Bitcoin and Altcoins Buyers Waiting On The Sidelines
Yesterday, we discussed about a possible downside extension in bitcoin price below USD 3,600. BTC/USD did move down, broke the USD 3,600 support, but it found a strong buying interest near the USD 3,580 and USD 3,575 support levels. As a result, the price rebounded and climbed back above the USD 3,600 level. Similarly, there were additional losses in ethereum and ripple, but both managed to recover later above important support levels (USD 120 and USD 0.300 respectively). Going forward, there could be range moves before bitcoin and altcoins start a decent upward move.
Total market capitalization
There was a minor dip in bitcoin price below the USD 3,600 support. However, BTC buyers defended the USD 3,580 and USD 3,575 support levels. Later, the price bounced back above USD 3,600 and it is currently moving higher towards the USD 3,640 resistance level.
To gain bullish momentum, the price must break the USD 3,640, USD 3,650 and USD 3,660 resistance levels. The next key resistance is near the USD 3,700 level. On the downside, the main supports are USD 3,600, USD 3,580 and USD 3,575.
Ethereum price traded below the USD 122 support, but the USD 120 support acted as a strong buy zone. ETH/USD recovered above USD 122, but it is still facing a strong resistance near the USD 124 and USD 125 levels.
Buyers need to gain strength above USD 125 to push the price further higher towards USD 130 and USD 135. If there is a fresh decline, the USD 120 support may play a crucial role, below which the price will most likely slide towards USD 115.
Bitcoin cash, eos and ripple price
Bitcoin cash price also tested the USD 120 support and later recovered above USD 122. BCH/USD is facing a lot of hurdles near the USD 124 and 125 levels. The main supports are USD 120 and USD 118.
EOS found a strong buying interest near the USD 2.70 level, resulting in a fresh upward move. The price climbed higher and broke the USD 2.75 and USD 2.80 resistance levels. The next key resistances are near the USD 2.85 and USD 2.90 levels.
Ripple price tested the all-important USD 0.300 support, which prevented further declines. XRP/USD corrected higher and traded above the USD 0.302 resistance. The next major resistance is at USD 0.304 and USD 0.305.
Other altcoins market today
In the past few hours, a few altcoins traded higher and gained bullish momentum, including MCO, XTZ, SNT, BNB, STEEM and NPXS. Out of these, MCO gained more than 30% and XTZ is up around 8%.
The current price action is positive, but bitcoin seems to be struggling near the USD 3,640 and USD 3,650 levels. Once BTC clears the USD 3,650 resistance, there are chances of more upsides. Similarly, altcoins such as ethereum, ripple, litecoin, eos, bitcoin cash, XLM and others could grind higher in the near term.
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