Recently, we saw a strong increase in bitcoin price above the USD 3,750 and USD 3,800 resistance levels. BCT/USD even broke the USD 3,950 resistance and traded close to the USD 4,000 barrier before correcting lower. The price dipped below the USD 3,900 level, but the USD 3,860 level acted as a decent support. Similarly, there were bearish moves in ethereum below the USD 145 support. ETH/USD tested the USD 140 support area and it is currently (UTC 08:20 AM) consolidating gains. Ripple price also corrected lower, but it stayed above the key USD 0.315 support area.
Total market capitalization
After a solid upward move, bitcoin price failed to surpass the USD 3,980 – USD 4,000 resistance area. BTC/USD corrected lower and traded below the USD 3,950 and USD 3,900 support levels. However, the USD 3,860 provided a decent support and the price rebounded above USD 3,900.
On the upside, the USD 3,950 level is an initial resistance followed by USD 3,980. A successful break above USD 4,000 is must for further acceleration. On the other hand, if the price breaks the USD 3,860 support, there could be an extended decline towards the USD 3,780 support.
Ethereum price topped near the USD 150 level and later corrected below the USD 145 and USD 142 support levels. ETH/USD tested the USD 140 support and it is currently down 3% to USD 143.
Buyers need to gain strength above USD 145 to challenge the USD 150 resistance. If they fail to gain momentum, there is a risk of more losses below the USD 140 support.
Bitcoin cash, eos and ripple price
Bitcoin cash price spiked above the USD 150 and USD 151 levels before starting a downside correction. BCH/USD declined below USD 145 and tested the USD 138 level, where buyers appeared. It is currently trading above USD 140, with resistances near USD 145 and USD 148.
EOS remained in the positive zone and there was hardly any major downside correction from the USD 3.80 swing high. The price is trading near the USD 3.62 level, with a positive angle towards USD 2.70 and USD 2.80.
Ripple price trimmed its recent gains and traded below the USD 0.325 and USD 0.320 support levels. XRP/USD found support near USD 0.315 and later bounced back above USD 0.322. It must accelerate above USD 0.330 and USD 0.332 to rise again in the near term.
Other altcoins market today
Despite a downside correction in bitcoin and ethereum, a few small cap altcoins gained traction, including STROJ, BNB, MKR, WAX, THETA, QNT and KMD. Out of these, STORJ gained more than 20% and BNB is up close to 16%.
The current price action is slightly bearish, but bitcoin price remains supported above the USD 3,860 and USD 3,780 levels. Having said that, BTC/USD must gain strength above USD 3,950, USD 3,980 and USD 4,000 to start a fresh upward move in the coming sessions. If not, there is a risk of an extended correction in bitcoin and altcoins.