This week, bitcoin price started a solid upward move above the USD 7,350 resistance. BTC/USD gained bullish momentum and surged above the USD 7,550 resistance. The upward move faced sellers near USD 7,650 and the price is currently (09:00 UTC) correcting gains.
Similarly, many major altcoins are started a slow and steady recovery, including ethereum, bitcoin cash, XRP, EOS, BNB, TRX, ADA, and XLM. ETH/USD gained nearly 5% to trade above USD 130, but it struggled to clear the USD 135 resistance. Besides, XRP/USD is trading above USD 0.192, but facing resistance near USD 0.200 and USD 0.202.
Total market capitalization
After consolidating above the USD 7,100 and USD 7,150 support levels, bitcoin price started a fresh increase. BTC/USD gained more than 6% and broke many resistances, including USD 7,250, USD 7,350 and USD 7,550. Finally, the USD 7,650 level acted as a resistance and prevented gains. The price is currently correcting lower, but there are many supports near USD 7,400 and USD 7,350.
The main weekly support is near USD 7,200, below which the price could turn bearish. On the upside, the USD 7,550 and USD 7,650 levels are important before another wave towards USD 7,850 and USD 8,000.
Ethereum price managed to surpass the USD 130 and USD 132 resistance levels. However, ETH/USD is facing selling interest near USD 135 and it is currently correcting lower. On the downside, there are decent supports near USD 130 and USD 125.
On the upside, if the price surpasses the USD 135 resistance, the bulls are likely to aim the USD 142 and USD 145 resistance levels in the near term.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price remained stable above the USD 180 level. BCH/USD is recovering and it is trading near the USD 195 level. To move into a bullish zone, the price needs to surpass the USD 200 and USD 205 resistance levels (the previous breakdown supports). On the downside, the main weekly supports are near USD 185 and USD 170.
Litecoin consolidated above the USD 38.00 support area and recently climbed higher. LTC/USD traded above the USD 40.00 resistance and it is slowly moving higher towards the USD 42.50 and USD 43.20 resistance levels. The main weekly resistance is near USD 45.00 and support is at USD 38.00.
XRP price failed to gain strength when compared with bitcoin and Ethereum. XRP/USD recovered above the USD 0.192 and USD 0.195 resistance levels. However, the price is struggling to gain pace above USD 0.200 and USD 0.202. Therefore, there are chances of another dip towards the USD 0.180 level in the near term.
Other altcoins market today
In the past three sessions, a few small capitalization altcoins recovered more than 5%, including SLV, CRO, LUNA, QNT, SC, TRX, CRPT, FTT and NEX. Conversely, BCN, MATIC, ABBC and THETA are down more than 7%.
Overall, bitcoin price is showing a lot of positive signs above the USD 7,350 and USD 7,500 levels. To continue higher, BTC/USD must settle above the USD 7,550 and USD 7,650 resistance levels. If this is the case, the price could even surge above USD 8,000.