Bitcoin And Altcoins Trim Losses But Facing Uphill Task
Bitcoin price recovered strongly after early losses and it is back above USD 6,200. Ethereum is testing the USD 130 resistance and XRP is struggling to surpass USD 0.175. NRG, QNT, and XVG are up more than 10% today.
Recently, there was a fresh bearish reaction in bitcoin below the USD 6,200 and USD 6,000 support levels. However, BTC/USD found a strong buying interest near the USD 6,850 level and it is currently (09:00 UTC) recovering above USD 6,000 and USD 6,200.
Similarly, all major altcoins are showing strong recovery signals, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD bounced from USD 125 and it is currently testing the USD 130 resistance. XRP remained well bid above the USD 0.162 level and it is back above USD 0.170 level.
Total market capitalization
After a short-term spike to USD 5,850, bitcoin price recovered above USD 6,000. BTC/USD trimmed most of its losses and it is up around 2%. An initial resistance is near the USD 6,300 area. If the bulls gain pace, the price could test the main weekly resistance near the USD 6,550 level.
On the downside, an initial support is near the USD 6,040 area. The key weekly support is near the USD 5,850 level, below which bitcoin price is likely to accelerate lower towards the USD 5,500 level in the coming days.
Ethereum price found support near the USD 124 level and it is currently rising. ETH/USD is now trading near the USD 130 resistance, above which the bulls are likely to aim USD 135. To start a major upward move, the bulls need to gain momentum above USD 142.
Conversely, the price is likely to decline towards the USD 124 and USD 120 levels. If the bears succeed in clearing the USD 120 support, the next stop for them could be USD 110.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is trading above the USD 200 and USD 205 support levels. An initial hurdle on the upside is near the USD 220 level, but the main weekly resistance is still near USD 230. A successful close above USD 230 is likely to lead the price towards the USD 250 resistance level.
Litecoin is recovering from the USD 36.50 level. LTC/USD is now testing the USD 38.50 resistance, above which it could test USD 40.00. Any further gains could open the doors for a decent increase towards the USD 42.50 and USD 43.20 levels. On the downside, the bulls are likely to protect USD 35.00.
XRP price dipped towards the USD 0.162 level, where the bulls emerged. The price is currently rising and it is trading above the USD 0.170 level. A successful break above the USD 0.175 resistance could lead the price towards the USD 0.185 zone. The main weekly supports are near USD 0.162 and USD 0.155.
Other altcoins market today
In the past three sessions, a few small-capitalization altcoins recovered and gained more than 5%, including NRG, QNT, XVG, DATA, CKB, DGB, ZEN, CRO, CHZ, ENJ, and ICX. Out of these, NRG is up around 14% and QNT jumped 12%.
Overall, bitcoin price is showing a few positive signs above the USD 6,000 area. However, BTC/USD must climb above USD 6,300 and USD 6,500 to continue higher. If not, the price could resume its decline towards the USD 5,500 level.