Bitcoin And Altcoins Look Primed For Further Upsides
Bitcoin price is up 5% and it broke the key USD 6,550 resistance. Ethereum surpassed the USD 135 resistance and XRP is approaching USD 0.178. DGTX, QNT, NRG, GNT, STX, and DGB are up more than 8% today.
After a short term corrective decrease, bitcoin price found support near the USD 6,200 level. BTC/USD started a fresh bullish wave and gained momentum above USD 6,400. The price was able to surpass the key USD 6,550 resistance and it seems like it could continue to rise towards the USD 6,850 and USD 7,020 levels.
Similarly, many major altcoins are gaining (08:30 UTC) bullish momentum, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD succeeded in clearing the USD 135 resistance area and it could even surpass USD 140. XRP/USD is rising and it may soon test the USD 0.178 and USD 0.180 levels.
Total market capitalization
The USD 6,200 support prevented more downsides in bitcoin price , which resulted in a fresh increase. BTC/USD rallied around 5% and climbed above a few key hurdles, starting with USD 6,400 and up to USD 6,600. The price even tagged the USD 6,700 zone and it is currently consolidating gains.
An upside break above the USD 6,700 level is likely to start another upward move. The first major resistance is near USD 6,850, above which bitcoin is likely to rise towards the USD 7,020 level.
Ethereum price also followed BTC and traded above the USD 135 resistance area. ETH/USD is likely to continue higher towards the USD 142 and USD 144 resistance levels. Any further gains could lead the price towards the USD 155 level.
On the downside, an initial support is near the USD 135 level (the recent breakout resistance), below which the price could test the USD 132 support area.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is back above the USD 220 resistance level. BCH/USD is up around 5% and it approaching the USD 230 resistance. A successful follow-through above the USD 230 level might open the doors for a move towards the USD 250 resistance level. On the downside, the USD 220 level is likely to provide support.
Litecoin is rising steadily above the USD 38.50 resistance area. However, LTC/USD must surpass the USD 40.50 resistance area to continue higher. The next major resistance is near USD 41.20, followed by USD 42.50. On the downside, the USD 36.50 level is the most important support for the current wave.
XRP price is up around 2% and it broke the USD 0.175 resistance area. It seems like the price is likely to test the USD 0.178 and USD 0.180 levels. Any further gains are likely to lead the price towards the USD 0.188 level. On the downside, the main supports are near USD 0.170 level.
Other altcoins market today
In the past three sessions, many small-capitalization altcoins jumped more than 5%, including DGTX, QNT, NRG, GNT, STX, DGB, SEELE, CKB, HEDG, ELF, HOT, CHZ, XVG, and STEEM. Out of these, DGTX gained more than 25% and QNT is up close to 20%.
Overall, bitcoin price is gaining bullish momentum above the main USD 6,550 resistance area. It seems like BTC/USD is likely to continue higher towards USD 6,850 and USD 7,020. Conversely, there might be a downside correction towards USD 6,550 or USD 6,400 in the coming sessions.