Bitcoin and Altcoins Gaining Momentum
This week was mostly bearish, with strong downward moves in bitcoin and altcoins. Recently, BTC/USD found support near the USD 9,250 level and started a strong recovery. The bulls were able to break a couple of important resistances near the USD 10,000 and USD 10,200 levels. The price tested the USD 10,800 level and it is currently (08:10 UTC) correcting lower. Similarly, ethereum, ripple, binance coin, bitcoin cash and EOS recovered, but still lacking bullish momentum above major pivot levels. ETH/USD climbed above USD 220 and tested USD 230. XRP/USD broke USD 0.315 and tested the USD 0.325 resistance level.
Total market capitalization
There was a strong rebound above USD 10,000 in bitcoin price . BTC/USD even managed to climb above the USD 10,500 level to move into a positive zone. It tested the USD 10,750 level and is currently correcting gains. An immediate support is near the USD 10,400 level. If there is a downside break below USD 10,400, the price may revisit the USD 10,000 support area.
On the upside, the main hurdles near the USD 10,750 and USD 11,000 levels. If there is an upside break and close above USD 11,000, the price could accelerate above the USD 11,200 and USD 11,250 levels.
Ethereum price extended gains above the USD 210 and USD 220 levels. ETH/USD even climbed above USD 225 and tested the USD 230 resistance. The price is currently consolidating near USD 225, with an immediate support near USD 220 and USD 218.
On the upside, a break above the USD 230 level is needed for more gains in the near term. The next key resistance is near the USD 240 and USD 242 levels.
Bitcoin cash, eos and ripple price
Bitcoin cash price is showing a lot of positive signs and it recently moved above the USD 300 resistance level. BCH/USD is currently trading near USD 310 and it may continue to rise towards the USD 320 and USD 330 resistance levels. On the downside, the USD 300 level is a decent support, followed by USD 290.
EOS managed to move above the USD 3.900 and USD 4.000 resistance levels to move into a short term positive zone. The next important hurdles for the bulls are near the USD 4.200 and USD 4.250 levels.
Ripple price gained traction after it broke the USD 0.315 and USD 0.320 resistance levels. XRP/USD tested the USD 0.325 resistance level and it is currently consolidating. If there is a successful close above the USD 0.325 resistance, there could be more upsides towards USD 0.330 and USD 0.332.
Other altcoins market today
In the past three sessions, many small cap altcoins rebounded and climbed more than 8%, including JCT, EGT, BAT, LAMB, SC, XLM, REN, NEO and NEX. Out of these, JCT gained around 22% and EGT is up around 15%.
Overall, bitcoin price is gaining momentum above the USD 10,500 and USD 10,600 levels. If BTC/USD climbs further above the USD 10,800 and USD 11,000 resistance levels, the bulls might take control for the next few sessions.
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