Bitcoin and Ethereum Eye Fresh Rally, Altcoins Extend Gains
Bitcoin price is trying to gain momentum above the USD 38,000 resistance zone. Ethereum aims for USD 1,700, XRP is consolidating gains above USD 0.440. ZRX extended its rally and surged 75%, MKR and KNC are up over 35%.
Bitcoin price is currently (12:55 PM UTC) trading above USD 38,000 and if the bulls succeed to keep this level, the price could surge towards the USD 40,000 level.
Besides, most major altcoins might continue moving higher. XRP/USD remains elevated and it might move above USD 0.450. ETH/USD is showing signs of a bullish breakout and it might surge above USD 1,700.
Total market capitalization
There were mostly bullish moves in bitcoin price above the USD 36,500 and USD 37,000 levels. If BTC stays above the USD 38,000 resistance, there could be a steady increase. The next key resistance is at USD 38,800, above which the bulls might test USD 40,000.
If there is a downside correction, an initial support is near the USD 37,000 level. The main support is now forming near the USD 36,500 level.
Ethereum price remained well bid above the USD 1,620 and USD 1,600 levels. ETH cleared the USD 1,650 resistance and it seems like the bulls are eyeing a run towards the USD 1,700 level. Any more gains could lead the price towards the USD 1,740 level.
On the downside, the USD 1,625 is a decent support. The main support is now near USD 1,600. A daily close below USD 1,600 may possibly start a major downside correction.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is rising again towards the USD 440 resistance. The main resistance is still near the USD 450 level. A clear break above the USD 450 level may possibly push the price towards USD 465 or even USD 480. If not, the price might move lower towards the range support at USD 425.
Litecoin (LTC) is up 4% and it is gaining momentum above the USD 150 level. If LTC surpasses the USD 155 level, it could spark sharp gains. The next target might be USD 165, above which the bulls could aim a test of USD 182. On the downside, the USD 142 and USD 140 levels are important supports.
XRP price rallied above USD 0.420. It is now consolidating gains above USD 0.440, with an immediate resistance at USD 0.450. If there is a close above USD 0.450, the price could retest USD 0.465. Any more upsides might call for a test of the USD 0.500 resistance.
Other altcoins market today
A few altcoins gained over 20%, including ZRX, LUNA, MKR, KNC, OCEAN, ALPHA, REN, NEXO, 1INCH, ADA, EGLD, and COMP. Out of these, KNC is climbing steadily and it might clear the USD 2.00 resistance.
To sum up, as bitcoin price accelerated above the USD 37,000 level, it must show strength above the USD 38,000 hurdle for a steady increase in the coming sessions.