Recently, bitcoin price extended its decline below the USD 6,550 support area. However, losses were limited and BTC/USD bounced back sharply after tagging the USD 6,500 area. It is now trading above USD 6,850 and attempting another upside break above the USD 7,200 resistance.
Similarly, most major altcoins are reversing losses and showing positive signs (08:00 UTC), including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is performing well and it surged above the USD 165 and USD 170 resistance levels. XRP/USD is currently recovering and it is likely to retest the USD 0.192 resistance area.
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In the past few hours, bitcoin price saw a couple of swing moves. Earlier, BTC/USD declined sharply below the USD 6,750 and USD 6,550 support levels. It traded to a new weekly low near USD 6,460 and recently started a fresh rally. The bulls are gaining momentum and they were successful in pushing the price back above USD 6,850.
Bitcoin is now testing the USD 7,100 resistance area, above which the bulls are likely to attempt a bullish break above the key USD 7,200 resistance area. On the downside, the main supports are USD 6,850 and USD 6,550.
Ethereum price trimmed losses and surged more than 8%. ETH/USD gained strength above the key USD 162 and USD 165 resistance levels. It is now testing the USD 175 hurdle, above which the bulls are likely to push the price towards the USD 180 resistance.
On the downside, an initial support is near the USD 165 level. The main support is now forming near the USD 160 area (the recent breakout zone).
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is rising steadily from the USD 220 support and it is approaching the USD 230 resistance. It seems like BCH/USD is likely to continue higher towards the USD 240 and USD 250 resistance levels. The key support and buy zone seems to be forming near the USD 220 level.