Bitcoin Consolidating Losses While Altcoins Rebounding
Bitcoin price is struggling to continue higher and it is currently consolidating near USD 10,250. Ethereum trading with a positive bias near USD 180 and ripple is climbing towards USD 0.265. XZC and ATOM surged more than 15% today.
In the past few sessions, bitcoin price faced an increase in selling pressure below USD 10,500. The BTC/USD pair even broke the USD 10,250 support level and traded close to the USD 10,000 support. On the other hand, most major altcoins started a recovery, including ethereum, ripple, BCH, litecoin, TRX and EOS. ETH/USD is trading (08:00 UTC) with a positive bias above the USD 175 and USD 180 support levels. Similarly, XRP/USD is recovering and is moving closer to the key USD 0.265 resistance area. Overall, it seems like bitcoin dominance, or the percentage of the total market capitalization, is correcting lower and it might continue to help altcoins in the coming sessions.
Total market capitalization
After a daily close below USD 10,500, bitcoin price extended its decline below the USD 10,350 and USD 10,250 levels. BTC/USD even tested the USD 10,050 level and it is currently consolidating near the USD 10,250 level. On the upside, there are many important resistances forming near the USD 10,400, USD 10,450 and USD 10,500 levels.
On the downside, an initial support is near the USD 10,150 level, below which the price could decline towards the USD 10,000 and USD 9,800 support levels. The main support is near the USD 9,500 level.
Ethereum price is trading with a positive bias and it settled above the USD 175 and USD 180 levels. ETH/USD is likely to continue higher and it could break the USD 185 and USD 188 resistance levels. The next stop for the bulls may be USD 195.
On the downside, an initial support is near the USD 178 level, followed by USD 175. A break below the USD 175 support might push the price below the USD 170 level.
Bitcoin cash, eos and ripple price
Bitcoin cash price is gaining bullish momentum and the bulls were successful in breaking the USD 300 resistance. BCH/USD is now trading above the USD 305 level and it could rise further towards the USD 320 and USD 325 resistance levels. If there is a downside correction, the price might find bids near the USD 295 level.
EOS is trading with a strong positive bias above the USD 3.500 and USD 3.600 resistance levels. The price even broke the USD 3.800 level and it is now trading close to the USD 3.900 level. The next key resistance on the upside is near the USD 4.000 level.
Ripple price is slowly rebounding and is trading above the USD 0.255 and USD 0.260 resistance levels. An immediate resistance is near the USD 0.265 level, above which XRP/USD could start a steady rise towards the USD 0.280 level. On the downside, the USD 0.260 and USD 0.258 are decent supports.
Other altcoins market today
In the past three sessions, many small cap altcoins recovered and gained more than 5%, including XZC, ATOM, RDD, BTS, SNX, MKR, BTT, HOT, ONT and ADA. Out of these, XZC rallied close to 20% and ATOM is up around 16%.
To sum up, bitcoin price is showing short-term bearish signs below USD 10,500 and it might continue to weaken towards the USD 10,000. Conversely, ethereum and ripple could recover further and climb towards USD 200 and USD 0.280 respectively.