Bitcoin and Altcoins Hesitate, But More Upsides Possible
- Bitcoin price traded higher and broke the USD 4,000 and USD 4,200 resistances.
- Ethereum and ripple also rebounded above key resistances.
- Bitcoin private extended gains and rallied more than 50%.
Recently, we saw an improvement in buying sentiment, resulting in an upward move in bitcoin price. BTC/USD started a slow and steady rise and climbed above the USD 4,000 and USD 4,200 resistance levels. Similarly, ethereum price gained bullish momentum and traded above the USD 115 and USD 120 resistance levels. Ripple surpassed the USD 0.380 resistance and it looks set for more gains above the USD 0.400 resistance. The overall technical structure is positive (UTC 08:30 AM), which could push bitcoin and altcoins further higher in the near term.
Total market capitalization
After a solid upward move above USD 3,800, bitcoin price broke the USD 4,000 and USD 4,200 resistance levels. The price traded close to the USD 4,350 level and later started consolidating gains. The price is currently up around 4% and it is trading near the USD 4,250 level.
An initial resistance is at USD 4,300, above which the price could break the USD 4,350 resistance. The next major resistance for buyers is near the USD 4,500 level. On the downside, an initial support is at USD 4,100 and USD 4,000, below which the price may decline back to USD 3,800.
Ethereum price climbed higher and broke the USD 115 and USD 120 barriers. ETH/USD even spiked above the USD 125 and later corrected lower below the USD 120 level.
The price is now back above USD 120 and it seems like it could revisit the USD 125 - USD 126 resistance area. Above USD 126, the next stop for buyers will most likely be USD 132. On the downside, the key supports are at USD 115 and USD 112.
Bitcoin cash and ripple price
Bitcoin cash ABC remained in a tight range above the USD 180 support area. BCHABC must break the USD 195 and USD 200 resistance levels to start a fresh upward move. BCHSV climbed back above the USD 100 level and it is currently up around 4%. The next resistance on the upside is at USD 110, above which the price may revisit USD 120.
Ripple price extended gains and broke the USD 0.375 and USD 0.380 resistance levels. XRP/USD is now facing a major resistance near the USD 0.400 level. The main support on the downside is at USD 0.380, followed by USD 0.372.
Other altcoins market today
Many small cap altcoins extended gains recently and climbed more than 15% today, including BTCP, XVG, SRN, FCT, PPT, TRX, PIVX, KMD and AION. Out of these, BTCP gained around 60% and XVG rallied close to 35%.
Overall, bitcoin is back in a positive zone above USD 4,000. Having said that, BTC/USD must continue to climb higher above USD 4,350 and USD 4,500 to decrease selling pressure. If buyers fail to hold gains above USD 4,000, there are chances that bitcoin price may move back in a bearish zone. Similarly, altcoins like ethereum, ripple, neo, eos and litecoin must extend gains in the short term.