Yesterday, we discussed make-or-break levels for bitcoin. BTC/USD managed to stay above the USD 3,500 support level and it recently started an upside correction. The price recovered above the USD 3,540 and USD 3,550 resistance levels, but still there are many hurdles on the upside. Ethereum also found support near the USD 110 level and later recovered above USD 115. However, ripple price is struggling to gain bullish momentum and it may continue to face a strong resistance near USD 0.318 and USD 0.320. The technical structure is still bearish, but there are a few positive signs on the hourly chart of BTC.
Total market capitalization
After a sharp decline below USD 3,500, bitcoin price found a strong buying interest. BTC/USD corrected higher and broke the USD 3,540 and USD 3,550 resistance levels. The price is currently up around 1%, with an immediate resistance near the USD 3,580 and USD 3,600 levels.
If there is an upside break above USD 3,580 and USD 3,600, buyers could gain control and there may be more upsides towards the USD 3,700 level. If not, there could be a fresh drop towards the USD 3,500 support.
Ethereum price tested the key USD 110 support and later recovered above the USD 115 resistance. ETH/USD is currently trading above USD 117, with an immediate resistance at USD 120.
Once buyers succeed in gaining strength above USD 120, the price could rally towards the USD 124 and 127 levels. On the downside, the main supports are seen near the USD 115 and USD 113 levels.
Bitcoin cash, eos and ripple price
Bitcoin cash price gained traction after testing the USD 115 level. BCH/USD bounced back above USD 125 and it is currently up more than 6%. The next key resistance is at USD 130, above which the price may
rise towards the USD 136 level.
EOS is up close to 5% and it seems like the price may soon test the USD 2.45 and USD 2.50 resistance levels. On the downside, the main support is at USD 2.40, followed by USD 2.32.
Ripple price seems to be struggling near the USD 0.318 and USD 0.320 resistance levels. XRP/USD must surpass the USD 0.320 barrier for a decent recovery towards the USD 0.330 and USD 0.335 levels. If not, it could revisit the USD 0.305 support level.
Other altcoins market today
During the past few hours, many small cap altcoins gained and moved up by more than 8%, including LRC, RVN, WAVES, RDD, BTM, STEEM and THETA. Out of these, LRC is up more than 23% and RVN gained close to 21%.
To sum up, the current price action is positive and bitcoin may slowly climb towards the USD 3,580 and USD 3,600 resistance levels. However, BTC/USD needs to gain strength above USD 3,600 for a sustained upward move. If not, there could be a fresh decline in bitcoin price and altcoins in the near term.