Bitcoin and Altcoins Look Primed For Further Upsides
- Bitcoin price climbed higher and traded to a new yearly high above USD 9,600.
- Ethereum tested the USD 195 region and XRP price is up around 5% to USD 0.250.
- ICX, MIOTA and SEELE are up more than 15% today.
In the past three sessions, bitcoin price followed a bullish path and traded above the USD 9,550 resistance. BTC/USD even climbed above USD 9,600, but it failed to continue higher above USD 9,650. The price is currently (09:00 UTC) correcting lower, but dips remain well supported near USD 9,250 and USD 9,200.
More importantly, there were strong bullish moves in most major altcoins, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD surged above the USD 190 level and tested the USD 195 level. Similarly, XRP/USD remained in a positive zone and climbed above the USD 0.250 resistance area.
Total market capitalization
After surpassing the USD 9,450 level, bitcoin price extended its rise above the USD 9,550 resistance area. BTC/USD traded towards the USD 9,650 level before trimming gains. It is currently testing the USD 9,350 support. The main weekly support is near the USD 9,250 and USD 9,200 levels, below which there is a risk of a sharp decline towards USD 8,850.
On the upside, the USD 9,550 and USD 9,650 levels are key hurdles for the bulls. A successful break and follow-through above USD 9,650 may perhaps lead the price towards USD 10,000 and USD 10,200.
Ethereum price is following a bullish path above the USD 180 support area. ETH/USD even broke the USD 190 level and tested the USD 195 level. The key weekly resistance sits at USD 200, above which the bears are likely to face a lot of pressure.
On the downside, the first support is near the USD 185 level. The main support is near the USD 180 level, below which the price is likely to turn bearish in the near term.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is still stuck in a range below the USD 390 and USD 395 resistance levels. BCH/USD must gain strength above USD 400 for another increase. Conversely, a downside break below the USD 370 support area may perhaps spark a bearish reaction in the coming days.
Litecoin extended its rise above the USD 65.50 and USD 68.50 resistance levels. LTC/USD even broke the USD 70.00 level and it is currently consolidating gains. On the upside, there are hurdles seen near the USD 71.50 and USD 72.20 levels. On the downside, the bulls are likely to remain active near USD 68.50.
XRP price climbed higher steadily above USD 0.232 and surpassed the USD 0.245 and USD 0.250 resistance levels. The next key resistance is near USD 0.265, above which the next target for the bulls may perhaps be USD 0.284. On the downside, the main supports are seen near USD 0.240 and USD 0.235.
Other altcoins market today
In the past three sessions, a few small-capitalization altcoins climbed more than 10%, including ICX, MIOTA, SEELE, XTZ, WAVES, MCO, BCN, LUNA, ENJ and ZIL. Out of these, ICX is up around 22% and MIOTA gained nearly 18%.
Overall, bitcoin price is trading in a strong uptrend and it could continue to rise towards the USD 10,000 and USD 10,200 levels. Conversely, a downside break below USD 8,850 might start a major correction towards USD 8,450 or USD 8,250.