In the past few sessions, there was a decent improvement in the crypto market sentiment as bitcoin price climbed back above USD 7,000. BTC/USD even tested the USD 7,450 and USD 7,500 resistance levels. The price is currently (09:00 UTC) consolidating above USD 7,000 and it could start a fresh increase.
Likewise, most major altcoins, including ethereum, XRP, bitcoin cash, litecoin, EOS, BNB, ADA, TRX and XLM are showing a few positive signs. ETH/USD settled above USD 125 and it could slowly rise higher in the near term. On the other hand, XRP/USD is struggling to climb higher and it is trading near USD 0.185.
Total market capitalization
After tagging the USD 7,450 resistance, bitcoin price started a downside correction. BTC/USD corrected below the USD 7,350 level and USD 7,250. However, it is holding the USD 7,000 support area and currently consolidating gains. On the upside, a clear break above USD 7,250 and USD 7,350 could spark a fresh upward move in the near term.
On the downside, the USD 7,020 and USD 7,000 levels are decent supports. The next major support is USD 6,850, below which the price could start a fresh decline.
Ethereum price also followed bitcoin and started a downside correction from the USD 135 support. ETH/USD declined below USD 130, but it is trading above the USD 125 support area. As long as the price is above USD 125, it could trade higher towards USD 135 or USD 142.
On the downside, if the price fails to stay above the USD 125, it may perhaps trim gains and decline back towards the USD 115 level.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is trading above the USD 182 and USD 180 support levels. To continue higher, the price has to climb above the USD 190 resistance area. The next major hurdles is near USD 200 and USD 205. On the downside, the main support is near the USD 180 level, below which it could retest USD 170.
Litecoin struggled to gain strength above USD 40.00 and USD 40.50. LTC/USD is currently correcting gains, but the USD 48.50 and USD 48.00 levels are likely to provide strong support. On the upside, a close above USD 40.50 might start a strong increase towards USD 44.50.
XRP price failed to capitalize above USD 0.195 and declined back below USD 0.190. XRP/USD is currently consolidating above USD 0.185 and it seems like it could extend losses below USD 0.182. On the upside, a clear break above USD 0.195 is needed for an upside acceleration towards the USD 0.212 level.
Other altcoins market today
In the past three sessions, many few small capitalization altcoins extended gains more than 5%, including LUNA, CRPT, MATIC, TOMO, STEEM, FTT, KCS, IOST, FET, SOLVE, RLC, BSV and QNT. Out of these, LUNA rallied more than 20% and CRPT is up nearly 16%.
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Overall, bitcoin price is likely to surpass the USD 7,250 resistance and extend gains above the USD 7,350 level. Only a close below the USD 7,000 and USD 6,850 support levels might negate the current bullish view in the near term.