Bitcoin Correcting Gains, Major Altcoins Look Bullish
Bitcoin price surged more than 10% and surpassed the USD 11,000 level. Ethereum is correcting gains from USD 335, XRP climbs above USD 0.220. KAVA, BAND, and SNX rallied over 15% today.
Bitcoin price started a strong increase above the USD 10,000 level. BTC broke a crucial resistance near USD 10,500 and it even rallied above USD 11,000. The price traded to a new monthly high close to USD 11,400 and it is currently (08:30 UTC) correcting below USD 11,000.
Most major altcoins also gained bullish momentum, including XRP, litecoin, bitcoin cash, BNB, EOS, TRX, XLM, and ADA. ETH/USD is currently correcting gains from the USD 335 level and it might find support near USD 215. XRP/USD is up over 2% and it managed to climb above the USD 0.220 level.
Total market capitalization
After a successful break above USD 10,000, bitcoin price gained bullish momentum. BTC surged above the USD 10,500 level and it surpassed the USD 11,000 level. A new monthly high is formed near USD 11,400 and the price corrected lower below USD 11,200 and USD 11,000. It is trading below USD 10,850 and it might continue to move down towards USD 10,600 or USD 10,500.
On the upside, the USD 11,000 level is an initial resistance for the bulls. A successful break above the USD 11,000 level might set the pace for a push towards USD 11,500.
Ethereum price failed to follow bitcoin and it faced resistance near the USD 335 level. ETH started a downside correction and traded below USD 330. The price is now trading below USD 320 and it might continue to move down towards the USD 315 and USD 312 support levels.
To start a fresh increase, the price must climb back above the USD 320 and USD 325 levels. The next key resistance is near the USD 335 level.
Bitcoin cash, ADA and XRP price
Bitcoin cash price is surging and it settled above the USD 250 resistance. BCH is trading above USD 260 and it is testing the USD 270 resistance. Any further gains could push the price towards the USD 285 level. On the downside, the USD 262 and USD 260 levels might provide support.
ADA spiked towards the USD 0.145 level before starting a downside correction. It corrected lower below USD 0.135, but the USD 0.130 level acted as a strong support. It seems like the price is now forming a support base for a fresh increase towards the USD 0.142 and USD 0.145 levels.
XRP price started gaining bullish momentum above the USD 0.215 and USD 0.218 levels. The price spiked above USD 0.220 and it is now showing a lot of bullish signs. The next major resistance is near the USD 0.225 level, above which the bulls are likely to aim a test of the USD 0.232 level.
Other altcoins market today
In the past three sessions, many small altcoins gained over 10%, including KAVA, BAND, SNX, RLC, RUNE, REN, DIVI, LRC, LTC, and QNT. Conversely, AMPL, FXC, CEL, DGTX, REP, and ERD are down more than 5%.
Overall, bitcoin price is trading in a strong uptrend above the USD 10,500. There could be a downside correction, but the overall price action looks positive and BTC still might resume its upside above the USD 11,000 level in the coming sessions.