Yesterday, there was a short term downside correction in bitcoin below the USD 3,950 support. Later, BTC/USD recovered and traded above the USD 3,950, USD 3,975 and USD 4,000 levels. However, buyers failed to gain traction and later the price started trading in a range above USD 3,950. Ethereum also recovered a few points and tested the USD 150 resistance, with a bullish angle. Ripple price is slowly grinding higher and it seems like the price may rise towards the USD 0.365 resistance. The current bias is slightly bullish and there are chances of more upsides in bitcoin price above USD 4,000.
Total market capitalization
After recovering above the USD 4,000 level bitcoin price corrected a few points. However, BTC/USD stayed above the USD 3,950 support and it is currently trading in a range. On the upside, an initial resistance is near USD 4,000, above which the price may climb towards the USD 4,050 and USD 4,100 resistance levels.
On the downside, an initial support is at USD 3,950, which will most likely act as a pivot area. A close below USD 3,950 could spark bearish moves towards USD 3,925 and USD 3,880 in the near term.
Ethereum price recovered from the USD 145 support and traded above USD 148. ETH/USD is currently up close to 2% and it seems like it could break the USD 150 and USD 153 resistance levels.
The main resistance is at USD 155, above which the price may climb to USD 160. On the downside, an initial support is at USD 145, followed by USD 142 and USD 140.
Bitcoin cash, eos and ripple price
Bitcoin cash price is trading flat near the USD 155 level. A proper break above USD 160 is needed for a decent upward move. If BCH/USD fails to gain traction, it could correct lower towards the USD 150 and USD 148 supports.
EOS seems to facing a solid resistance near the USD 2.80 and USD 2.82 levels, above which the price may perhaps test the USD 3.00 resistance. The main supports are USD 2.72 and USD 2.68.
Ripple price is slowly moving higher and it recently broke the USD 0.360 resistance. If XRP/USD breaks the USD 0.365 and USD 0.370 resistances, there could be more gains.
Other altcoins market today
During the past few hours, many small cap altcoins gained more than 10%, including HOT, NPXS, LINK, NEO, VET, IOST, ZIL, CRO and AOA. Out of these, HOT rallied more than 24% and NPXS is up around 16%.
Clearly, the price action is positive for bitcoin above the USD 3,925 and USD 3,950 support levels. Still, a successful close and follow through above USD 4,000 is must for BTC/USD buyers to gain momentum. Similarly, if ethereum gains strength above USD 155, ETH/USD may rally towards the USD 165 and USD 170 levels.