Bitcoin and Altcoins Target Fresh Monthly Highs
- Bitcoin price gained bullish momentum and settled above the USD 8,550 pivot area.
- Ethereum is back above USD 165 and XRP price is facing hurdles near USD 0.230.
- DRG, BTG, and QNT are up more than 15% today.
This past week, there was a substantial downside correction in bitcoin price below the USD 8,650 and USD 8,550 support levels. BTC/USD found support near the USD 8,250 level and recently started a fresh increase above the USD 8,550 pivot level. However, the price is facing hurdles near USD 8,650 and USD 8,800.
Similarly, there was a decent upward move in most major altcoins, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is now (09:00 UTC) trading above the USD 165 level. Besides, XRP/USD broke the USD 0.225 resistance, but facing many barriers near USD 0.228 and USD 0.230.
Total market capitalization
After correcting lower, bitcoin price found support near the USD 8,250 level. Later, BTC/USD started an upward move and broke the USD 8,400 and USD 8,550 resistance levels. At the moment, it is facing resistance near the USD 8,650 level.
The main weekly resistance is still near the USD 8,850 level, above which bitcoin price is likely to rise sharply. The next major hurdle is near the USD 9,200 and USD 9,300 levels. On the downside, the key weekly support is near USD 8,250, below which the bears are likely to take control.
Ethereum price stayed above the USD 160 support level and recently recovered above USD 162 and USD 165. ETH/USD might continue to rise, but there is a major resistance waiting near the USD 170 level. A successful close above the USD 170 could push the price towards USD 180.
If the price fails to continue above USD 170, it could decline back towards USD 162. The main support is near the USD 158 level, below which the bears are likely to aim a test of USD 150.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price rallied more than 12% and broke many hurdles near the USD 340 and USD 350 levels. BCH/USD is likely to continue higher above the USD 360 level in the near term. The next major resistance is near the USD 385 zone. On the downside, the bulls are likely to protect the USD 330 support area.
Litecoin started a slow and steady recovery above the USD 52.50 and USD 54.00 levels. LTC/USD broke the USD 55.50 resistance and it is likely to accelerate higher in the coming sessions. The next key resistance is near USD 58.50, followed by USD 60.00.
XRP price managed to stay above the USD 0.215 and USD 0.220 support levels. XRP/USD climbed above the USD 0.225 resistance and it is currently facing hurdles near USD 0.228. The main hurdles are near the USD 0.230 and USD 0.232 levels, above which the bulls are likely to target the USD 0.245 level. On the downside, the main weekly supports are near USD 0.215 and USD 0.210.
Other altcoins market today
In the past three sessions, a few small capitalization altcoins gained more than 10%, including DRG, BTG, QNT, CENNZ, ETC, ICX and BCD. Out of these, DRG is up around 20% and BTG gained nearly 18%.
Overall, bitcoin price is still showing a few positive signs above the USD 8,400 and USD 8,550 levels. However, BTC/USD needs to reclaim the USD 8,850 level to continue higher towards USD 9,300 or even USD 9,500. If not, the price could decline back towards USD 8,000.