Bitcoin and altcoins started the week with a positive bias. BTC/USD climbed above the USD 7,500 and USD 7,750 resistance levels. The price even spiked above USD 7,800, but it struggled to gain momentum above the key USD 8,900 and USD 9,000 resistance levels. The price is currently (08:10 UTC) trading sideways, while a few major altcoins rallied. EOS price is up close to 14% and it recently traded to a new 2019 high above USD 8.10. XRP and TRX also gained momentum and traded above the USD 0.440 and USD 0.0350 respectively. The overall market sentiment is positive, suggesting more upsides in the near term.
Total market capitalization
After a strong upward move above USD 8,700, bitcoin price extended gains above the USD 8,800 and USD 8,850 levels. However, BTC/USD struggled to hold gains, retreated from highs, and traded below the USD 8,780 and USD 8,750 levels. The price is correcting lower within a range below the USD 8,900 and USD 9,000 resistance levels.
On the downside, an initial support is near the USD 8,620, below which the price could extend its downward move towards the next support at USD 8,550.
Ethereum price extended gains and spiked to a new weekly high above the USD 275 level. However, ETH/USD failed to surpass the main USD 280 resistance and recently corrected lower. The pair traded below the USD 274 support and it seems like it could test the USD 264 or USD 262 support.
On the upside, the key resistances are near USD 275 and USD 280. If there is an upside break above USD 280, the price could test the USD 295 level.
Bitcoin cash, eos and ripple price
Bitcoin cash price started a downside correction after it failed to clear the USD 450 resistance. BCH/USD is currently trading below the USD 435 support and it seems like it could continue to move down towards the key USD 420 support area in the near term.
EOS outperformed other major altcoins and rallied above the USD 7.00 and USD 7.50 resistance levels. The price even rallied above USD 8.00 and traded to a new 2019 above the USD 8.15 level. The price is currently correcting lower towards the USD 7.85 and 7.80 support levels.
Ripple price also outperformed bitcoin and Ethereum today and climbed above the USD 0.420 and USD 0.440 levels. XRP/USD touched the USD 0.446 level and it is currently correcting lower. An initial support is at USD 0.422, below which it could test the USD 0.410 support area.
Other altcoins market today
In the past three sessions, many small cap altcoins gained more than 6%, including MXM, BTT, ZEC, ETP, ARDR, ETC, TRX, IOST, HOT and OMG. Out of these, MXM is up around 14% and BTT climbed nearly 13%.
Overall, bitcoin seems to be correcting lower towards the USD 8,600 and USD 8,550 levels. In the short term, there could be more downsides, but BTC/USD is likely to bounce back above USD 8,700 and USD 8,800.
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