Bitcoin and Altcoins Struggling To Hold Uptrend Supports
- Bitcoin price declined below USD 3,600 and tested the USD 3,550 support.
- Ethereum is holding the USD 115 support and ripple is consolidating above USD 0.320.
- Augur (REP) rallied more than 50% and LRC registered 30% gains.
Recently, there was a bearish reaction in bitcoin from well above USD 3,650. BTC/USD declined below the USD 3,600 support and tested the key support at USD 3,550. The price must stay above the USD 3,550 support to recover in the near term. If not, there is a risk of a bearish break below USD 3,500 in the coming sessions. Similarly, ethereum price must hold the USD 115 support area, below which sellers could push the price towards USD 100. Ripple price is currently consolidating above USD 0.320, with resistances at USD 0.330 and USD 0.335. The current (UTC 08:20 AM) price action is slightly bearish, but the stated supports could spark a bullish reaction.
Total market capitalization
After testing the USD 3,550 support, bitcoin price started trading in a range. BTC/USD is currently up around 0.5% to USD 3,575, with an immediate resistance at USD 3,600. A successful break above the USD 3,650 level is needed for a decent upward move towards the USD 3,750 and USD 3,800 resistances.
On the other hand, if buyers fail to gain strength, there could be a sharp bearish reaction below USD 3,550, USD 3,500 and USD 3,480 in the near term.
Ethereum price tested the USD 116 and USD 118 support levels recently and stayed above the USD 115 pivot level. ETH/USD is slowly moving higher, but a break above USD 125 and USD 128 is required to kick start a move towards the USD 140 level.
On the downside, the USD 118 and USD 116 levels are decent supports. However, a break below USD 115 may push the price back in a bearish zone.
Bitcoin cash, eos and ripple price
Bitcoin cash price is currently consolidating above the USD 120 and USD 122 support levels. An initial resistance is at USD 130, above which there are chances of a solid upward move towards the USD 140 and USD 145 levels.
EOS is up around 1% and it is trading near the USD 2.40 level. On the upside, the main resistance is at USD 2.50 followed by USD 2.60.
Ripple price tested the key USD 0.320 support on a few occasions, but there was no bearish break. XRP/USD is slowly rising towards USD 0.325 and USD 0.330, above which the price may gain strength for a test of USD 0.375.
Other altcoins market today
During the past few hours, many small cap altcoins registered solid gains, including REP, LRC, POWR, SNT, STEEM and WAN. Out of these, REP rallied more than 50%, LRC is up close to 30%, and POWR gained around 24%.
Overall, bitcoin is trading in a tight range above the key USD 3,550 and USD 3,540 support levels. The next move in BTC/USD could be either towards USD 3,800 or below USD 3,400 in the coming sessions. Ethereum and ripple may trade sideways before the next major move either bearish or bullish.