Bitcoin and Altcoins Signaling Bullish Continuation
- Bitcoin price is up around 5% today and it surpassed the USD 9,000 resistance.
- Ethereum settled above the USD 170 resistance and XRP broke the USD 0.232 resistance.
- Many altcoins such as ADA, NEXO, and SNX are up more than 10% today.
Yesterday, we discussed the chances of more upsides in bitcoin price if it climbs above the USD 8,650 and USD 8,850 resistance levels. BTC/USD did rise above the USD 8,850 resistance and it even surpassed the USD 9,000 resistance. It tested USD 9,150 and is currently (09:00 UTC) correcting lower.
On the other hand, there were limited gains in most major altcoins, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD managed to climb above the key USD 170 resistance area. Similarly, XRP/USD popped above the USD 0.232 barrier and tested USD 0.235.
Total market capitalization
After a proper close above the USD 8,650 resistance, bitcoin price surged above the USD 9,000 resistance level. BTC/USD traded close to the USD 9,200 resistance and it is currently correcting lower. An initial support is near the USD 9,000 level. However, the main support is near USD 8,850 (the recent resistance area).
Any further downsides may perhaps lead the price towards the USD 8,650 support. On the upside, an initial resistance is near the USD 9,200 level, above which the bulls are likely to aim a test of the USD 9,450 resistance.
Ethereum price followed bitcoin and climbed above the USD 168 and USD 170 resistance levels. ETH/USD tested the USD 175 level and it is currently correcting lower. However, the USD 170 level is likely to provide support, followed by USD 168.
On the upside, the bulls need to clear the USD 175 hurdle for an upside continuation. The next key resistance is near USD 178, followed by USD 180.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price remained in a positive zone above the USD 350 level. BCH/USD is currently correcting lower, with an immediate support near the USD 360 level. The key support is still near the USD 150 level.
On the upside, the price is struggling to clear the USD 375 and USD 380 resistance levels.
Litecoin gained more than 5% and broke the main USD 58.50 resistance level. LTC/USD tagged the USD 61.50 level and it is currently lower. The previous resistance near USD 58.50 might provide support, followed by USD 56.50. On the upside, the price could struggle near USD 61.50 and USD 62.00.
XRP price popped above the USD 0.230 and USD 0.232 resistance levels. It even tested the USD 0.235 resistance and currently correcting lower. However, the USD 0.232 and USD 0.230 levels are likely to provide support in the near term. On the upside, a break above USD 0.235 could lead the price towards the USD 0.242 and USD 0.245 levels.
Other altcoins market today
In the past three sessions, many small capitalization altcoins gained more than 5%, including ADA, NEXO, SNX, ETC, SXP, VSYS, EOS, BSV, GNT, HEDG, QNT, YAP, AE and ONT. Out of these, ADA is up around 15% and NEXO gained nearly 12%.
Overall, bitcoin price is trading in an uptrend above USD 8,650 and USD 8,850. There are high chances of more upsides above the USD 9,150 and USD 9,200 levels. The main support on the downside is forming near the USD 8,550 level.