Bitcoin and Altcoins Struggle to Recover, Key Uptrend Support Intact
After a sharp downside correction, bitcoin price found support above USD 32,500. BTC started a fresh recovery and climbed above USD 34,000 before correcting lower again. It is currently (13:00 UTC) showing positive signs, but it could face hurdles near USD 35,000 and USD 35,500.
Similarly, major altcoins are also fluctuating. ETH/USD is recovering above USD 1,050, but there are a few major hurdles near USD 1,125 and USD 1,140. XRP/USD must clear the USD 0.300 and USD 0.305 resistance levels to move back into a positive zone.
Total market capitalization
After a strong decline of over USD 5,000, bitcoin price found support near USD 32,500. BTC started a fresh upward move and climbed above USD 34,000. An initial resistance is near the USD 35,000 and USD 35,500 levels. The main resistance is near the USD 36,250 level, above which the price might accelerate higher.
If there is no clear break above USD 35,800 or USD 36,250, there is a risk of a bearish reaction. In the stated case, the price might decline back towards the USD 33,200 and USD 32,500 support levels.
Ethereum price traded close to the USD 1,000 support zone, where the bulls took a strong stand. ETH started a fresh upward move and climbed above USD 1,050. The price even broke the USD 1,080 resistance level. However, the bulls might struggle near USD 1,125 and USD 1,140.
A close above USD 1,140 could pump the price towards the USD 1,200 resistance. Conversely, the price might start a fresh decline towards the USD 1,040 and USD 1,000 levels.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price declined over USD 200 and it tested the USD 450 support. The bulls took a strong stand and BCH is currently recovering higher. An initial resistance is near the USD 500 level. If there is a daily close above USD 500, the price might continue to rise towards the USD 525 and USD 540 levels.
Litecoin (LTC) is still down 20% and it is trading well below the USD 145 and USD 150 levels. An initial support is near the USD 132 level. The main support is near the USD 125 level. Any more losses may possibly lead the price towards the USD 112 support level.
XRP price remained well bid above the USD 0.250 support level. The price is currently rising, but it is facing a strong resistance near USD 0.300. A close above USD 0.300 and USD 0.305 is a must to start a fresh increase. The next major resistance is near the USD 0.325 level.
Other altcoins market today
Many altcoins were down over 15%, including BTG, EOS, NANO, MKR, BSV, AMPL, CRO, ZIL, BCD, SNT, DCR, RSR, and BAND. Conversely, ZEN rallied almost 40% and it broke the USD 25.00 resistance.
Overall, bitcoin price is recovering losses and trading around USD 34,000. If BTC fails to gain pace above USD 35,500 and USD 35,800, there is a risk of a fresh decline in the near term.
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