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Bitcoin and Altcoins Sighting a Strong Recovery

Bitcoin price started a steady recovery above the USD 8,550 and USD 8,650 levels. BTC/USD even broke USD 8,700, but it failed to gain bullish momentum above the USD 8,850 resistance area. The price is currently (09:00 UTC) trading near USD 8,750 and it could make another attempt to surpass USD 8,850 and USD 9,000.

Also, there was an upward move in most major altcoins, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD climbed above USD 230 and tested the USD 235 resistance level before dipping back below USD 230. XRP is now trading above USD 0.232 and it could rise steadily above USD 0.235 and USD 0.238.

Total market capitalization

Bitcoin and Altcoins Sighting a Strong Recovery 101
Source: www.tradingview.com

Bitcoin price

In the past two sessions, bitcoin price traded with a bullish bias and recovered above the USD 8,650 and USD 8,700 levels. However, BTC/USD bulls struggled to remain in action above USD 8,850. There was no test of the USD 9,000 resistance zone and the price is now trading near the USD 8,750 level.
The main supports on the downside are still near USD 8,550, followed by USD 8,440. On the upside, a successful close above USD 8,850 and USD 9,000 is needed for a steady rise towards the USD 9,250 level.

Ethereum price

Ethereum price started an increase above the USD 228 and USD 230 resistance levels. ETH/USD even tested the USD 235 resistance, but it failed to extend its recovery. The price is back below USD 230, but it could find support near the USD 225 level.
If there is a downside break below the USD 225 support, there are chances of more losses below USD 220 in the near term.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price settled above the USD 325 and USD 330 resistance levels. BCH/USD even spiked above USD 340 and it is now correcting towards USD 325. The previous hurdles near USD 330 and USD 325 are likely to act strong supports. On the upside, the main hurdles are now near USD 340 and USD 350.
Litecoin is showing signs of a recovery above the USD 60.00 resistance level. However, LTC/USD needs to gain momentum above the USD 62.50 resistance to continue higher. On the downside, there are key supports forming near the USD 58.50 and USD 56.80 levels.
XRP price popped above the USD 0.232 and USD 0.235 resistance levels. The price traded as high as USD 0.242 and it is currently trimming gains. However, the bulls are likely to defend the USD 0.232 and USD 0.230 support levels in the near term. On the upside, the price must surpass USD 0.240 and USD 0.242 to climb towards USD 0.255.

Other altcoins market today

In the past three sessions, a few small-capitalization altcoins recovered and gained more than 5%, including ANT, SXP, NEXO, ALGO, WAXP, RLC, REN, HBAR, CKB, SNX, DGB, XEM, BSV, and ARDR.

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To sum up, bitcoin price is showing a few recovery signs above USD 8,750. Still, BTC/USD must climb steadily above the USD 8,850 and USD 9,000 resistance levels to start a strong increase towards USD 9,250 or even USD 9,500 in the near term.
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Bitcoin and Altcoins Sighting a Strong Recovery 102

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