Bitcoin And Altcoins Signaling Bullish Trend
Bitcoin price gained bullish momentum and recovered above USD 6,400. Ethereum is back above USD 130 and XRP is consolidating above USD 0.170. NRG, ELF, CRO, and REN are up more than 8% today.
Recently, bitcoin price started a fresh increase above the USD 6,300 and USD 6,400 levels. BTC/USD even spiked above USD 6,550, but it failed to continue higher. It is currently (08:30 UTC) consolidating gains above USD 6,400 and it could make another attempt to gain strength above USD 6,550.
Similarly, many major altcoins overcame key hurdles and currently consolidating, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is back above USD 130 and it recently tested the USD 135 resistance. XRP/USD is also trading in a positive zone above USD 0.170.
Total market capitalization
In the past few hours, bitcoin price followed a bullish path and climbed above the USD 6,400 pivot level. BTC/USD even spiked above USD 6,550 before it faced a strong selling interest near USD 6,600. The price is currently correcting gains and consolidating above USD 6,400. Any further losses may perhaps lead the price towards USD 6,200.
On the upside, the main hurdles are still near USD 6,550. A successful daily close above USD 6,550 is needed for a strong upward move towards the USD 6,800 and USD 7,000 levels.
Ethereum price is up close to 2% and it recently tested the USD 135 resistance area. ETH/USD is currently trading in a range between USD 130 and USD 135. If there is a downside correction below USD 130, the price could revisit USD 124.
On the upside, the key hurdle for the bulls is near the USD 135 level. A clear break above the USD 135 resistance may perhaps lead the price towards USD 142 and USD 145.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price gained around 4% and it is back above the USD 220 level. If BCH/USD continues to rise, it could retest the USD 230 barrier. Any further gains are likely to set the pace for a larger wave towards the USD 250 resistance area. On the downside, the USD 210 level is a major support zone, followed by USD 200.
Litecoin is rising and it is trading above the USD 38.50 resistance. However, LTC/USD seems to be struggling to clear the USD 40.50 hurdle. The next major resistance is near the USD 42.20 and USD 42.50 levels. The main support for the bulls is forming near the USD 36.50 levels.
XRP price is back above the USD 0.170 level. It recently tested the USD 0.175 resistance. If the bulls remain in action, there are high chances of a steady rise towards the USD 0.188 level. On the downside, a break below the USD 0.170 and USD 0.168 levels could push the price towards USD 0.162.
Other altcoins market today
In the past three sessions, many small-capitalization altcoins gained more than 5%, including NRG, ELF, CRO, REN, DATA, REP, RIF, MCO, BSV, DX, and ICX. Conversely, BTM, SNT, and XVG are showing a few bearish signs.
Overall, bitcoin price is trading in a positive zone above the USD 6,400 pivot level. However, BTC must climb and settle above the USD 6,550 resistance area for a steady rise. If not, the price is likely to decline towards the USD 6,200 support area.