Bitcoin and Altcoins Trend Turns Overwhelmingly Bullish
- Bitcoin price extended its rally and traded to a new all-time high near USD 23,800.
- Ethereum is gaining momentum above USD 650, XRP could test USD 0.600.
- Litecoin surged 20% and it climbed above the USD 100.00 barrier.
There was upside continuation in bitcoin price above the USD 22,000 resistance level. BTC even broke the USD 23,000 resistance and traded to a new all-time high near USD 23,800. The price is currently (13:00 UTC) correcting gains below USD 23,200, but it could restart its rise in the short-term.
Also, there was a massive rally in most major altcoins, including ethereum, litecoin, XRP, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD is now gaining momentum above the USD 650 and USD 655 resistance levels. XRP/USD is stable above USD 0.550 and it could continue to rise towards USD 0.588 or even USD 0.600.
Total market capitalization
There was a sharp upward move in bitcoin price above the USD 21,800 and USD 22,000 resistance levels. BTC even surpassed USD 23,000 and traded to a new all-time high near USD 23,800. Recently, there was a nasty dip of over USD 1,500, but the price remained well bid near the USD 22,000 and USD 21,800 levels.
The price is again rising and trading above the USD 22,400 level. The first key resistance is near USD 23,120, above which the price might pump towards USD 23,500 and USD 23,650.
Ethereum price started a decent increase after bitcoin started correcting gains. ETH broke the USD 655 resistance level and it even climbed above USD 660. There could be more upsides towards the USD 685 level if there is a clear break above the USD 668 resistance level.
On the downside, the USD 650 level is a strong support zone. If there is a daily close below USD 650, the price could correct lower towards the USD 630 support.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is up 10% and it even broke the USD 320 resistance. The current price action suggests BCH might continue to climb higher towards the USD 345 and USD 350 resistance levels. If there is a downside correction, the USD 305 and USD 300 levels might provide support.
Litecoin (LTC) outperformed ETH and it rallied over 20%. There was a clear break above the USD 95.00 and USD 100.00 resistance levels. It seems like the price might consolidate gains in the short-term before it could rise further towards USD 110.00. On the downside, an initial support is near the USD 95.00 level. The main support is now forming near the USD 92.50 level.
XRP price is showing positive signs above the USD 0.520 and USD 0.550 levels. On the upside, the USD 0.575 is a short-term resistance. The first major resistance is near the USD 0.588, above which the price may possibly test USD 0.600. On the downside, the USD 0.550 and USD 0.535 levels are decent supports.
Other altcoins market today
In the past few hours, many altcoins gained over 10%, including WBTC, XLM, THETA, DGB, UNI, RUNE, KSM, SNT, ZEC, BTG, LINK, and NXM. Out of these, XLM is up over 15% and it is trading above USD 0.188.
To sum up, bitcoin price is trading in a strong uptrend and it is trading comfortably above the USD 22,000 zone. There could be short-term dips in BTC, but the overall trend suggests more upsides above USD 23,100.