Bitcoin and Altcoins Showing Signs of Rebound
In the past few days, we saw a strong decline in bitcoin and altcoins. BTC/USD settled below the key USD 8,000 support area and accelerated towards the USD 7,500 support area. The bulls managed to protect additional losses below USD 7,500. As a result, the market started a rebound and climbed above the USD 7,650 and USD 7,800 resistance level. Ethereum price also corrected higher after finding bids near the USD 225 area. ETH/USD climbed higher more than 4% and settled above the key USD 240 pivot level. Similarly, there were upsides in ripple price above the USD 0.385 and USD 0.392 levels.
Total market capitalization
After finding bids near the USD 7,500, bitcoin price started a strong upward recovery. BTC/USD corrected above the USD 7,600, USD 7,680 and USD 7,800 resistance levels. The price gained more than 2.5% and climbed above USD 7,900 (08:20 UTC). The next immediate resistance is near the USD 8,000 and USD 8,050 levels. If there is a convincing close above USD 8,050, the price might rise further above USD 8,200.
Conversely, if the price fails to settle above USD 8,000 or USD 8,050, there could be a fresh decline below USD 7,800 in the near term.
Ethereum price declined towards the USD 225 support area, where sellers struggled to remain in action. As a result, ETH/USD started a fresh increase and traded above the USD 230 and USD 236 levels. More importantly, there was a close above USD 240, opening the doors for more gains above USD 245.
On the downside, an initial support is near the USD 240 level. If the price fails to stay above USD 240, there could be another slide towards USD 230.
Bitcoin cash, eos and ripple price
Bitcoin cash price remained stable above the USD 370 and recently corrected above the USD 380 and USD 385 levels. However, there are many hurdles for the bulls near the USD 400 and USD 405 resistance levels. A convincing close above USD 405 might start a solid BCH/USD upward move.
EOS found support near USD 6.100 and recently corrected above USD 6.200 and USD 6.250. The price even traded above USD 6.300 and it is currently consolidating in a range. If there is an upside break above USD 6.400, the price might continue higher. If not, it could revisit the USD 6.100 support.
Ripple price remained stable above the USD 0.375 and USD 0.380. XRP/USD gained momentum above the USD 0.390 resistance and traded close to the USD 0.400 level. If the bulls gain pace above USD 0.400, there could be additional gains towards the USD 0.410 and USD 0.420 levels.
Other altcoins market today
In the past three sessions, many small cap altcoins gained bullish momentum and are up more than 8%, including AOA, FTM, MXM, PPT, ETP, GNT, LTC, QBIT and INB. Out of these, AOA is up around 75% and FTM gained nearly 70%.
Overall, bitcoin price is showing positive signs above USD 7,800, but it must break the USD 8,000 and USD 8,080 resistance levels to move into a bullish zone. If it fails to settle above USD 8,000, there could be a fresh decline below USD 7,700 in the near term.
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