Bitcoin and Altcoins Showing Signs of Fresh Increase
This past week, bitcoin and altcoins trimmed most gains and struggled to continue higher. BTC/USD failed to clear the USD 12,000 resistance and later declined below USD 11,000. However, the USD 10,500 level acted as support and recently the price rebounded above USD 11,200. Besides, ethereum price started a strong rise in the past few hours (08:00 UTC) and rallied above the USD 290 and USD 300 resistance levels. Ripple price also broke the USD 0.400 and USD 0.405 resistance, but it struggled to stay above the USD 0.400 pivot level. The overall market sentiment is slowly improving.
Total market capitalization
After a daily close above the USD 11,000 level, bitcoin price made an attempt to clear the USD 11,550 resistance area. However, BTC/USD failed to continue higher and it is currently trading in a range near the USD 11,400 level. If there is an upside break above USD 11,550 and USD 11,680, there could be a decent upward move towards the key USD 12,000 weekly resistance.
On the downside, the USD 11,200 and USD 11,000 levels are immediate supports, below which the price could revisit the main weekly support near USD 10,500.
Ethereum price found a strong support above the USD 280 level and it recently started a solid upward move. ETH/USD broke a few key resistances near the USD 300 level to move into a positive zone.
The price is currently consolidating near USD 305, with an immediate resistance at USD 310. If there are more gains, the price is likely to visit the USD 325 resistance. On the downside, the main supports are near the USD 300 and USD 295 levels.
Bitcoin cash, eos and ripple price
Bitcoin cash price declined below the USD 400 level, but sellers failed to gain traction. As a result, BCH/USD bounced back above USD 400 and traded above the USD 405 level. On the upside, there are many hurdles for buyers near the USD 410, USD 415, USD 420 and USD 422 levels.
EOS is recovering from the USD 5.720 support area and it is currently trading near USD 5.900. If its settles above the USD 6.000 level, the bulls are likely to take control and push the price towards the USD 6.200 and USD 6.300 levels.
Ripple price climbed sharply above the USD 0.400 and USD 0.405 resistance levels. However, XRP/USD failed near USD 0.412 and recently started a fresh decline. It is currently consolidating above USD 0.392 and it could either break above USD 0.400 or decline further below USD 0.391.
Other altcoins market today
In the past three sessions, a few small cap altcoins climbed higher and gained more than 8%, including XMX, ICX, CRO, TRX, EGT, DGB, ELA and NANO. Out of these, XMX is up around 55% and ICX gained nearly 20%.
Overall, bitcoin price is currently trading with a positive tone above the USD 11,000 support area. If BTC/USD breaks the USD 11,550 resistance, there are chances of an upward move towards USD 12,000.
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