Bitcoin and Altcoins Sighting Crucial Bullish Break
Bitcoin price is likely setting up for a bullish break above the USD 9,000 resistance. Ethereum is facing hurdles near USD 230 and XRP is likely to revisit USD 0.242. Energi (NRG) rallied 30% and ABBC is up around 15% today.
In the past three sessions, there was an increase in the positive sentiment for bitcoin above USD 8,650 and USD 8,700. BTC/USD broke the USD 8,850 resistance area and it is currently (09:00 UTC) making an attempt to climb higher above the USD 9,000 resistance.
Similarly, most major altcoins are trading near key breakout levels, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is facing a couple of key hurdles near the USD 230 and USD 232 levels. On the other hand, XRP/USD is trading above USD 0.235 and it could rise towards the USD 0.242 resistance area.
Total market capitalization
The current bitcoin price action is positive and suggesting more upsides above USD 8,950 and USD 9,000 in the near term. BTC/USD broke the USD 8,850 resistance level, opening the doors for a steady increase. If the price closes above USD 9,000, it could start a decent increase. The next key resistances are seen near the USD 9,250 level.
If the price fails to clear the USD 9,000 resistance area, it could decline again. An initial support is now near the USD 8,720 level, below which the price might revisit the USD 8,550 support.
Ethereum price is facing a strong selling interest near the USD 230 and USD 232 levels. However, the bulls need to gain momentum above the USD 235 barrier to start a solid upward move towards the USD 248 and USD 250 levels.
Conversely, the price might slide further below USD 225. The main support is near the USD 220 level, below which there are chances of a test of the key USD 210 support.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is rising again and it is trading above the USD 325 and USD 330 levels. BCH/USD might continue higher towards the USD 340 and USD 350 resistance levels. On the downside, the USD 320 level is now a strong support, below which the bears are likely to aim a test of the USD 300 handle.
Litecoin is gaining bullish momentum above USD 60.00 and USD 61.00. If LTC/USD surpasses the USD 62.50 resistance, it could extend its rise towards the USD 65.00 resistance. Conversely, the price may perhaps start a fresh decline and it might decline towards the key USD 58.50 support area.
XRP price is showing a few positive signs above the USD 0.232 and USD 0.235 levels. If the bulls gain momentum above USD 0.238, the price may even surge above the USD 0.242 resistance level. The next set of hurdles is seen near the USD 0.250 level. On the downside, the main supports are USD 0.232 and USD 0.230.
Other altcoins market today
In the past three sessions, a few small-capitalization altcoins gained more than 8%, including NRG, ABBC, BTG, XTZ, BCN, ZRX, NEXO and RLC. Besides, SXP, ARDR, KNC, and STX are also gaining bullish momentum.
Overall, bitcoin price is trading above the USD 8,850 level, but it must settle above the USD 9,000 barrier to continue higher. If the bulls fail to gain pace, there is a risk of a downside break in the near term towards USD 8,550.