Bitcoin and Altcoins Gaining Bullish Momentum
Recently, there was a downside correction in bitcoin below the USD 5,200 support area. BTC tested the USD 5,080 support area and bounced back. The price is now (08:10 UTC) trading above the USD 5,200 level and it may continue to rise towards USD 5,250 and USD 5,280. Similarly, ethereum and ripple bounced back after completing a short term downside correction. ETH is testing the USD 180 resistance and XRP is trading nicely above the USD 0.350 support. The current trend is positive, suggesting more gains in BTC and altcoins in the near term.
Total market capitalization
After testing the USD 5,080 support, bitcoin price rebounded above USD 5,150 and USD 5,200. BTC is trading with a positive angle and it may soon retest the USD 5,250 resistance. The main resistance is at USD 5,300, above which bulls are likely to take full control.
On the downside, an initial support is at USD 5,150. If there are more downsides, the price is likely to retest the USD 5,100 or USD 5,080 support.
Ethereum price recovered after testing the key USD 170 support level. ETH is up more than 3% and it is attempting to break the USD 180 resistance area. If bulls succeed, the price could test the next key resistance at USD 185.
On the downside, an initial support is near the USD 177 and USD 176 levels. If there is a downside break, the price may test the USD 170 support once again.
Bitcoin cash, eos and ripple price
Bitcoin cash price found a strong buying interest near the USD 290 level and recently climbed higher. BCH/USD is currently testing the USD 300 resistance. A successful close above USD 300 will most likely clear the path for more gains towards the USD 315 and USD 320 levels. On the downside, the main support is at USD 290.
EOS is already up more than 8%. The price broke the USD 5.65 and USD 5.70 resistance levels and it is trading near the USD 5.80 level. The next crucial resistance is at USD 5.95 – USD 6.00 area.
Ripple price stayed above the USD 0.340 support and it recently recovered above the USD 0.350 resistance. XRP/USD is trading above USD 0.353 and it may continue to rise towards the USD 0.360 and USD 0.365 resistance levels in the near term.
Other altcoins market today
In the past two sessions, a few small cap altcoins gained traction and climbed up by more than 8%, including TRUE, ABBC, VEST, CRO, IOST, DGTX and DOGE. Out of these, TRUE rallied close to 35% and ABBC coin gained nearly 18% (two days in a row).
Overall, bitcoin price is once again in the green zone above USD 5,180 and USD 5,200. However, BTC buyers need to push the price above the USD 5,250 and USD 5,300 resistance for a fresh rally in the near term. If not, there is a risk of a renewed selling interest in the market.
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