24 Oct 2018 · 2 min read

Bitcoin and Ethereum Recover, But Gains Limited

Bitcoin price recovered after tagging the USD 6,450 support area. Ethereum price is slowly moving higher towards the USD 208 and USD 210 resistances. MGO and GVT rallied by more than 15% today.

Bitcoin price tested the key USD 6,450 support area and later recovered. BTC/USD moved higher and traded above the USD 6,500 resistance, but gains were limited. Similarly, ethereum price recovered after dropping below the USD 200 support. It could continue to move higher in the short term towards the USD 208 and USD 210 resistances. Ripple performed well as it traded above the USD 0.450 and USD 0.460 resistance levels. Overall, the market sentiment slightly improved, but bitcoin is still trading well below the USD 6,550 and USD 6,600 barriers.

Total market capitalization

Source: coinmarketcap.com

Bitcoin price

There was a downside spike towards the USD 6,450 support in bitcoin price . BTC/USD found a strong buying interest near USD 6,450 and later started an upward move. It traded up by more than USD 50 and broke the USD 6,500 resistance. On the upside, an initial resistance is at USD 6,520, followed by USD 6,550.
On the downside, the price could decline towards the USD 6,480 level if it fails to hold the USD 6,500 support. Any further losses may perhaps push the price back towards the USD 6,450 support area.

Ethereum price

Ethereum price slowly recovered and broke the USD 205 resistance. However, ETH/USD failed to gain momentum above USD 205 and the pair is currently consolidating near USD 204.
On the downside, an initial support is near the USD 202 level, followed by the key USD 200 support. To the topside, the price has to break the USD 208 and USD 210 levels to stage a decent rebound.

Bitcoin cash and ripple price

Bitcoin cash price remained in a range below the USD 450 resistance. BCH/USD seems to be facing a tough barrier around the USD 450 - USD 460 zone. On the downside, the USD 440 level is a decent support, below which the price may drop towards the USD 425 level.
Ripple price gained momentum recently and traded up by around 2.8%. XRP/USD broke the USD 0.450 and USD 0.460 resistance levels to climb back into the positive zone.

Other altcoins market today

A few altcoins gained between 8%-20% today, including MGO, GVT, DROP, BCD, REP, NEXO, BTG and SC. Out of these, MGO gained around 17% and GVT traded up roughly 15.5%.

Overall, bitcoin price bounced back after testing the USD 6,450 support. However, the price has to surpass the USD 6,550 and USD 6,600 resistance levels to start a solid upward move. Until then, BTC/USD and ETH/USD may well continue to trade in a range. On the flip side, a downside break below USD 6,400 could open the gates for more declines in the near term.

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