This week we saw a bearish extension of the bitcoin price below the support area of USD 7,000 and USD 6,850. However, the 6,550 USD support area represented a strong buying zone, leading to a strong recovery in BTC / USD. The price has gone up by almost 1,000 USD and has overcome many resistances including 7,000 USD.
Similarly, most major altcoins have also recovered ground, including ethereum, XRP, bitcoin cash, litecoin, EOS, BNB, ADA, TRX and XLM. ETH / USD has recovered from 115 USD and exceeded 125 USD. However, XRP / USD has struggled to achieve a similar boost and is currently (09:00 UTC) up around 2% from its recent monthly low.
Total market capitalization
After testing the 6.550 support the bitcoin price started a strong reversal wave. BTC / USD has passed the resistance levels of 6.850 and 7.000 USD. In addition, there was a break above USD 6,200, but the price failed to free the USD 6,450 resistance area.
It is currently correcting earnings and is trading around the USD 7.100 level. Immediate support is close to the 7,020 and 7,000 USD levels. The next key support is USD 6,850, below which the recent rally could complete the reversal. On the bullish side, the price could gain strength if it exceeds the 7,200 USD area.
Ethereum’s price fell below the USD 120 support before buyers appeared close to the USD 115 level. After the Bitcoin rally, ETH / USD has recovered and is trading above the 120 and 125 USD levels. The price tested the USD 132 resistance and is currently correcting further down.
On the bearish side, if the price fails to stay above USD 125, it may revert to support levels of USD 120 and USD 118.
Bitcoin cash traded close to the USD 170 level before starting an upward correction. BCH / USD increased by around 5% and was trading above the USD 180 level. On the positive side, the price appears to face many obstacles close to the 190 and 192 USD levels, above which it could rise further above USD 200.
Litecoin found support near the USD 35.00 level and recently followed the rise of bitcoins. LTC / USD broke through the resistance levels of USD 36.50 and USD 38.00. The price even went above USD 40.00, but it did not stay above it. It is currently correcting further down, but the USD 38.00 level is expected to protect losses.
XRP fell below the support level of 0.180 USD before starting an upward correction. XRP / USD has recovered over USD 0.190, but has struggled to overcome USD 0.198 and USD 0.200 hurdles. The price has returned below USD 0.190 and may even revise support of USD 0.180.
In the last three sessions, many small capitalization altcoins have recovered over 8%, including ADK, STRAT, MKR, SNX, STEEM, LSK, TOMO, ATOM, SXP, THETA, ZEN, EOS and SLV. Of these, ADK posted an increase of over 45% and STRAT increased by almost 14%.
To summarize, bitcoin is showing positive signs above the USD 7,000 and USD 6,850 levels. In the short term, a slight decline may occur, but as long as BTC / USD is above USD 6,850, it could continue to rise to USD 7,200 and USD 7,250.
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