Bitcoin and Altcoins Probing Key Resistances After Recovery
In the past few sessions, there was a steady recovery in bitcoin and altcoins. BTC/USD broke a few important resistances near the USD 9,800 and USD 10,000 levels. However, the price struggled to surpass the next key resistance region near the USD 10,150 and USD 10,200 levels. Similarly, there was an upside extension in ethereum, ripple, bitcoin cash and EOS. ETH/USD tested the USD 220 resistance and it is currently (08:00 UTC) correcting lower. XRP/USD failed to stay above USD 0.320 and declined below USD 0.318.
Total market capitalization
After a successful break above the USD 9,800 resistance, bitcoin price climbed further higher. BTC/USD broke the USD 10,000 resistance, but the upward move was capped by the key resistance region near the USD 10,150 and USD 10,200 levels. As a result, the price is currently correcting lower below USD 10,000 and it might test the USD 9,800 support (the previous resistance).
If the bulls fail to protect USD 9,800, the price could resume its decline below USD 9,650. Conversely, a successful break and close above USD 10,200 is needed for upside continuation in the near term. The next key resistance could be near USD 10,550.
Ethereum price extended gains above the USD 215 resistance level, but the USD 220 level prevented further gains. ETH/USD corrected gains and even traded below USD 215. On the downside, there is a strong support forming near USD 210, which might act as a buy zone.
On the upside, the price is facing an uphill task near the USD 215 and USD 220 levels. If the bulls gain momentum above USD 220, the price could rally towards USD 235.
Bitcoin cash, eos and ripple price
Bitcoin cash price traded close to the USD 335 and USD 340 resistance levels before starting a fresh decline. BCH/USD declined below the USD 325 level and is currently testing the USD 320 support. If there are more downside, the price could retest the USD 300 support level. On the upside, an initial resistance is at USD 330, followed by USD 340.
EOS declined after testing the USD 4.500 resistance. The price broke the USD 4.350 support level and tested USD 4.200. It is currently recovering, but might struggle to clear the USD 4.400 resistance in the short term.
Ripple price spiked above the USD 0.320 resistance, but the USD 0.322 level acted as a resistance. XRP/USD started a fresh dip below USD 0.320 and USD 0.318. It seems like the price could retest the USD 0.305 support level in the coming sessions.
Other altcoins market today
In the past two sessions, a few small cap altcoins extended gains by more than 6%, including JCT, AOA, UUU, NRG, XMX, LTC, and GXC. Out of these, JCT is up more than 15% and AOA gained nearly 9%.
Overall, bitcoin price recovered, but it failed to surpass the main USD 10,200 resistance area. BTC/USD is currently correcting lower and it seems like the USD 9,800 support holds the key. The price could either bounce back or resume its decline below USD 9,800.
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