Bitcoin Consolidating Losses While Altcoins Start Fresh Increase
Bitcoin price tested the USD 9,550 support and currently consolidating below USD 9,850. Ethereum is above USD 260 and XRP is rising towards USD 0.300. ENJ, ELF, SC and GNT are up more than 20% today.
Recently, there was a downside extension below the USD 9,650 support, but bitcoin found support near USD 9,550 and USD 9,500. As a result, it started a short term recovery above USD 9,700 and it is currently (09:00 UTC) consolidating below the USD 9,850 resistance area.
On the other hand, many major altcoins started a strong upward move, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD rallied close to 10% and climbed above the USD 260 and USD 265 resistance levels. Besides, XRP/USD is slowly recovering and it might soon test the USD 0.300 resistance area.
Total market capitalization
After a close below the USD 10,000 support, bitcoin price extended its decline below the USD 9,650 support. However, BTC/USD remained well bid above the USD 9,550 and USD 9,500 levels. It is currently recovering and trading above USD 9,700. However, there are many key hurdles on the upside, starting with USD 9,850 and up to USD 10,000.
On the downside, an initial support is still near USD 9,650, followed by the main USD 9,550 level. Any further losses could open the doors for a larger decline below USD 9,400 in the coming sessions.
Ethereum price gained bullish momentum after it recovered above the USD 260 level. ETH/USD surged above USD 265 and tested the USD 270 resistance. It is currently consolidating gains and trading above USD 260.
The next major support on the downside is near the USD 255 and USD 254 levels.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price found support near the USD 365 level and recently started a recovery wave. BCH/USD is back above USD 385 and USD 400. However, the bulls are likely to struggle near USD 420. On the downside, the USD 385 level is the main support, followed by USD 365. Conversely, a clear break above USD 420 could set the pace for a move towards USD 450.
Litecoin started consolidating above the USD 70.00 and USD 70.50 support levels. Recently, LTC/USD recovered above USD 72.50, but it is still below the USD 74.50 and USD 75.00 resistance levels. A clear break above USD 75.00 could lead the price towards the USD 80.00 resistance area.
XRP price found support near the USD 0.270 area after a sharp decline from well above USD 0.300. The price is currently rising and trading above the USD 0.285 resistance area. However, the USD 0.300 area is a strong barrier for the bulls. Therefore, a successful close above USD 0.300 is needed for upside continuation.
Other altcoins market today
In the past three sessions, many small-capitalization altcoins gained more than 10%, including ENJ, ELF, SC, GNT, KNC, BSV, MANA, AION, BCD, VSYS, HC, MONA, THETA, ARDR and BAT. Out of these, ENJ rallied close to 25% and ELF is up around 22%.
Overall, bitcoin is holding the key USD 9,650 and USD 9,550 support levels. Having said that, BTC/USD must recover and settled above USD 9,850 and USD 10,000. If not, there is a risk of another decline below USD 9,650.