Bitcoin buyers managed to push the price back above the USD 6,250 support. BTC/USD gained traction, resulting in an upward move above the USD 6,300 and USD 6,350 resistances. More importantly, many major altcoins recovered sharply, including ethereum, litecoin, ICON, XLM, neo, bitcoin cash and ripple. It seems like the market started a short-term correction after hitting the oversold levels. If buyers gain control, there could be more upsides in BTC/USD, ETH/USD and XRP/USD.
Total market capitalization:
Bitcoin price bounced back from the USD 6,200 level and surpassed a couple of important resistances near the USD 6,350 level. Later, BTC/USD moved above the USD 6,400 level before correcting back to USD 6,390.
The price is currently (UTC 08:40 AM) up by 2.8% with an immediate resistance near the USD 6,420 level. Above this, the price may perhaps rally towards the next major resistance at USD 6,500. On the downside, supports are at USD 6,350, USD 6,300 and USD 6,250.
Ethereum price recovered after hitting a new yearly low near USD 165. ETH/USD gained more than 10% and settled above the USD 180 level.
On the upside, ETH buyers are facing a lot of resistance near the USD 195 – USD 200 zone. If they succeed in surpassing the USD 200 hurdle, the price will most likely continue to rise towards the USD 215 level.
Bitcoin cash and ripple
Bitcoin cash also recovered around 5% and stayed above the USD 400 support. BCH/USD has to move above the USD 450 resistance to correct further towards the USD 500 resistance. On the downside, a break below USD 400 may increase selling pressure in the near term.
Ripple price corrected above the USD 0.265 resistance and it is currently trading near the USD 0.270 resistance. If XRP/USD breaks the USD 0.270 and USD 0.275 resistances, it could move towards USD 0.300.
Other altcoins market today
Many small cap altcoins rallied and recovered more than 10%, including AOA, NANO, MANA, emercoin, VET, verge, wanchain, 0x, aion, ICX, GAS and WTC. Out of these NANO and MANA gained 26% and 21% respectively.
To sum up, despite the recent recovery in bitcoin and ethereum might look encouraging, it won’t be easy for buyers to retain gains and if BTC/USD fails to clear USD 6,500, it could drop back to USD 6,200. To continue the current recovery, bitcoin price has to settle above USD 6,500 and ETH/USD must clear the USD 200 and USD 215 resistances.
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