Bitcoin Started Consolidation Whereas Altcoins Recovered
- Bitcoin price traded to a new monthly low below USD 7,800 before recovering.
- Many altcoins such as ONT, MITH, SYS, BTM, PIVX and EOS posted decent gains recently.
- Ontology (ONT) registered a solid rise of around 50% to USD 2.69.
The past few sessions were mostly bearish as major cryptocurrencies such as bitcoin, ethereum, ripple, bitcoin cash and litecoin extended declines. Bitcoin price fell to a new monthly low below USD 7,800 before buyers protected further losses. At present, BTC is consolidating losses, but many altcoins already started an upside move.
Bitcoin price traded towards the USD 7,720 level before starting an upside correction. BTC/USD is currently up around 0.7% to USD 7,950.
On the upside, the pair may soon break the USD 8,000 resistance. However, there are many barriers on the upside such as USD 8,200 and USD 8,500. Only a close above the USD 8,500 level could clear the path for more gains.
On the downside, the USD 7,800 level is an initial support, followed by the last swing low of USD 7,720.
Ethereum tumbled below the USD 450 level and tested the USD 440 level. It is currently trading flat near the USD 455 level. ETH/USD must gain upside momentum above USD 475 to start a decent recovery.
Above USD 475, the price may perhaps test the next major resistance at USD 500. On the downside, the USD 440-450 region is a crucial support in the near term.
Bitcoin Cash and Ripple
Bitcoin cash failed to follow BTC and remains in a bearish zone below the USD 890 level. BCH/USD is down 2.66% to USD 884 and it remains at a risk of more declines. On the upside, the USD 900 and USD 920 levels are important resistances.
Ripple is slowly recovering and is currently trading 0.32% higher to USD 0.58. XRP/USD must succeed in breaking the USD 0.60 and USD 0.62 resistance levels for more recoveries towards USD 0.65.
Other Altcoins Market Today
As mentioned, there were many small altcoins such as ONT, MITH, SYS, BTM, PIVX and EOS, which posted decent gains between 10-20%. Out of these, Ontology (ONT) was the best performer. Its price is currently up around 50% to USD 2.69. There were interoperability rumors, which pushed ONT price higher.
In short, it seems like there are signs of a short term recovery in the crypto market. However, bitcoin price must move above USD 8,200 and USD 8,500 to confirm recovery signs.