100 levels. The price even spiked above USD 7,200 and it is currently consolidating near the USD 7,250 resistance area.
On the upside, the main resistance is near the USD 7,350 level, above which bitcoin price might continue to rise towards the USD 7,550 barrier. On the downside, there are supports near USD 7,100 and USD 7,050.
Ethereum price extended its decline below USD 128 and tested the USD 125 support. ETH/USD also started a decent recovery above USD 128 and it is currently trading near the USD 130 resistance. If there is a clear break above USD 130 and USD 132, there could be more gains towards the USD 135 resistance.
On the downside, the USD 128 level might act as a support. Any further losses may perhaps lead the price back towards the USD 125 support. The next major support is at USD 120.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price traded close to the USD 190 level before it reversed its losses. BCH/USD is recovering and it is now trading above the USD 200 level. If the price continues to rise above USD 205, there are chances of more gains towards the USD 215 level. On the downside, the USD 200 level may once again act as a decent support.
Litecoin dived to test the USD 38.80 support area. LTC/USD reversed losses similar to bitcoin and it is now trading above USD 40.00. On the upside, an initial resistance is near the USD 40.80 level, above which the price might accelerate towards the USD 42.00 level.
XRP price tested the USD 0.185 support level before staging a rebound. XRP/USD corrected above the USD 0.188 level and it is now trading near USD 0.190. On the upside, the bulls need to clear the USD 0.192 resistance area to continue higher. On the downside, the key supports are near USD 0.185.
Other altcoins market today
In the past three sessions, a few small capitalization altcoins recovered more than 5%, including BST, NEXO, KCS, XMR, MANA and ALGO. Out of these, BST rallied around 300% and moved to the 81st position by market capitalization.
Overall, bitcoin price is showing positive signs above USD 7,100 and it was clearly rejected near the USD 6,850 support area. Therefore, there are chances of more upsides above USD 7,250 and USD 7,350 in the near term.