Bitcoin Gains 5%, Ethereum, Altcoins Continue To Outperform BTC
Bitcoin price recovered further and it broke the USD 34,000 region. Ethereum is holding gains above USD 1,400, XRP is still well below USD 0.300. EGLD and ZEN are up over 20%.
Bitcoin price is showing positive signs and it recently broke the USD 33,500 resistance. BTC even cleared the USD 34,000 level and it is currently (13:00 UTC) up over 5%. If there is a close above USD 34,200 and USD 34,500, there are chances of a move above USD 35,000.
Similarly, most major altcoins are gaining bullish momentum. ETH/USD is steady above USD 1,400 and the bulls seem to be eying a test of USD 1,500. XRP/USD is consolidating and it is facing many hurdles, starting with USD 0.285.
Total market capitalization
After a recovery wave above USD 33,000, bitcoin price gained pace. BTC managed to pop above the USD 34,000 resistance area and it even climbed above USD 34,200. If the bulls remain active above USD 34,200 and the price settles above USD 34,500, there are chances of a sustained upward move in the coming sessions. The next major resistance sits near the USD 35,000 level.
On the downside, the USD 33,500 level is a strong support. Any more losses could lead the price towards the USD 32,200 support zone.
Ethereum price corrected lower, but the bulls protected the USD 1,400 support. ETH is rising again and it is trading above USD 1,420. An immediate resistance is near USD 1,450, above which the price might rise towards the USD 1,500 resistance zone.
If there is a fresh decline, the USD 1,400 level is a strong support. A close below USD 1,400 may possibly lead the price towards the USD 1,350 level.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is gaining pace above the USD 450 resistance level. An immediate resistance is near USD 465, above which the price might continue higher towards the USD 488 and USD 500 levels. Conversely, a downside break below USD 450 could push the price back towards the USD 425 support zone. The next major support is near the USD 400 level.
Litecoin (LTC) is showing positive signs above the USD 142 pivot level. LTC is approaching the USD 145 level and it seems like the price might soon test the USD 150 level. A close above the USD 150 level could lead the price towards the USD 165 level. On the downside, the USD 140 support zone might continue to prevent losses.
XRP price is trading above the USD 0.272 support level, but it is struggling to gain bullish momentum. An initial resistance is near the USD 0.285 level, above which the bulls might attempt another upside break above the USD 0.300 resistance. If they succeed, the price could rally towards the USD 0.320 and USD 0.330 levels.
Other altcoins market today
Many altcoins gained over 8%, including EGLD, ZEN, UNI, BNT, ICX, COMP, AAVE, LRC, HEDG, ALGO, OCEAN, THETA, QNT, and AMPL. Out of these, EGLD broke the USD 45.00 resistance and even tested USD 50.00.
To sum up, bitcoin price is showing positive signs above USD 34,000, but it must gain momentum above USD 34,200 and USD 34,500 to continue higher. If not, it could decline back to USD 33,000.