Bitcoin and Altcoins Signaling More Upsides
Bitcoin price gained bullish momentum above USD 11,000 and USD 11,250. Ethereum settled well above USD 365, XRP is showing positive signs above USD 0.250. REN rallied around 20% and XMR is up more than 10% today.
Bitcoin price gained strength after there was a clear close above the USD 11,000 resistance. BTC was able to clear the USD 11,250 and USD 11,400 levels. The price is currently (05:00 UTC) consolidating gains below USD 11,500 and it seems to be aligning for the next upside break.
Similarly, there was a steady increase and positive moves in most major altcoins, including ethereum, XRP, litecoin, bitcoin cash, EOS, ADA, TRX, BNB, and XLM. ETH/USD broke the USD 355 and USD 365 resistance levels. XRP/USD also settled above USD 0.250 and it might continue higher if it clears USD 0.258.
Total market capitalization
After multiple failed attempts to clear the USD 10,250 support, bitcoin price started a strong upward move. BTC surpassed the USD 10,800 and USD 11,000 resistance levels to move into a positive zone. It even tested the USD 11,500 resistance and recently started a downside correction. An initial support on the downside is near the USD 10,350 level.
The first major support is near the USD 11,250, below which the bulls might defend the main weekly support at USD 11,000. On the upside, a clear break above the USD 11,500 resistance could open the doors for a push towards USD 11,800 and USD 12,000.
Ethereum price also followed a similar pattern and it rallied after a clear break above the USD 355 resistance. ETH broke the USD 365 resistance and tested the USD 380 level. The price is trading with a positive bias and if it clears the USD 380 level, the bulls might test the USD 400 level.
On the downside, the price might find bids near the USD 365 level. The main weekly support is now forming near the USD 355 level.
Bitcoin cash, chainlink and XRP price
Bitcoin cash price gained traction after it broke the USD 230 resistance. BCH even climbed above USD 235 and USD 240. The next key resistance is near the USD 250 level. If there is a downside correction, the price might find bids near USD 235. The breakdown support might be forming near the USD 230 level.
Chainlink (LINK) gained pace above the USD 10.20 and USD 10.50 resistance levels to move into a bullish zone. The price is now trading near USD 10.80, with a key hurdle near the USD 11.00 level. A successful break above the USD 11.00 level might lead the price towards the USD 12.00 level.
XRP price jumped after it settled above the USD 0.245 pivot level. The price broke the USD 0.250 and USD 0.255 resistance levels. It is now struggling to clear the USD 0.258 and USD 0.260 levels. The next major stop above USD 0.260 for the bulls might be USD 0.272. On the downside, the main support is now near USD 0.245.
Other altcoins market today
In the past three sessions, many altcoins gained over 8%, including REN, XMR, NMR, ATOM, BAND, YFI, ZEC, SUSHI, SOL, and KSM. Out of these, REN rallied 25% and it broke the USD 0.380 resistance level.
Overall, bitcoin price is trading in a positive zone above USD 11,250 and USD 11,000. The current price action indicates that there are chances of more upsides above the USD 11,500 resistance.