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Bitcoin and Altcoins Likely Bracing For Next Bullish Wave

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Bitcoin price seems to be forming a support base above USD 11,650 for a fresh increase. Ethereum is slowly rising towards USD 420, XRP is struggling to clear USD 0.295. OMG extended its rally by 80% and ZRX gained over 60% today.

Bitcoin price remained strong above the USD 11,650 and USD 11,550 support levels. It seems like BTC is forming a support base for a fresh increase above USD 12,000. The price is currently (08:30 UTC) well above USD 11,650 and the bulls are likely to make an attempt to push the price above USD 12,000.

Similarly, most major altcoins are slowly rising and showing positive signs, including ethereum, XRP, litecoin, bitcoin cash, EOS, TRX, XLM, LINK, and ADA. ETH/USD is up 2% and it is trading above the USD 410 level. XRP/USD is also rising, but it is facing a major hurdle near USD 0.295 and USD 0.300.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After trading close to USD 11,550, bitcoin price started forming a support base. In the past few hours, there was a decent increase above the USD 11,700 and USD 11,800. BTC is likely to continue higher, but there is a major hurdle waiting near the USD 11,950 and USD 12,000 levels.

A successful close above the USD 12,000 level is a must for a fresh increase towards USD 12,200 and USD 12,500. If not, the price might move down in a range and revisit the USD 11,550 support in the near term.

Ethereum price

Ethereum price is forming strong support above USD 400 and it is currently recovering higher. ETH is up 2% and it is trading above USD 410. An initial resistance is near USD 416, but the main resistance is near USD 420. A proper break above USD 420 might initiate a steady rise.

If the bulls fail near USD 420, the price might decline again. The key support on the downside is near the USD 402 and USD 400 levels.

Bitcoin cash price is up close to 3% and it is trading above USD 295. Immediate resistance is near USD 300. A daily close above the USD 300 resistance is likely to open the doors for a fresh upward move. The next key resistance is near USD 320, above which the price might surge towards the USD 345 level.

Chainlink (LINK) failed to recover above the USD 16.00 and USD 16.20 resistance levels. The price is now approaching the main USD 15.00 support region. If there is a bearish close below USD 15.00, it could generate a red flag for the bulls in the short term. The next major support could be USD 14.20.

XRP price is back above USD 0.290, but is struggling to gain bullish momentum above USD 0.292. The first crucial resistance is near the USD 0.295 level, but the main resistance is still near USD 0.300. If the price climbs above USD 0.300, it could restart its uptrend. If not, there is a risk of another drop towards USD 0.280.

Other altcoins market today

In the past three sessions, many small altcoins rallied over 20%, including OMG, ZRX, AMPL, FXC, LRC, SNT, QTUM, LSK, BAL, ICX, BAT and CRO. Out of these, OMG extended its rally for the second day in a row and it climbed above the USD 6.50 resistance.

Overall, the bitcoin price seems to be forming a support base above USD 11,550 and USD 11,650. Having said that, a proper close above the USD 12,000 resistance is a must to start a new bullish wave in the coming sessions.


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