Yesterday, there was a short term downside correction in bitcoin below the USD 8,700 level. BTC/USD even broke the USD 8,650 support level, but the USD 8,550 level acted as a strong support. As a result, the price bounced back and recovered above the USD 8,650 and USD 5,700 levels. More importantly, there were solid gains in altcoins such as ethereum, ripple, bitcoin cash, bitcoin SV, bitcoin diamond, NEP and BTG. ETH/USD broke the key USD 280 resistance, and XRP/USD surged above the USD 0.450 and USD 0.460 levels. The overall market sentiment is positive (08:10 UTC) and there could be further upsides in the near term.
Total market capitalization
Bitcoin price
After a short term dip, bitcoin price climbed back above the USD 8,600 and USD 8,700 levels. The recent upward move was positive since there was a push towards the USD 8,750 level. The price is currently trading in a range, with an immediate resistance at USD 8,750. If there is a break above USD 8,750, the price might climb towards the USD 9,000 level.
On the downside, an initial support is near the USD 8,650. If there is a downside break below USD 8,650, the price could revisit the USD 8,550 support area.
Ethereum price
Ethereum price jumped higher from the USD 260 support. ETH/USD surpassed the key USD 275 and USD 280 resistance levels. The price is currently up around 8% and it seems like it could accelerate towards the USD 290 and USD 295 levels.
On the downside, the recent breakout resistance near USD 280 is likely to act as a strong support and buy zone in the near term.
Bitcoin cash, eos and ripple price
Bitcoin cash price surged above the USD 440 and USD 450 resistance levels. BCH/USD is up more than 10% and it recently climbed above the USD 475 level. A swing high was formed near USD 482 and the price is currently correcting gains. An initial support is near the USD 465 level, followed by USD 460.
EOS started consolidating gains after testing the USD 8.25 resistance level. The price is currently trading above USD 8.00, with resistances near USD 8.10 and USD 8.25. On the downside, the main supports below USD 8.00 are USD 7.85 and 7.80.
Ripple price started a solid uptrend and broke the main USD 0.445 and USD 0.450 resistance levels. XRP/USD even surpassed the USD 0.460 level and it could continue to rise towards the USD 0.480 level. The main hurdle this week for the bulls is near the USD 0.500 level.
Other altcoins market today
In the past two sessions, many small cap altcoins gained more than 10%, including BSV, BCD, BTG, WTC, THETA, DENT, NEO, MIOTA, ATOM, QTUM, XEM and ONT. Out of these, BSV was up around 90% before trimming its gains to 70%, and BCD climbed nearly 60%.
To sum up, bitcoin price is held the key uptrend support and recovered above USD 8,650. BTC/USD is currently trading with a positive tone and it could climb further above USD 8,750 and USD 8,800 in the near term.
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Source: cryptonews.com
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