Bitcoin and Altcoins Recover With Few Warning Signs
In one of the recent analyses, we discussed the importance of the USD 10,000 resistance for bitcoin. It seems like the bulls were successful in surpassing this level. BTC/USD rallied close to 7% in the past three sessions and broke many resistances, including USD 10,100, USD 10,220 and USD 10,350. Similarly, there were decent gains in many major altcoins, including ethereum, binance coin, ripple, BCH, litecoin, XLM and EOS. Having said that, ETH/USD is still struggling (08:00 UTC) to break the key USD 180 resistance and XRP/USD is facing many hurdles near USD 0.265. Therefore, the next couple of hours could define the subsequent move and the market could either continue higher or trim gains to move back in a negative zone.
Total market capitalization
After a strong move above USD 10,000, bitcoin price extended recovery above the USD 10,220 and USD 10,350 resistance levels. BTC/USD even broke the USD 10,400 level, but it failed to surpass the USD 10,500 resistance. The price is currently consolidating gains and it might correct lower towards the USD 10,300 and USD 10,220 support levels.
On the upside, the price is likely to struggle near USD 10,450 and USD 10,500. Should there be an upside break above USD 10,500, the price will most likely surge towards the USD 10,800 and USD 10,850 resistance levels.
Ethereum price managed to recover above the USD 172 and USD 175 resistance levels. However, ETH/USD is facing a strong sell wall near the USD 180 level. A successful follow through above USD 180 is needed for a trend change in the near term.
If the price fails to climb above USD 180, there could be a fresh decline. An initial support is at USD 175, below which the price may perhaps revisit the USD 170 support.
Bitcoin cash, eos and ripple price
Bitcoin cash price climbed higher above the USD 192 resistance. BCH/USD is up around 5%, but it is facing hurdles near the USD 300 and USD 305 levels (the previous supports). If the price fails to continue higher, there could be a fresh decline towards USD 285 or USD 280.
EOS formed a decent support base near the USD 3.200 level and recently climbed above the USD 3.300 resistance. If the bulls gain traction above USD 3.350 and USD 3.400, the price could trade above the USD 3.550 resistance area. On the downside, the USD 3.250 level is a short term support, followed by USD 3.200.
Ripple price recovered above the USD 0.255 resistance level. However, the weekly resistance near USD 0.265 is still capping the recent upward move. A successful close above USD 0.265 might spark more upsides. If not, the price is likely to retreat towards USD 0.250.
Other altcoins market today
In the past three sessions, many small cap altcoins recovered and gained more than 5%, including BEAM, GRIN, MAID, SNX, LINK, HEDG, ETC, BTG, RIF, ELA and BNB. Out of these, BEAM rallied more than 12% and GRIN is up around 11%.
Overall, bitcoin price is recovering and broke the main USD 10,000 and USD 10,220 resistances. However, BTC/USD must continue higher above USD 10,500 to confirm a trend change. If not, it could trim gains and move back below USD 10,220 or even USD 10,100.
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