Bitcoin Recovers Above USD 10,000, Altcoins Gain Traction
Yesterday, there was no substantial recovery in bitcoin and major cryptocurrencies. BTC/USD broke the USD 10,000 level and traded towards USD 9,550 before correcting. Until now, it seems like a technical downside correction in bitcoin and altcoins. Therefore, there are possibilities of a sharp recovering during the coming sessions.
Bitcoin struggled recently and it traded below the USD 10,000 support level. However, the downside move was contained by another important support at USD 9,550. A low was formed at USD 9,570 and the price recovered.
BTC/USD is currently trading 0.2% down to USD 10,120. It seems like the pair is back in the bullish zone and it could soon move back towards the USD 10,400 resistance (previous support).
On the flip side, if the price fails to hold the USD 10,000 support, it may perhaps retest the USD 9,550 support region.
Ethereum was one of the best performers among major cryptocurrencies. ETH/USD is currently trading 4.7% higher to USD 858. It traded as low as USD 785 before started a sharp upside move.
If the price continues to move higher, it may soon break the USD 860 resistance. Above the mentioned USD 860, the next hurdle is at USD 880. On the downside, supports are at USD 840, 820 and 810.
Bitcoin Cash and Ripple
Bitcoin cash also gained upside momentum from the intraday low of USD 1,142. BCH/USD moved back above the USD 1,250 level and is currently up roughly 4.2%. An immediate resistance is at USD 1,300, followed by USD 1,320. Supports on the downside are at USD 1,220 and 1,200.
Ripple recovered 2% to move back above the USD 1.00 level. It must stay above the mentioned USD 1.00 level to gain further towards the USD 1.10 resistance.
Other Altcoins Market Today
Yesterday’s best performer – Nano continues to gain upside momentum. It moved up around 18% and is comfortably trading above USD 10.50. It seems like the price may continue to gain momentum and it could even test the USD 12.00 level.
Overall, the market is showing decent signs of a recovery, and if bitcoin stays above USD 10,000, it may recover further towards USD 11,000.