03 Dec 2020 · 2 min read

Bitcoin and Altcoins Bulls Show Positive Signs

Bitcoin price is showing positive signs above USD 19,200. Ethereum broke the key USD 600 resistance, XRP is facing a strong resistance at USD 0.635. XEM and ALGO are up 10%.

There was an upside break in bitcoin price above the USD 19,000 and USD 19,200 levels. BTC even climbed above USD 19,400, but it struggled to surpass the USD 19,500 resistance. The price is currently (13:00 UTC) trading above USD 19,200 and the bulls push for a retest of USD 19,500 in the near term.

Besides, there was a short-term upward move in most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD is up over 3% and it broke the USD 600 and USD 605 resistance levels. XRP/USD is trading above USD 0.620, but it is still facing a strong resistance near USD 0.635.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

There was a proper close bitcoin price above USD 19,000. BTC extended its rise above the USD 19,200 and USD 19,300 levels. However, the bulls failed to clear the USD 19,500 barrier. The price is showing positive signs above the USD 19,200 level, with the next key support at USD 19,000.
On the upside, the USD 19,380 and USD 19,500 levels hold the key for more gains. A close above USD 19,500 might spark an increase towards the main USD 20,000 barrier.

Ethereum price

Ethereum price gained strength after it broke the USD 600 resistance. ETH even surpassed the USD 605 resistance and traded towards the USD 615 and USD 620 levels. The price must clear the USD 620 level for more gains towards the USD 635 swing high in the near term.
On the downside, an initial support is near the USD 605 level. The key support is now forming near the USD 600 level (the recent breakout resistance).

Bitcoin cash, litecoin and XRP price

Bitcoin cash price failed to follow bitcoin and ETH, and it remained well below the USD 298 and USD 300 resistance levels. BCH is holding the USD 290 support, below which there is a risk of a larger decline towards the USD 280 and USD 275 levels. On the upside, a close above USD 300 could spark a strong increase.
Litecoin (LTC) is stable above the USD 85.00 and USD 86.50 support levels. The price is trading near the USD 88.50 pivot level and facing a strong selling interest near the USD 90.00 level. A successful close above the USD 90.00 level is a must for a sustained increase towards the USD 100.00 hurdle.
XRP price is stuck below the USD 0.635 resistance. It seems like the price is forming a strong support base above the USD 0.605 and USD 0.600 levels. As long as the price is above USD 0.600, there are chances of a rally towards the USD 0.655 and USD 0.662 levels in the next few sessions.

Other altcoins market today

In the past few hours, a few altcoins gained over 5%, including XEM, ALGO, HBAR, ZIL, AMPL, ABBC, NEXO, UMA, and BTG. Out of these, XEM rallied above the USD 0.200 and USD 0.210 resistance levels.

To sum up, bitcoin price gained pace above the USD 19,000 and USD 19,200 levels. It seems like BTC bulls could make another attempt to clear the USD 19,500 resistance level in the near term.
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