Yesterday, there was a fresh downside correction in bitcoin below the USD 5,050 and USD 5,000 support levels. However, the previous support near USD 4,950 acted as a strong buy zone once again. The price bounced back above USD 5,000 and it is currently (08:10 UTC) trading near USD 5,050. Similarly, ethereum and ripple extended losses and tested the USD 155 and USD 0.312 support respectively. Recently, both ETH and XRP recovered, but bulls seem to be facing a lot of hurdles on the upside.
Total market capitalization
There was a downside extension in bitcoin price below the USD 5,050 and USD 5,000 support levels. BTC dropped towards the key USD 4,950 support area, where bulls protected further declines. Later, the price rebounded above USD 5,000 and even tested the USD 5,050 level.
On the upside, an initial resistance is at USD 5,100, above which the price is likely to struggle near USD 5,140. On the downside, the USD 5,000 and USD 4,950 supports are important, below which the price could decline to USD 4,860.
Ethereum price accelerated losses below the USD 160 support level and tested the next support at USD 155. ETH found strong bids and recently recovered above USD 160.
However, the price is facing many hurdles near the USD 163 and USD 165 levels. A successful close above the USD 165 level may perhaps open the doors for more gains above the USD 170 level. On the downside, the main support is at USD 155, followed by USD 150.
Bitcoin cash, eos and ripple price
Bitcoin cash price rallied recently and broke the USD 300 and USD 310 resistance levels. The main reason was a sharp decline in bitcoin SV after a major cryptocurrency exchange, Binance confirmed that it will delist BSV. BCH may consolidate for some time before bulls attempt a push above the USD 320 level.
EOS tested the USD 5.20 support recently and recovered above USD 5.30. The price needs to surpass the USD 5.40 resistance to revisit the USD 5.50 resistance area in the near term.
Ripple price declined sharply below the USD 0.321 and USD 0.320 support levels. XRP/USD traded close to the USD 0.312 support level and recently recovered above the USD 0.320 level. On the upside, a break above USD 0.325 is required for an upside acceleration towards USD 0.330.
Other altcoins market today
In the past three sessions, many small cap altcoins trimmed gains and declined by more than 8%, including BSV, LAMB, KMD, HT, PAI, DGTX, WAX, IOST, LOOM and PIVX. Out of these, BSV is down around 21% and LAMB declined close to 16%.
Overall, bitcoin price rebounded towards USD 5,050, but it must gain momentum above USD 5,100 and USD 5,120 to continue higher. If it fails to climb above USD 5,100, there is a risk of a fresh downside in BTC towards the USD 4,950 and USD 4,900 support levels in the coming sessions.