Bitcoin and Altcoins Primed For More Upsides
Bitcoin price is currently consolidating gains above the USD 6,500 support. Ethereum is showing positive signs above USD 135 and XRP is trading above USD 0.160. BAT, BCN, and SNX are up more than 10% today.
In the past few sessions, there were mostly positive moves in bitcoin price above the USD 6,200 pivot level. BTC/USD was able to surge above the USD 6,500 resistance and it even tested the USD 6,850 area. The price is now (08:30 UTC) consolidating above USD 6,500 and preparing for more gains.
Similarly, most major altcoins are showing positive signs, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is trading above the USD 135 area and it could continue to rise towards the USD 140 and USD 145 levels. Besides, XRP/USD is consolidating above USD 0.160 and it might rise steadily above the USD 0.165 resistance.
Total market capitalization
After a proper close above the USD 6,500 level, bitcoin price extended its rise above the USD 6,650 and USD 6,700 levels. BTC/USD tested the USD 6,850 resistance and it is currently correcting lower. The price is now trading in a range above USD 6,500 and it could continue to rise towards the USD 6,850 and USD 7,000 resistance levels.
If there is a downside correction, the 6,600 level is an initial support. The first major support is near the USD 6,500 level, below which the price is likely to accelerate decline towards USD 6,200.
Ethereum price gained pace above the USD 135 resistance and it is currently trading with a positive bias. ETH/USD might attempt an upside break above the USD 140 and USD 142 resistance levels. If it succeeds, the price could rise towards the USD 150 level.
On the downside, an initial support is near the USD 135 level (the previous resistance). Any further losses may perhaps start another correction towards USD 125.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price remained well bid above the USD 210 level. BCH/USD is now trading above USD 220 and it could rise further above the USD 225 level. The main resistance is near USD 230, above which it could climb higher towards the USD 250 level. On the downside, the previous resistance near USD 215 might act as a support.
Litecoin gained momentum above the 38.50 resistance and it is now consolidating near the USD 40.00 resistance. A clear break above the USD 40.00 and USD 40.50 resistance levels might start a steady increase in the coming sessions. The next key resistance is near the USD 42.20 level.
XRP price is trading above the USD 0.158 and USD 0.160 resistance levels. The price might start another strong rise if it clears the USD 0.165 resistance area. The next stop for the bulls on the upside could be USD 0.170. On the downside, an initial support is near the USD 0.158 level, followed by USD 0.155.
Other altcoins market today
In the past three sessions, a few small-capitalization altcoins gained more than 5%, including BAT, BCN, SNX, NMR, NRG, VET, ICX, XMR, and BTM. Out of these, BAT gained more than 15% and BCN is up close to 15%.
Overall, bitcoin price is showing positive signs and it is trading above the USD 6,500 level. If BTC/USD gains pace above USD 6,850, it could easily rally above USD 7,000. If not, it could slide back towards USD 6,300 and USD 6,200.