Bitcoin and Altcoins Start Corrective Increase But Upsides Limited
Bitcoin price is currently correcting higher and it surpassed the key USD 8,200 resistance. Ethereum is still trading well below USD 180 and ripple is consolidating above USD 0.280. Chillz (CHZ), LINK, and CENNZ are up more than 10% today.
This past week, bitcoin price remained in a downtrend and broke a few important supports such as USD 8,250, USD 8,200 and USD 8,000. However, the USD 7,850 area acted as a strong support. As a result, the price started an upward move above the USD 8,000 resistance. It gained more than 5% in the past 3-4 sessions, but there are still many hurdles on the upside. Similarly, there were mostly bearish moves this past week in most major altcoins, including ethereum, bitcoin cash, EOS, BNB and XLM. At the outset, ETH/USD is correcting higher, but it is still trading well below the USD 180 and USD 185 resistance levels. On the other hand, XRP/USD remained well supported above the USD 0.280 and USD 0.285 levels.
Total market capitalization
After forming a support base near USD 7,850, bitcoin price started an upside correction above the USD 8,000 resistance. BTC/USD is up more than 5% in the past few sessions and it climbed above the key USD 8,200 resistance area. Having said that, there are still many key resistances on the upside, starting with USD 8,250 and USD 8,300.
The main weekly resistance is near the USD 8,400 level, above which the price could recover towards the USD 8,500 and USD 8,800 levels. On the downside, an initial support is near USD 8,200, below which bitcoin could revisit the USD 8,000 support. The most important support is USD 7,850. If there is a clear break below USD 8,000 and USD 7,850, the price could slide to USD 7,550.
Ethereum price seems to be consolidating losses above the USD 170 support. On the upside, there is a major resistance forming near the USD 180 level, above which ETH/USD could recover towards the main USD 185 resistance area.
On the downside, the USD 170 and USD 168 levels are important support. If the bulls fail to defend USD 168, the price might slide towards the USD 160 and USD 156 supports.
Bitcoin cash, eos and XRP price
Bitcoin cash price found a strong support near the USD 205 level. As a result, BCH/USD started a fresh increase and surpassed the USD 215 and USD 220 levels. The next important hurdles on the upside for the bulls are near USD 230 and USD 235.
EOS seems to be consolidating above the USD 2.800 and USD 2.850 support levels. To start a fresh increase, the price must settle above USD 3.000 and USD 3.050. If not, there is a risk of a drop towards the USD 2.650 support area.
XRP price remained stable while bitcoin and Ethereum declined. XRP/USD is currently consolidating above the USD 0.280 and USD 0.285 support levels. On the upside, the price is facing hurdles near USD 0.295 and USD 0.300, above which there could be another solid increase. The next major resistance is near USD 0.311 and USD 0.314.
Other altcoins market today
In the past three sessions, a few small capitalization altcoins climbed and gained more than 5%, including CHZ, LINK, CENNZ, CRPT, NEW, BAT, BSV, ATOM, MATIC and SXP. Out of these, CHZ rallied more than 18% and LINK gained nearly 13%.
Overall, bitcoin price is showing a few positive signs above USD 8,000 and USD 8,200. Having said that, a successful close above USD 8,400 and USD 8,500 is needed this week for upside continuation. If not, BTC/USD could decline to USD 7,850 or USD 7,550.