Bitcoin price began a short-term downward correction below USD 37,000. BTC was even below the USD 36,500 support, but the drops have been limited. Currently (05:00 UTC) it is trading above USD 37,000 with some major hurdles near USD 38,000.
Similarly, Ethereum is trading above the USD 1,600 support level and encountering resistance near USD 1,650. Also, most of the other major altcoins have had bullish moves. XRP / USD broke the USD 0.400 resistance and is now up over 15%.
Total market capitalization
After a brief downward correction, Bitcoin price found support above USD 36,200. BTC rebounded and climbed back above USD 37,000. On the upside, initial resistance is near the $ 37,800 level. The first major resistance is near the $ 38,000 level above which the price may accelerate higher.
Initial support is near the USD 37,000 level. The first major support is at $ 36,500 below which price could test the $ 36,000 support.
The Ethereum price fell below the USD 1,600 level several times before recovering. ETH is trading above USD 1,620 with an initial resistance at USD 1,650. A sharp break above USD 1,650 with a follow-up move above USD 1,660 could open the doors for a steady move towards USD 1,700 or higher.
Should there be any further decline, the USD 1,600 could provide support. A daily close below USD 1,600 could potentially trigger a downward correction towards USD 1,500 or even US 1,450.
Bitcoin Cash, Litecoin and XRP Price
Bitcoin cash price is stable above the USD 425 support level, but BCH is struggling to gain momentum above USD 440 and USD 450. A daily close above USD 450 could potentially trigger a sharp rise towards the USD 500 barrier. Conversely, a break below $ 425 could push the price towards the $ 400 support.
Litecoin (LTC) has struggled to stay above USD 150 and is currently moving down. Initial support is near the USD 145 level. The first major support is near the USD 142 level below which the LTC could drop towards USD 135. On the upside, the bulls need to move above $ 150 and $ 152 for sustained spikes.
The XRP price has increased by over 15%, outperforming Bitcoin and Ethereum. The price is now trading well above USD 0.440 and encountering resistance near USD 0.450. If there are more gains, the price could move steadily towards USD 0.500 in the short term.
Other altcoin market today
Many altcoins rose over 10%, including ZRX, REN, LUNA, MKR, NEXO, SNX, OCEAN, COMP, KNC, AAVE, ALPHA, DOGE, SOL, CRV, CAKE, 1 ZOLL and EGLD. Of these, ZRX gained almost 60% and broke the USD 1.20 level.
Overall, Bitcoin price is showing positive signs above USD 36,500 and USD 36,200. If BTC hits the USD 37,500 and USD 38,000 resistance levels, it could surge to USD 40,000.
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