Bitcoin and Altcoins Showing Positive Signs
In the past two sessions, there was a decent recovery wave in bitcoin above the USD 9,400 and USD 9,550 levels. BTC is trading above the USD 9,600 level (08:30 UTC), but it must clear the USD 9,850 resistance zone for a sustained upward move above the USD 10,000 level.
Similarly, most major altcoins are slowly recovering with a positive angle, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is back above the USD 240 level and showing positive signs. XRP/USD is holding the USD 0.202 level and it might make an attempt to break the USD 0.210 resistance zone.
Total market capitalization
After a downside correction, bitcoin price found support near the USD 9,300 level. BTC is currently recovering and trading above the USD 9,550 level. The first major resistance is near the USD 9,800 and USD 9,850 levels. A clear break above the USD 9,850 level could start a fresh upward move towards the USD 10,000 and USD 10,200 levels.
Conversely, there is a risk of a fresh decline if the price fails to continue higher above USD 9,800. On the downside, the first major support is near the USD 9,550 level, below which the price might revisit the USD 9,300 level.
Ethereum price recovered above the USD 230 and USD 235 levels and is now trading above the USD 240 level. It seems like the price could accelerate higher if it clears the USD 245 level. The main resistance is still near the USD 250 and USD 252 levels.
Conversely, there may be a fresh decline below the USD 240 level. If there are more losses below USD 238, the price is likely to revisit the USD 230 level.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price remained stable above the USD 245 and USD 240 levels. BCH is now trading well above the USD 250 level and it is likely to continue higher towards the USD 260 and USD 262 resistance levels. On the downside, the USD 250 level might now act as a support.
Litecoin is trading above the key USD 45.00 pivot level. LTC is rising steadily and trading above USD 47.00. The key hurdle is near the USD 48.50 level, above which the price is likely to accelerate higher towards the USD 50.00 and USD 50.50 levels.
XRP price is consolidating above the USD 0.200 and USD 0.202 support levels. The price is currently testing the USD 0.205 level and it seems like the bulls are aiming a retest of the USD 0.210 and USD 0.212 resistance levels. If not, there is a risk of more losses below the USD 0.200 support.
Other altcoins market today
In the past three sessions, many smaller altcoins rallied more than 8%, including HEDG, SC, LRC, THETA, ADA, STX, NMR, REP, KMD, BAT, ATOM, and XLM. Out of these, HEDG is up more than 35% and SC is gaining momentum above the USD 0.0025 resistance.
To sum up, bitcoin price is slowly recovering and trading above the USD 9,550 level. However, BTC must gain pace above the USD 9,800 and USD 9,850 levels to start a fresh uptrend towards USD 10,200 or even USD 10,400.
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