Bitcoin Rallies, Altcoins Gain Momentum
- Bitcoin price rallied almost 8% to clear the USD 9,200 and USD 9,400 resistances.
- Ethereum is up 5% to USD 200 and XRP is showing positive signs above USD 0.200.
- CRPT, MATIC, and BHT are up more than 15% today.
After a successful close above the USD 9,000 resistance, bitcoin price gained bullish momentum. BTC/USD surged above the USD 9,200 and USD 9,400 resistance levels to move further into a positive zone (08:00 UTC). Going forward, a close above USD 9,550 might open the doors for a push towards USD 10,000.
Similarly, there was a steady rise in most major altcoins, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is up more than 5% and it broke the USD 195 and USD 198 resistance levels. XRP cleared the USD 0.200 resistance and it could continue to rise in the near term.
Total market capitalization
In the past two sessions, bitcoin price gained bullish momentum above the USD 9,200 resistance. BTC is up almost 8% and it even tested the USD 9,550 resistance zone. If the bulls remain in action, there are chances of a sustained upward move above the USD 9,550 and USD 9,650 levels. The next key resistance is near USD 9,880, followed by USD 10,000.
If the price fails to settle above USD 9,550, there could be a downside correction. However, the previous resistances near USD 9,200 and USD 9,000 are likely to act strong buy zones.
Ethereum price is following bitcoin and it managed to clear the USD 192 and USD 195 resistance levels. ETH is up more than 5% and it is trading near the USD 200 resistance. A successful close above USD 200 and USD 202 might set the pace for a push towards USD 220.
On the downside, an initial support is near the USD 195 level. If the price continues to decline, the previous resistance near USD 192 may possibly act as a significant support.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is rising steadily and it is approaching the USD 240 and USD 245 resistance levels. If BCH gains pace above the USD 245 level, the bulls are likely to aim a test of the USD 265 and USD 270 resistance levels. If there is a bearish reaction from USD 245, the price might find support at USD 230.
Litecoin is now trading above the USD 42.20 resistance. LTC is now testing the USD 43.20 resistance, above which there are chances of a run towards USD 45.50. The next key resistance is near the USD 48.50 level. On the downside, the USD 41.20 level is now a decent support base.
XRP price is up more than 2% and it managed to clear the USD 0.198 and USD 0.200 resistance levels. An immediate resistance is near USD 0.205. If there is a successful close above USD 0.205, the price might continue to rise towards the USD 0.212 and USD 0.220 levels. The main supports are near USD 0.192 and USD 0.190.
Other altcoins market today
In the past three sessions, many small altcoins gained more than 6%, including CRPT, MATIC, BHT, NRG, UBT, RCN, NANO, ANT, QNT, RDD, OMG, VET, and SC.
Overall, bitcoin is trading in a positive zone and it could continue to rise above USD 9,550. If there is a short term downside correction, the previous resistance near USD 9,200 might act as a support.