Bitcoin and Ethereum See Fresh Wave of Buying
After struggling for a couple of sessions, bitcoin price formed support above the USD 6,300 level. BTC/USD started a solid upward move and jumped above the USD 6,400 and USD 6,500 resistances. However, buyers failed to hold gains and later the price trimmed more than 50% gains. Similarly, ethereum price spiked above the USD 200 resistance and later corrected lower. It seems like the market sentiment improved overnight, but bitcoin must settle above the USD 6,450 and USD 6,500 to move into a positive zone.
Total market capitalization
There was a strong support formed above the USD 6,300 level in bitcoin price . BTC/USD corrected sharply higher and moved up by more than USD 200. The price traded towards the USD 6,550 where sellers emerged. Later, the price corrected lower and declined below USD 6,500 and USD 6,450.
The price is currently (UTC 08:30 AM) consolidating losses near the USD 6,400 level with an immediate support at USD 6,380. If there are more losses, the price may perhaps move back towards the USD 6,300 support area. On the upside, the main hurdles for buyers are near the USD 6,450 and USD 6,500 levels.
Ethereum price also followed bitcoin and recovered nicely from the USD 195 support. ETH/USD moved above the USD 200 resistance, but it failed to surpass the USD 204 – USD 205 zone.
The price declined and trimmed most gains from USD 205. It is currently consolidating around the USD 200 level, with an initial support at USD 198. However, the key support is near this week’s low at USD 205.
Bitcoin cash and ripple price
Bitcoin cash price stayed above the USD 410 support and moved above the USD 420 level. BCH/USD tested the USD 430 resistance area where sellers appeared. The price is currently trading above USD 420, but it must break the USD 430, USD 435 and USD 440 resistance levels to move into a positive zone.
Ripple price is back above the USD 0.450 support, which is a positive sign. XRP/USD is showing bullish signs, but sellers need to gain pace above the USD 0.460 level for a sustained upward move in the near term.
Other altcoins market today
Many small cap coins gained traction recently and moved up between 7%-18%, including ZEN, LINK, DGTX, CMT, PPT, DROP, XET, STEEM and SNT. Out of these, ZEN rallied around 18% and LINK is up roughly 16%.
To sum up, the recent recovery in bitcoin is an encouraging sign above the USD 6,400 level. Having said that, BTC/USD is facing a lot of hurdles near the USD 6,450, USD 6,475 and USD 6,500 levels. Therefore, it won’t be easy for buyers to gain bullish momentum above USD 6,500. Likewise, ETH/USD must stay above USD 200 and surpass the USD 205 and USD 210 resistances to climb higher.
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