Bitcoin Price, Altcoins Losing Bullish Momentum
- Bitcoin price recovered nearly 5%, but it struggled to gain momentum above USD 8,300.
- Ethereum tested the main USD 185 resistance and ripple rallied to USD 0.285.
- ABBC, MANA, QNT and ATOM gained more than 10% today.
Recently, there was a decent rebound initiated in bitcoin price above the USD 8,000 resistance area. BTC/USD even climbed above the USD 8,100 and USD 8,200 resistance levels. However, the price struggled to gain bullish momentum above USD 8,300 and it is currently (08:00 UTC) correcting gains. Also, there was a strong rise in most major altcoins, including ethereum, ripple, EOS, bitcoin cash, litecoin, binance coin, cardano and stellar. ETH/USD surged above the USD 175 and tested the main USD 185 resistance. Besides, XRP/USD rallied more than 10% and tested the USD 0.285 resistance zone.
Total market capitalization
After testing the USD 7,800 support area, bitcoin price started an upside correction. It broke the USD 8,000 resistance and gained pace above USD 8,150 BTC/USD even climbed above the USD 8,300 level, but it struggled to continue higher. A high was formed near USD 8,350 before the price started a downside correction.
An immediate support is near the USD 8,150 level. However, the main support is near the USD 8,000 level (the previous resistance area). On the upside, a clear break above the USD 8,320 level might push the price towards the next key resistance near USD 8,500.
Ethereum price gained a strong pace after it broke the USD 175 resistance. ETH/USD even cleared the USD 180 level, but it failed once again near the key USD 185 resistance area.
The price is currently consolidating near USD 180 and it might correct lower towards the USD 175 support. On the upside, a clear break above USD 185 is needed for another rally towards the USD 195 and USD 198 resistance levels.
Bitcoin cash, eos and XRP price
Bitcoin cash price popped above the USD 230 level and traded close to the USD 240 resistance level. BCH/USD is currently correcting lower and it might find support near the USD 230 level. The next key support is near the USD 220 level. On the upside, the bulls need to gain momentum above the USD 235 and USD 240 levels.
EOS surged more than 5% and broke the USD 3.100 resistance area. The price tested the USD 3.250 resistance level and it is currently consolidating. If there is a downside correction, the price might test the USD 3.100 or USD 3.050 support area.
XRP price performed well and rallied more than 10% in two days. XRP/USD broke the USD 0.272 and USD 0.275 resistance levels. It tested the USD 0.285 resistance area and is currently correcting lower. The previous resistances near USD 0.272 and USD 0.265 are likely to act as strong supports.
Other altcoins market today
In the past three sessions, many small cap altcoins climbed higher and gained more than 8%, including ABBC, MANA, QNT, ATOM, ETP, CRPT, REN, NEW, XVG and ZRX. Out of these, ABBC rallied nearly 16% and MANA is up around 13%.
Overall, bitcoin is showing positive signs above the USD 8,000 and USD 8,100 levels. However, BTC/USD might continue to face a strong selling interest as long as it is below the USD 8,400 and USD 8,500 resistance levels.