Bitcoin and Altcoins Signaling Fresh Bullish Wave
After bitcoin price traded close to the USD 9,450 level, it started a short term correction. BTC/USD declined below the USD 9,250 support, but the USD 9,000 support acted as a strong buy zone. As a result, the price started a fresh increase and it is currently (08:10 UTC) trading above USD 9,120. Similarly, many major altcoins tested key supports and are currently moving higher. Ethereum price is approaching the USD 270 resistance and it seems like ripple price could soon break the USD 0.440 resistance area.
Total market capitalization
After completing a short term correction, bitcoin price formed a decent support near the USD 9,000 level and recently climbed higher. BTC/USD broke the USD 9,100 and USD 9,150 resistance levels. An immediate resistance is near the USD 9,200 level, above which the price could accelerate towards the USD 9,350 and USD 9,400 levels.
On the downside, an initial support is near the USD 9,100 level. If the price declines below USD 9,100, it may even struggle to stay above the key USD 9,000 support area in the near term.
Ethereum price declined from the USD 275 resistance below the USD 265 level. However, the USD 260 level acted as a solid support and the ETH/USD pair is currently recovering.
It is trading near the USD 268 and USD 270 resistance levels. A successful close above the USD 270 resistance might increase the chances of a strong bullish wave above the USD 275 and USD 280 resistance levels.
Bitcoin cash, eos and ripple price
Bitcoin cash price extended losses below the USD 415 and USD 410 support levels. BCH/USD tested the main USD 400 support level and recently started an upward move. It is currently trading above the USD 410 level and it could soon make an attempt to surpass the USD 420 resistance level. The next key resistances are near USD 425 and USD 430.
EOS declined below the USD 7.000 support area. It even broke the USD 6.850 support level and traded close to the USD 6.660 support zone. It is currently recovering, but it seems like the bulls might struggle to clear the key USD 7.000 resistance area.
Ripple price remained well bid above the USD 0.425 and USD 0.420 support levels. XRP/USD climbed back above USD 0.430 and it is likely to break the USD 0.440 resistance levels in the near term. In the mentioned case, the price might continue to rise towards the USD 0.450 level.
Other altcoins market today
In the past three sessions, many small cap altcoins gained traction and are up more than 10%, including INB, ARDR, ODE, DGB, XZC, WAX, HC, ZEC and GRIN. Out of these, INB is up around 74% and ARDR gained nearly 25%.
Overall, bitcoin price likely completed a downside correction near the key USD 9,000 support level. To start a fresh increase, BTC/USD must accelerate above the USD 9,200 and USD 9,300 resistance levels. Conversely, a break below the USD 9,000 support might increase pressure on the bulls.
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