After a few bearish moves, bitcoin price found support near the USD 3,550 level. BTC/USD is slowly recovering and it could gain bullish momentum above the USD 3,600 and USD 3,620 levels in the near term. Similarly, ethereum is moving higher and it is currently (UTC 10:00 AM) placed above the USD 120 support. A clear break above USD 125 is needed for a decent upward move. Ripple price is currently flat near the USD 0.3220, but it could make a nice recovery if buyers push the price above USD 0.335. The technical structure is showing a few positive signs, but bitcoin must move past USD 3,650 for a sustained bullish wave.
Total market capitalization
Buyers managed to push bitcoin price above the USD 3,580 and USD 3,600 resistance levels. BTC/USD is currently consolidating near USD 3,600, with an immediate resistance at USD 3,625, above which the price is likely to test the key USD 3,650 resistance.
To start a decent uptrend, BTC buyers need to push the price above the USD 3,650 resistance. The next major hurdles are near the USD 3,750 and USD 3,800 resistance levels. On the downside, an initial support is at USD 3,580, followed by the main weekly support at USD 3,550.
Ethereum price stayed above the USD 115 support and it recovered above the USD 118 and USD 120 resistance levels. ETH/USD is currently trading near USD 121 and it seems like it could test the USD 125 resistance in the near term.
On the downside, a bearish break below the USD 120 and USD 118 supports may push the price back in a negative zone for a test of the USD 115 support.
Bitcoin cash, eos and ripple price
Bitcoin cash price made an attempt to surpass the USD 130 resistance, but buyers failed to gain traction. BCH/USD is currently trading well above the USD 125 support, with a few positive signs on the hourly chart.
EOS gained more than 2% today and tested the USD 2.50 resistance. Buyers struggled to gain pace above USD 2.50, but the price remains well supported above USD 2.30.
Ripple price is trading in a tight range above the USD 0.322 support. On the upside, XRP/USD is facing a tough challenge near the USD 0.335 resistance, above which the price may climb to USD 0.350.
Other altcoins market today
During the past few hours, a few small cap altcoins gained more than 8%, including DCN, XIN, XZC and AOA. Out of these, DCN is up more than 15% and XIN gained close to 9%.
To sum up, bitcoin could make an attempt to gain momentum above USD 3,620 and USD 3,650 to end the week on a positive note. However, if BTC/USD fails to break the USD 3,650 and USD 3,700 resistances, it could drop back to USD 3,500 and it might also drag ethereum and ripple lower.