Bitcoin and Altcoins Seem Set for Further Gains
- Bitcoin price is consolidating below USD 11,000 and remains supported for further gains.
- Ethereum is holding the key USD 300 support and ripple price is placed above USD 0.450.
- LAMB, HEDG, AE and NAS are up more than 10% today.
This past week, we saw a strong bullish momentum in bitcoin and altcoins. BTC/USD rallied significantly above USD 10,000 and USD 11,000. A new multi-month was formed near USD 11,250 before the price started a short term downside correction. The price broke a few important support and it is currently (08:10 UTC) consolidating gains below the USD 11,000 level. Similarly, there were strong gains in ethereum, ripple, bitcoin cash and EOS. ETH/USD settled above USD 300 and it seems to be preparing for the next rally. XRP/USD declined from well above USD 0.500, but it remains stable above the USD 0.450 support area.
Total market capitalization
After a downside correction, bitcoin price found support near the USD 10,500 level. BTC/USD is currently trading in a range and it seems like it could slowly grind higher towards the USD 11,000 resistance area. If there is a fresh break above USD 11,000, the price could even trade towards USD 11,250.
The next main weekly resistance could be USD 11,500, above which the bulls might target the USD 12,000 level. On the downside, the main supports this week are USD 10,500 and USD 10,000, below which the price could extend losses.
Ethereum price traded towards the USD 325 level before it corrected sharply by more than 5%. ETH/USD even spiked below USD 300, but it recovered quickly. The price is trading above the USD 300 level and it is moving higher towards 310.
An immediate resistance is near USD 312, above which the price may perhaps retest the key USD 325 weekly resistance. On the downside, the price might continue to find buyers near USD 300 and USD 295 in the near term.
Bitcoin cash, eos and ripple price
Bitcoin cash price rallied above the USD 500 barrier. BCH/USD even tested the USD 550 level before it trimmed most its gains. The price is currently trading near the USD 475 level, with many hurdles near USD 480 and USD 490. The main resistance on the upside is at USD 500 and the key weekly support is near USD 460.
EOS settled above the USD 7.000 and USD 7.100 levels. The price traded towards the USD 7.500 level and recently revisited the USD 7.100 level. It could continue to rise towards USD 7.250, above which there are chances of a fresh test of the USD 7.500 level.
Ripple price rallied above the USD 0.485 and USD 0.500 levels. XRP/USD traded close to USD 0.510 before it corrected lower. However, the USD 0.450 support zone is acting as a strong barrier for sellers and it seems like the price might start a fresh increase in the coming sessions towards USD 0.500 and USD 0.520.
Other altcoins market today
In the past three sessions, a few small cap altcoins gained more than 5%, including LAMB, HEDG, AE, NAS, EKT, DCR, NRG, TRX, WAX and CRO. Out of these, LAMB is up around 75% and HEDG gained nearly 18%.
To sum up, bitcoin price is trading in an uptrend above USD 10,000. There could be a few range moves or downward corrections, but BTC/USD is likely to climb higher.