Bitcoin And Altcoins Consolidate Post-Rally Gains
Bitcoin price is up close to 7% and it surpassed the USD 7,500 level. Ethereum is rising steadily towards USD 200 and XRP finally cleared the USD 0.192 resistance. DigiByte (DGB) extended its rally by 40% and ADA is up around 20%.
Yesterday, we discussed the chances of a fresh monthly high in bitcoin price above the USD 7,200 resistance. BTC/USD did gain bullish momentum above the USD 7,200 and USD 7,450 resistance levels. It traded to a new monthly high close to USD 7,750 and it is currently (08:30 UTC) consolidating gains.
Similarly, there was a decent increase in most major altcoins, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is up more than 4% and it tested the USD 190 level. Also, XRP/USD surpassed a key barrier near the USD 0.192 level and it might rise towards USD 0.200 and USD 0.205.
Total market capitalization
In the past few hours, bitcoin price followed a strong bullish path above the USD 7,200 resistance. BTC/USD extended its rise and surpassed the USD 7,550 weekly resistance. It traded close to USD 7,750 and recently corrected lower. An initial support zone is near the USD 7,500 level, followed by USD 7,420. The main support is seen near the USD 7,200 level.
On the upside, an initial resistance for the bulls is near the USD 7,620 level, above which there are high chances of a strong rise towards the USD 7,800 and USD 7,850 levels.
Ethereum price is following bitcoin and it climbed above the USD 185 resistance. ETH/USD is currently struggling to clear the USD 190 and USD 192 resistance levels, above which the price is likely to accelerate higher towards the USD 200 level.
On the downside, the 185 level is an initial support and buy zone. The main support is now forming near the USD 180 and USD 178 levels, below which the bulls could lose control.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price gained momentum above the USD 240 level, but it failed to accelerate above the USD 245 resistance. BCH/USD must settle above the USD 245 and USD 250 resistance levels for upside continuation. The next major resistance above USD 250 is near the USD 275 level.
Litecoin is up more than 5% and it broke the 42.00 and USD 42.20 resistance levels. LTC/USD is now testing the USD 44.50 and USD 45.00 resistance levels. A successful close above USD 45.00 could open the doors for a move towards the USD 48.50 level. On the downside, an initial support is near the USD 43.20 level, but the main support is near USD 42.20.
XRP price started gaining traction and it cleared the USD 0.190 and USD 0.192 resistance levels. The price is now trading near USD 0.195 and it might soon test the USD 0.200 and USD 0.205 resistance levels. Any further gains could lead the price towards the USD 0.212 level.
Other altcoins market today
In the past two sessions, many altcoins rallied more than 10%, including DGB, LEND, ADA, MATIC, STX, UBT, XTZ, SNT, ENJ, ZIL, ICX, HYN, NEO, and ALGO. Out of these, DGB performed very well for the second day in a row and rallied close to 40%.
Overall, bitcoin is showing a lot of bullish signs above USD 7,200 and USD 7,420. The current price action indicates high chances of more upsides above the USD 7,600 and USD 7,700 levels in the coming sessions.