Bitcoin Price and Altcoins Poised for Further Appreciation
- Bitcoin price is trading in a strong uptrend above USD 9,000 and USD 8,500.
- Ethereum is positioned for more gains above USD 190 and ripple is facing hurdles USD 0.305.
- BTM, NAS, ONT, GXC, QTUM, HC and IOST rallied more than 30% today.
This past week, bitcoin price started a strong upward move from the USD 7,550 support area. BTC/USD gained more than 25% and broke many resistances near USD 8,500 and USD 9,000. It even rallied above USD 10,000 before starting a downside correction. Currently (08:00 UTC), the price is trading above USD 9,000 with a lot of positive signs.
Also, many major altcoins rallied significantly, including ethereum, bitcoin cash, ripple, EOS, BNB, TRX, ADA and XLM. ETH/USD tested the USD 200 resistance area before correcting to USD 175. XRP/USD is also showing a lot of positive signs, but it seems to be facing hurdles near USD 0.305 and USD 0.308. Overall, the crypto market is trading in a nice uptrend and it could continue to rise in the coming days.
Total market capitalization
After correcting lower, bitcoin price found support near the USD 8,000 area. BTC/USD is currently climbing higher and is trading well above the USD 8,500 and USD 9,000 support levels. On the upside, an immediate resistance is near the USD 9,800 area. However, the main weekly resistance for the bulls is near USD 10,000, above which the price could rally towards USD 11,200.
On the downside, there are many supports near USD 9,100 and USD 9,000. The main weekly support is near USD 8,500, below which the price could start an extended decline towards the USD 7,800 support.
Ethereum price also followed bitcoin and rallied significantly towards the USD 200 resistance. Later, it corrected heavily and tested the main USD 175 support area. ETH/USD is currently climbing higher towards the USD 190 and USD 192 resistance levels.
The key hurdle is near USD 200, above which the price might test USD 225. On the downside, the USD 180 and USD 175 levels are important support. If there are more downsides, the price could revisit USD 165.
Bitcoin cash, eos and XRP price
Bitcoin cash price surged above the USD 240 and USD 250 resistance levels. BCH/USD is currently trading above USD 250, with an immediate resistance near USD 265 and USD 270. The next major resistance is near the USD 300 level. On the downside, the main weekly support is now near USD 240.
EOS climbed above the USD 3.000 and USD 3.250 resistance levels. The price is currently trading above USD 3.300 and facing resistance near the USD 3.400 and USD 3.500 levels. If there is a downside correction, the USD 3.200 zone might provide support.
XRP price also gained pace in the past few days above the USD 0.292 and USD 0.300 resistance levels before correcting lower. At the moment, XRP/USD is facing hurdles near USD 0.305 and USD 0.308, above which it could rally to USD 0.320.
Other altcoins market today
In the past three sessions, many small capitalization altcoins rallied and surged more than 20%, including BTM, NAS, ONT, GXC, QTUM, HC, IOST, TRX, NEO, ELA, VET and ELF. Out of these, BTM surged more than 100% and NAS climbed close to 50%.
Overall, bitcoin price is trading in an uptrend and it is likely to climb above USD 10,000 in the coming days. Even if there is a downside correction, the USD 8,500 support area might act as a strong buy zone in the near term.