Bitcoin and Altcoins Kick Off the Week With Bullish Trend
Bitcoin price jumped around 10% and tested the USD 8,800 resistance area. Ethereum broke the key USD 265 resistance and ripple is trading above USD 0.400. MXM, MCO, BSV, DENT and BTT surged more than 25% today.
The past few sessions were very bullish, with strong bullish moves in bitcoin and altcoins. BTC/USD broke the main USD 8,200 and USD 8,300 resistance levels to start a fresh increase. Buyers took control and pushed the price to a new yearly high above USD 8,800. The price is currently (08:10 UTC) correcting lower, but dips remains supported above USD 8,400. Ethereum also climbed higher above the USD 255 and USD 265 resistance levels. Ripple price is also climbing higher and it recently settled above the USD 0.400 pivot level. The overall price action is bullish, suggesting more possible gains in the coming days.
Total market capitalization
Bitcoin price
There was a significant rally in bitcoin price after it broke the USD 8,300 barrier. BTC/USD rallied nearly 10% and traded above the USD 8,500 and USD 8,700 resistance levels. The price even spiked above the USD 8,800 level and traded to a new 2019 high. At the moment, the price is correcting lower, with an initial support near the USD 8,600 level.
If there are more downside, the price could test the USD 8,520 support level. The main weekly support is near USD 8,350 (the previous key resistance). On the upside, the main weekly resistances are at USD 8,800 and USD 8,850 and USD 9,000.
Ethereum price
Ethereum price gained traction and cleared the USD 255 and USD 265 resistance levels. ETH/USD tested the USD 270 level and it is currently correcting lower.
An initial support is at USD 265, below which the price could test the main weekly support at USD 250. On the upside, a clear break above the USD 270 level may perhaps push the price towards the USD 285 level in the near term.
Bitcoin cash, eos and ripple price
Bitcoin cash price rallied close to 10% and broke the USD 420 and USD 440 resistance levels. BCH/USD revisited the key USD 450 resistance level and failed to continue higher. It is currently correcting lower, with an initial support at USD 420. The key weekly supports are near USD 405 and USD 400.
EOS also surged around 10% and broke the USD 6.655 and USD 6.800 resistance levels. It traded close to the USD 7.000 resistance and it is currently consolidating gains. On the downside, there are many supports near the USD 6.800 and USD 6.655 levels. On the upside, a break above USD 7.000 might push the price to USD 7.200.
Ripple price also recovered after testing the USD 0.375 support area. XRP/USD jumped above the USD 0.392 and USD 0.400 resistance levels. XRP/USD tested the USD 0.418 resistance and it is currently correcting lower. An immediate support is at USD 0.405, followed by the weekly support at USD 0.400.
Other altcoins market today
In the past three sessions, many small cap altcoins gained bullish momentum and are up more than 15%, including MXM, MCO, BSV, DENT, BTT, ETP, MAID, R and NPXS. Out of these, MXM is up around 32% and MCO climbed nearly 30%.
To sum up, bitcoin price is once again gaining strength above USD 8,000 and it may continue to rise in the coming days. If BTC/USD remains stable USD 8,350, there higher chances of a run towards the USD 9,000 level.
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