Bitcoin Price Breaks USD 8.5K, Altcoins Signaling Bullish Continuation
Bitcoin price surged more than 5% and broke the USD 8,500 resistance area. Ethereum surpassed the key USD 185 resistance and ripple is consolidating above USD 0.270. HOT, DCN, REN and MCO rallied more than 15% today.
After several attempts to clear USD 8,300, bitcoin price finally gained bullish momentum. BTC/USD rallied more than 5% and traded above a few important resistances such as USD 8,300, USD 8,500 and USD 8,550. The price is currently (11:00 UTC) consolidating gains and it could continue to rise towards USD 8,750. Besides, there were decent gains in many major altcoins, including ethereum, EOS, bitcoin cash, ripple, litecoin, binance coin, BSV and ETC. ETH/USD is up more than 6% and it surpassed the key USD 185 resistance. On the other hand, XRP/USD is currently consolidating in a range above the USD 0.270 and USD 0.272 support levels.
Total market capitalization
In the past three sessions, bitcoin price climbed higher steadily above the USD 8,300 resistance area. BTC/USD even climbed above the USD 8,500 resistance area and traded to a new monthly high close to the USD 8,650 level. At the moment, the price is consolidating gains, with an immediate support near the USD 8,520 level. The main support on the downside is near USD 8,500, followed by USD 8,410.
On the upside, the recent high near USD 8,650 is a short term resistance. A successful break above USD 8,650 could push the price towards the USD 8,750 and USD 8,800 resistance levels.
Ethereum price performed well and it climbed above the USD 182 and USD 185 resistance levels. ETH/USD is up more than 6% and it even tested the USD 195 resistance. The price is correcting gains, but it is likely to find support near USD 188 or USD 185.
On the upside, a clear break above the USD 195 resistance might increase chances of a break above the USD 200 resistance zone in the near term.
Bitcoin cash, eos and XRP price
Bitcoin cash price is struggling to gain strength above USD 235 and USD 240. If BCH/USD settles above USD 240, it is likely to climb towards the USD 250 and USD 265 levels. On the downside, the key support is near USD 220, below which it could test USD 205.
EOS is trading above the USD 3.150 support. If there is a downside correction, the price might find support near the USD 3.050 level. On the upside, an immediate resistance is near USD 3.250, followed by USD 3.300. The main resistance is near the USD 3.450 level.
XRP price traded to a new monthly high near the USD 0.287 level before starting a downside correction. XRP/USD is currently consolidating above USD 0.272 and it might start a fresh increase. Only a close below USD 0.270 might start a substantial downside correction.
Other altcoins market today
Recently, many small capitalization altcoins gained strength and rallied more than 10%, including HOT, DCN, REN, MCO, CRPT, BCN, SEELE and MKR. Out of these, HOT jumped nearly 20% and DCN is up around 18%.
Overall, bitcoin is gaining bullish momentum above USD 8,500 and it could rise further above the USD 8,650 and USD 8,700 levels. The main hurdles for the bulls are now near the USD 8,800 and USD 9,000 levels.