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Tug-of-war Between Bitcoin Bears and Bulls

  • Bitcoin price is currently recovering and is trading above the USD 7,600 level.
  • Ethereum, ripple and bitcoin cash are struggling to recover and are down around 1%.
  • KickCoin, ChainLink and TenX gained more than 10% today.

Bitcoin found a strong buying interest near the USD 7,450 - USD 7,500 zone and started an upward move. BTC/USD is currently correcting higher with a minor bullish angle. However, there are many resistances near the USD 7,750 and USD 7,800 levels, waiting to prevent gains. Overall, it seems like bitcoin bears are losing grip, but bulls are struggling to take control. On the other hand, major altcoins like ethereum, ripple and bitcoin cash remained in the red zone.

Bitcoin price is trading flat near the USD 7,650 level with an immediate resistance at USD 7,700. Above this, BTC/USD could test a significant resistance near the USD 7,800 level, which is likely to protect more upsides in the short term. Should bitcoin bulls succeed in clearing the USD 7,800 wall, the price may recover nicely above USD 8,000.
Conversely, if the price fails to move above USD 7,700 and USD 7,800, it may perhaps resume its slide back towards the USD 7,500 and USD 7,400 support levels.

Ethereum price extended its slide towards the USD 400 level and traded close to USD 405. ETH/USD is currently consolidating gains above USD 410, but it remains at a risk of more declines.
On the upside, the price needs to clear the USD 430 and USD 440 resistance levels to move into a positive zone. The next resistances are at USD 450 and USD 455.

Bitcoin cash and ripple
Bitcoin cash price held the yesterday’s low near USD 735 and it mostly traded in a range above the USD 750 level. BCH/USD may possibly recover in the short term if buyers gain traction above the USD 780 resistance level. Supports are at USD 750 and USD 740.
Ripple price is stable near the USD 0.44 level with range moves. XRP/USD attempted a close above USD 0.45, but it failed to retain gains. It seems like the price is preparing for another attempt to clear the USD 0.45 and USD 0.46 resistances.

Other altcoins market today
A few altcoins recovered during the past few hours, including KickCoin, ChainLink, TenX, ETP, Dropil, EMC, Bitcoin Private, Populous and DCR. Out of these, KickCoin and ChainLink performed really well with 25% and 12% gains respectively.

To sum up, bitcoin price is currently in a recovery mode above USD 7,600. However, BTC/USD is likely to face a strong selling interest near the USD 7,800 resistance (the previous support).

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