- The total crypto market cap is currently correcting higher from the $170.0B support area.
- Bitcoin price is up around $250 and it is now trading near the $7,000 resistance area.
- EOS price jumped from the $2.350 support area and climbed above $2.500.
- Ethereum price is showing positive signs above the $142 level.
- BCH price bounced back and it is now trading above the $200 pivot level.
- Tron (TRX) price is back above $0.0140 and it could soon revisit the $0.0144 resistance area.
Bitcoin Price Analysis
After a downside break below the $7,000 support, bitcoin price traded close to the main $6,500 support area (as per the medium term outlook). The bulls took a strong stand and the price recently started an upside correction.
BTC price is now trading above the $6,800 level and testing the $7,000 resistance area. If there are more gains, the price is likely to test the $7,120, $7,150 and $7,200 levels in the near term.
On the downside, an initial support is near the $6,880 level, below which the price is likely to retest the main $6,500-$6,600 support area in the near term. Any further losses may perhaps push the price towards the $6,400 level.
Looking at Ethereum, the price is now trading back above the $140.00 and $142.00 levels. However, ETH is facing a lot of resistance on the upside near the $146, $148 and $150 levels. On the downside, the main supports are near the $136 and $135 levels.
Similarly, ripple price is facing a lot of hurdles on the upside near the $0.2200 and $0.2220 levels. However, there are many positive signs emerging from the $0.2000 support area.
Looking at the total cryptocurrency market cap 4-hours chart, there was a steady decline below the $220.0B and $200.0B support levels. The crypto market cap even broke the $185.0B support and tested the $170.0B zone.
A low was formed near the $171.4B level and the market cap is currently correcting higher. It broke the $180.0B resistance to start the recovery. It is now trading near the $185.0B resistance area and a bearish trend line on the same chart. The main hurdles are near $190.0B, $194.0B and $200.0B.
Therefore, a clear break above the $194.00 and $200.0B levels is needed for more upsides in bitcoin, Ethereum, TRX, LTC, EOS, ripple, ADA, XLM, WTC, BCH, and IOTA in the near term.