Bitcoin and Altcoins Started Substantial Recovery
- Bitcoin price formed a support above the USD 8,400 level and recovered substantially.
- Altcoins including Ethereum, Ripple and Bitcoin cash also recovered roughly 10-12%.
- IOStoken is performing well today and is up around 22% to US 0.021.
This past week, we saw a major decline in almost all major cryptocurrencies such as Bitcoin, Ethereum, Ripple, Bitcoin cash, Litecoin and Neo. Later, the market stabilized and started recovering. Bitcoin corrected higher after forming a base above USD 8,400. Similarly, altcoins recovered sharply as the market sentiment improved during the past few hours.
Bitcoin price is currently trading 13.8% higher from the USD 8,532 low. More importantly, the BTC/USD pair is now trading above the USD 9,500 support, which could ignite more upsides.
On the upside, the price is facing an immediate resistance at USD 10,000. A push above the mentioned resistance may perhaps boost the bullish market sentiment and the price could trade towards USD 10,500.
On the downside, the USD 9,500 level is a major support. A break below USD 9,500 will most likely push the price back towards USD 9,000.
Ethereum gained traction after forming a base above the USD 650 level. ETH/USD recovered and traded above the USD 700 resistance. It is currently up 7.8% to USD 738.
It seems to be struggling to break the USD 750 resistance. A break above the USD 750 level may call for further gains towards the USD 800 level. On the downside, supports are at USD 700 and 680.
Bitcoin Cash and Ripple
Bitcoin cash was one of the best performers as it recovered by around 14% today and it is currently trading at USD 1,130. It has to clear a strong resistance at USD 1,150 to continue its recovery.
Ripple failed to capitalize and it seems to be struggling to move past USD 0.85. XRP/USD is currently trading around 3.8% higher to USD 0.829 and is facing a major resistance at USD 0.85.
Other Altcoins Market Today
Today, IOStoken, a decentralized internet of services platform, gained heavy bids and surged by around 22.6%. IOST price broke the USD 0.020 resistance and is currently trading in a positive zone. There was no particular reason for the recent jump, but one person on reddit reported that there were some false posts regarding McDonald’s and Amazon, which were removed later.
Overall, the current market sentiment is positive and it seems like there may be more upsides in the near term, especially if bitcoin price moves past the USD 10,000 resistance.