Bitcoin and Altcoins Remain Supported, May Bounce Back
There was a bearish reaction in bitcoin price from the USD 5,260 resistance area. BTC corrected below the USD 5,200 support and tested the USD 5,175 level. Recently, it bounced back and currently (08:10 UTC) consolidating above the USD 5,200 level. Similarly, there was a dip in ethereum price, but it recovered and now trading in a range above the USD 170 support. Conversely, ripple price is down more than 3% and it recently broke the USD 0.335 and USD 0.332 support levels. The overall price action is slightly bearish, but bitcoin and altcoins are likely to bounce back as long as BTC is above USD 5,175.
Total market capitalization
After testing the USD 5,250 – USD 5,260 resistance area, bitcoin price started a short-term downside correction. BTC/USD declined below the USD 5,220 and USD 5,200 support levels. However, the USD 5,175 area acted as a strong support, resulting in a sharp rebound above USD 5,200.
The price is currently consolidating above USD 5,210, with an immediate resistance at USD 5,250 and USD 5,260. A successful break and close above USD 5,260 may push the price towards the USD 5,300 and USD 5,320 levels in the near term.
Ethereum price reacted to the downside after facing a strong resistance near the USD 175 level. ETH declined below USD 172 and tested the USD 169 – USD 170 support area.
The price is currently trading above USD 170 and it seems like it could break the USD 172 resistance to recover further. The main resistance is at USD 175, above which the price could test the USD 180 resistance.
Bitcoin cash, eos and ripple price
Bitcoin cash price failed to stay above the USD 310 and USD 300 support levels. BCH/USD is down more than 3% in the past 24 hours and it recently tested the USD 295 level. If there are more downside, the price is likely to test the USD 290 support level. On the upside, the USD 300 level may now act as a resistance.
EOS silently moved below the USD 5.50 support level and tested the USD 5.40 level. If sellers gain strength, the price could decline further below the USD 5.35 and USD 5.32 support levels.
Ripple price trimmed most of its recent gains after testing the USD 0.350 resistance area. XRP/USD declined below the USD 0.335 and USD 0.332 support levels, and it is currently trading below USD 0.330 with a bearish angle. The next key support is at USD 0.327.
Other altcoins market today
In the past two sessions, most small cap altcoins traded in a range and only a few gained more than 5%, including ENJP, MCO, AOA, BNB, LRC, XTZ and BCD. Out of these, ENJ is up around 13% and MCO climbed nearly 8%.
Overall, bitcoin price remains supported above USD 5,175 and USD 5,150. Therefore, there are chances of a fresh rise towards the USD 5,400 level in the next two days. Conversely, a break below USD 5,150 could trigger an extended decline in BTC and altcoins in the near term.
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