After a fresh bearish wave, bitcoin price found support near the USD 7,100 area. BTC/USD is currently rising (10:30 UTC) and trading above USD 7,250 and USD 7,350. However, the price needs to gain bullish momentum above USD 7,400 to continue higher in the near term.
Moreover, it seems like most major altcoins are recovering steadily, including ethereum, XRP, bitcoin cash, litecoin, EOS, BNB, ADA, TRX and XLM. ETH/USD is now approaching the main USD 150 and USD 152 resistance levels. More importantly, XRP/USD is now trading above USD 0.220 and it could continue to rise in the coming sessions.
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In the past two sessions, bitcoin price remained in a positive zone above the USD 7,200 support. BTC/USD recovered above the USD 7,350 resistance, but it seems to be struggling to clear the USD 7,400 and USD 7,420 resistance levels. If there is a successful break above USD 7,400 and the bulls gain momentum, the price could continue to rise towards the USD 7,550 and USD 7,650 resistance levels.
On the downside, the main supports are now near USD 7,200 and USD 7,150, below which bitcoin price may perhaps decline heavily.
Ethereum price mostly traded in a range above the USD 142 and USD 144 support levels. ETH/USD is slowly rising towards the USD 150 and USD 152 resistance levels. If there is a successful close above USD 152, the price could rally towards USD 160.
On the downside, an initial support is near the USD 144 level, below which the bears may perhaps attempt a bearish break below USD 142 and USD 140.
Bitcoin cash price is trading above the USD 202 and USD 205 support levels. However, BCH/USD must rally above the USD 220 resistance area to change the trend. If not, it could decline below USD 202 in the near term. The next major support is near the USD 284 and USD 282 levels.
Litecoin is following a declining pattern below the USD 46.20 and USD 45.50 levels. If LTC/USD breaks the USD 43.50 support area, there is a risk of an extended decline towards the USD 40.50 level. On the upside, the price must surpass USD 46.50 to retest USD 50.00.
XRP is the best performing major coin today as it’s up more than 3% and it recently surpassed the USD 0.220 resistance area. XRP/USD is gaining momentum and it seems like it could soon climb above the USD 0.222 resistance and test the USD 0.225 level. The next major resistance is near the USD 0.230 level.
In the past three sessions, a few small capitalization altcoins rallied and gained more than 10%, including HEDG, ENJ, MIN, ENG, EKT, KNC, NRG, ZEN and CRO. Out of these, HEDG rallied more than 35% and ENJ is up close to 21%.
Overall, bitcoin is likely to rise steadily unless the bears gain pace below the USD 7,200 support area. On the upside, the first target for the bulls could be USD 7,550, above which BTC/USD is likely to rally towards the USD 7,850 level.