Bitcoin and Altcoins Might be Gearing For Another Lift-Off
Bitcoin price could accelerate once it breaks the USD 8,850 resistance. Ethereum is rising towards USD 172 and XRP could attempt to surpass USD 0.242. Golem (GNT) and KMD rallied more than 25% today.
After testing the USD 8,550 support, bitcoin price started a decent increase. BTC/USD traded above USD 8,650 and USD 8,700, but it must climb above the USD 8,850 resistance level to continue higher. The next key hurdles are near USD 9,150 and USD 9,250.
Similarly, most major altcoins are slowly rising towards major resistances, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is approaching the USD 170 and USD 172 resistance levels. Besides, XRP/USD might soon test the USD 0.240 and USD 0.242 resistance levels.
Total market capitalization
In the past few hours (09:00 UTC), bitcoin price remained well bid above the USD 8,550 support level. BTC/USD climbed above the USD 8,650 resistance and it is trading above the USD 8,700 level. On the upside, an initial resistance is near the USD 8,800 and USD 8,850 levels. A close above the USD 8,850 level could start a strong rise towards the USD 9,150 and USD 9,250 levels in the coming sessions.
If bitcoin struggles to climb above the USD 8,850 resistance, the bears are likely to aim a downside break below the USD 8,550 and USD 8,500 support levels.
Ethereum price settled above the USD 165 level and it is slowly rising towards the USD 170 level. ETH/USD must surpass the USD 172 area to continue higher. The next major resistance is at USD 178, above which the price might test USD 185 or USD 188.
On the downside, an initial support is near the USD 165 level. The main support is near the USD 160 area, below which there is a risk or a larger decline towards the USD 152 area.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is rising again and it is now trading above the USD 340 level. If BCH/USD settles above the USD 350 resistance, it could even accelerate above the USD 365 resistance. The next major hurdle for the bulls is near the USD 380 level. The main supports on the downside are USD 330 and USD 325.
Litecoin is recovering from the USD 55.50 support level. LTC/USD is approaching the USD 58.50 resistance, above which the bulls could attempt more upsides above the USD 60.00 level. The next set of resistances is near the USD 62.20 level.
XRP price settled above the USD 0.232 pivot level and it is slowly rising. XRP/USD is trading above the USD 0.235 level and it seems like the bulls may soon attempt to push the price above USD 0.240 and USD 0.242. If they fail, there is a risk of a downside break below the USD 0.232 support area.
Other altcoins market today
In the past three sessions, a few small capitalization altcoins gained more than 6%, including GNT, KMD, QNT, SNX, AE, MAID, CKB, SOLVE, BCN, ETC and OMG. Out of these, GNT is up more than 28% and LMD gained nearly 26%.
To sum up, bitcoin price is slowly climbing higher towards a major breakout resistance at USD 8,850. If the bulls succeed, BTC/USD is likely to resume its uptrend and rise towards USD 9,250 or even USD 9,500 in the near term.