Bitcoin and Altcoins Bulls Remain In Driver’s Seat
Bitcoin price extended its rally and it is likely to surge above USD 10,000. Ethereum settled above USD 215 and XRP approaching the USD 0.292 resistance. Many altcoins gained more than 12%, including KICK, LSK, TRX, and HC.
The market sentiment improved in the past three sessions, with positive moves in bitcoin price above the USD 9,550 and USD 9,750 levels. BTC/USD even traded above USD 9,800, but it is yet to test the key USD 10,000 resistance area.
Besides, there were steady gains in most major altcoins, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is up around 5% and it recently tested the USD 220 area. On the other hand, XRP is struggling to gain momentum for a test of the USD 0.300 resistance.
Total market capitalization
After a close above USD 9,550, bitcoin price extended its rally above the USD 9,750 area. BTC/USD traded to a new yearly high close to USD 9,850 and it is currently (08:00 UTC) consolidating gains. It seems like the bulls are preparing for another lift off towards the USD 10,000 resistance area.
A successful close above the USD 10,000 level might start another wave towards the USD 10,500 level. On the downside, an initial support is near the USD 9,650 level. The main support is now forming near USD 9,550.
Ethereum price remained in a strong uptrend above the USD 200 and USD 210 levels. ETH/USD gained nearly 5% and it surpassed the USD 215 level. The price traded to a new high near USD 220 and it is likely to continue higher towards USD 235.
On the downside, an initial support is near the USD 215 level. The main support is now forming near the USD 208 level, below which the price may perhaps revisit the USD 200 handle.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price surged above the USD 440 and USD 450 resistance levels. BCH/USD tagged the USD 460 level and it is currently consolidating gains. On the downside, there are decent supports forming near the USD 430 and USD 425 levels. On the upside, the price could gain pace if it settles above USD 450.
Litecoin jumped above USD 72.50 and tested the USD 75.00 resistance area. LTC/USD is currently correcting gains, but it remains well supported near USD 73.20 and USD 72.50. On the upside, the bulls could be aiming a test of the USD 80.00 level in the near term.
XRP price remained in a range above the USD 0.275 and USD 0.280 support levels. On the upside, it seems like the price is facing a strong resistance near USD 0.285 before a run towards the USD 0.300 level. Conversely, a break below USD 0.275 might trigger an extended downside correction.
Other altcoins market today
In the past three sessions, many smaller altcoins gained more than 8%, including KICK, LINK, TRX, HC, BTT, KMD, XVG, ZB, BNB, ZRX, LUNA, MATIC, and HOT. On the other hand, MOF, ETC, ICX, and BCN corrected lower in the past few hours.
To sum up, bitcoin price is showing positive signs above the USD 9,650 and USD 9,550 levels. As long as there is no close below USD 9,550, BTC/USD is likely to surpass the USD 10,000 in the next two sessions.