Bitcoin Looks to Trade Higher, Altcoins Outperform
- Bitcoin price broke the USD 4,000 resistance to enter a solid uptrend.
- Ethereum (ETH) and ripple (XRP) rallied more than 15%.
- PIVX surged more than 40% and QTUM gained close to 22%.
This past week, bitcoin price climbed above the USD 3,500 and USD 3,800 resistance levels. It opened the doors for more gains and BTC/USD broke the USD 4,000 hurdle. The current price structure is positive above USD 4,000 and it seems like the price is preparing for more upsides above the USD 4,600 and USD 4,800 levels. Ethereum performed well recently and broke the USD 120 and USD 140 resistance levels. Similarly, ripple broke the USD 0.400 resistance and rallied above the USD 0.415 barrier. Going forward, there could be more gains as long as bitcoin is trading above USD 3,720.
Total market capitalization
There was a sharp upward move above the USD 4,000 resistance in bitcoin price . BTC/USD is up nearly 5%, with an immediate resistance at USD 4,250. If BTC/USD breaks the USD 4,250 resistance, it could test the next key resistance at USD 4,600. The main weekly resistance for the current wave is near the USD 5,000 handle.
On the downside, an initial support is at USD 4,000, below which the weekly support is at USD 3,750. If there is a daily close below USD 3,750, the price may decline towards the USD 3,400 or USD 3,320 levels.
Ethereum price gained a lot of bullish momentum and broke the USD 124, USD 128 and USD 132 resistance levels. ETH/USD is up more than 15% and it tested the USD 150 resistance.
The price is currently correcting lower towards the first support at USD 142. If there are more losses, the price could test the USD 132 support. The main weekly support is at USD 125 and the key weekly resistance for buyers is at USD 150 followed by USD 155.
Bitcoin cash and ripple price
Bitcoin cash is trading nicely above the USD 200 support. BCH/USD is up around 7% to USD 205 and it could trade further above the USD 210 and 215 resistance levels. Bitcoin SV is also trading with a bullish bias above the USD 100 - USD 105 support. BCHSV needs to break the USD 112 - USD 115 resistance to climb towards USD 125.
Ripple price finally broke the USD 0.400 - USD 0.402 resistance area. XRP/USD climbed more than 15% and it even broke the USD 0.415 resistance. The next key resistance is at USD 0.420 and support awaits at USD 0.410.
Other altcoins market today
Recently, many small cap altcoins traded higher and posted more than 15% gains, including PIVX, QTUM, LKY, DEX, NEO, REP, NEXO, XTZ, FCT and ZIL. Out of these, PIVX rallied more than 40% to USD 0.95 and QTUM is up around 22% to USD 2.95.
To sum up, there are a lot of positive signs on charts of bitcoin, indicating more gains above USD 4,250. BTC/USD could extend the current bullish wave towards the USD 4,600 or USD 5,000 level. Likewise, altcoins like ethereum, ripple, bitcoin cash, neo, icon, qtum, tron and cardano may extend gains in the coming days.