Bitcoin Inches Towards USD 8K, Altcoins Target Additional Gains
Bitcoin price surpassed a major hurdle at USD 7,850 and gaining bullish momentum. Ethereum rallied above the USD 200 resistance and XRP surged towards USD 0.220. Hyperion (HYN) jumped close to 50% and DGB is up around 30% today.
After a long struggle, bitcoin price was able to break the USD 7,800 and USD 7,850 resistance levels. BTC/USD is currently (08:30 UTC) gaining bullish momentum and it might to continue higher above USD 8,000 and USD 8,050. The next major resistance is near USD 8,320 and USD 8,400.
Also, there were strong bullish moves in most major altcoins, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD climbed above the main USD 200 resistance to start another increase. Besides, XRP/USD gained more than 10% and traded close to the USD 0.220 resistance.
Total market capitalization
Bitcoin price
Finally, bitcoin price gained strength for a convincing move above the USD 7,800 and USD 7,850 resistance levels. BTC/USD is up close to 4% and it is now approaching the USD 8,000 resistance. A clear break above USD 8,000 is likely considering the current price action. The next key resistance is near the USD 8,320 level, followed by USD 8,400.
Conversely, if the price fails to settle above USD 8,000, it could start a fresh downside correction. An initial support is near the USD 7,850 level, below which the price might test USD 7,700.
Ethereum price
Ethereum price is gaining momentum and it broke the key USD 200 resistance area. ETH/USD is up around 5% and it is testing the USD 205 level. An initial resistance is near the USD 212 level, above which the bulls are likely to aim a test of the USD 220 level.
On the downside, the recent breakout zone near the USD 200 handle is likely to act as a support. The main support is now forming near the USD 195 and USD 194 levels.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price regained strength and it broke the USD 240 level. BCH/USD is now testing the USD 245 and USD 250 resistance levels. If there is a successful break above the USD 250 resistance, the price is likely to continue higher towards USD 265 and USD 270.
Litecoin is up more than 4% and it broke the USD 45.00 resistance level. LTC/USD is now testing the USD 46.20 resistance and the next resistance is near the USD 46.80 level. The main hurdle is close to the USD 48.50 level. If there is a downside correction, the USD 43.20 level might provide support.
XRP price performed well in the past three sessions and it rallied more than 10%. There was a clear break above USD 0.200, resulting in a pump towards the USD 0.212 and USD 0.215 levels. The price tested the USD 0.218 level and it is currently correcting gains. The key supports are now USD 0.212 and USD 0.210.
Other altcoins market today
In the past three sessions, many smaller altcoins jumped more than 5%, including HYN, DGB, UBT, LSK, BTS, QNT, THETA, SC, DX, ENJ, XVG, HEDG, and MATIC. Conversely, HIVE declined more than 20% and DGTX is down around 8%.
To sum up, bitcoin price is gaining bullish momentum above the USD 7,850 resistance. A successful close above USD 8,000 could result in an increase towards the USD 8,320 and USD 8,400 levels. If not, BTC could correct lower towards USD 7,700 or USD 7,650.
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