Bitcoin and Altcoins Showing Signs of Reversal
Recently, there was a sharp decline in bitcoin price below the USD 10,000 support. BTC/USD even spiked below the USD 9,850 support area, but the USD 9,650 area acted as a strong support. As a result, there was a strong bounce above the USD 10,000 and USD 10,200 resistance levels, signaling signs of an important reversal. Moreover, many altcoins climbed higher again, including ethereum, ripple, bitcoin cash, binance coin, cardano, tron, litecoin and EOS. ETH/USD broke the last swing high and traded to a new monthly high near USD 225. However, XRP/USD is struggling to gain momentum above the USD 0.300 resistance area (08:00 UTC).
Total market capitalization
After tagging the USD 9,650 support area, bitcoin price bounced back sharply. BTC/USD broke the USD 10,000 and USD 10,200 resistance levels to move into a positive zone. However, the price is still facing many resistances near the USD 10,350 and USD 10,400 levels. If there is a break above USD 10,400, the price could continue to rise in the near term.
On the downside, the USD 10,050 level is an initial support, below which the bulls could defend the USD 10,000 support. If there is a successful close below USD 10,000, there are chances of a fresh decline towards USD 9,650.
Ethereum price remained in a bullish zone and it bounced back sharply from the USD 202 support. ETH/USD rallied and even surpassed the last swing high near USD 220. It traded to a new monthly high near USD 225 and is correcting gains.
An immediate support is near the USD 215 level, below which it could test the USD 310 support. On the upside, the bulls need to clear the USD 225 resistance to push the price towards USD 240.
Bitcoin cash, eos and ripple price
Bitcoin cash price resumed its upward move above the USD 315 level. BCH/USD is currently trading near USD 318 and it seems like it could make another attempt to climb above the USD 325 resistance area in the near term.
EOS failed to hold the key USD 4.050 and USD 4.000 support levels. The price is currently consolidating below USD 4.000, but it seems like it could climb back above USD 4.000 and USD 4.100 in the short term. If not, it might retest the USD 3.850 support.
Ripple price settled below the USD 0.300 level and it is currently trading in a range. To start a fresh increase, XRP/USD must break the USD 0.300 and USD 0.304 resistance levels. On the downside, the main supports are near USD 0.288 and USD 0.285.
Other altcoins market today
In the past three sessions, many small capitalization altcoins climbed higher and gained more than 8%, including ABBC, REN, BEAM, QNT, DRG, STRAT, ZRX, THETA, ETP and NEXO. Out of these, ABBC rallied more than 40% and REN is up close to 20%.
To sum up, bitcoin price is showing reversal signs above the USD 10,000 support area. Having said that, BTC/USD must surpass the USD 10,350 and USD 10,400 resistance levels to continue higher in the coming sessions. On the other hand, dips remain supported in most major altcoins.
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