Bitcoin Rallies, Altcoins Trade Sideways
- Bitcoin price remained in an uptrend and broke the USD 6,000 and USD 6,100 resistances.
- Ethereum price is consolidating above USD 170 and ripple is still below USD 0.300.
- ABTC, RLC and TRUE up more than 12% today.
After yesterday’s downside correction, bitcoin price found support near the USD 5,750 level. BTC restarted its upward move and broke the USD 5,850 and USD 5,920 resistances. The bulls took control, pushing the price above the USD 6,000 barrier. The price even broke USD 6,100 and traded to a new 2019 high near USD 6,140. However, altcoins struggled to follow bitcoin and mostly traded in a range. Ethereum price is currently (08:10 UTC) consolidating above USD 170 and up around 0.5%. Ripple price is still below the key USD 0.300 and USD 0.302 resistance levels.
Total market capitalization
There was a sharp rebound in bitcoin price from the USD 5,750 support level. BTC/USD broke many resistances near USD 5,850 to settle above the USD 6,000 resistance area. The upward move was strong, as the price even broke the last swing high and traded to a new 2019 above USD 6,100.
The price traded close to the USD 6,140 level on Binance and it is currently consolidating gains. An immediate support is at USD 6,080, below which the price may test the USD 6,020 support level. On the upside, the main hurdles are near USD 6,180 and USD 6,200.
Ethereum price moved back above the USD 170 support level and it is currently consolidating in a range. An immediate resistance is at USD 172, above which the price might test the USD 175 resistance area.
Conversely, if the price fails to stay above the USD 170 support, there is a risk of a downside break towards the USD 165 support in the short term.
Bitcoin cash, eos and ripple price
Bitcoin cash price seems to be consolidating above the USD 285 support level, with an immediate resistance at USD 290. If BCH/USD starts a strong upward move above USD 290, it could test the key USD 300 resistance level. On the downside, an initial support is at USD 285, below which there is a risk of a break towards the USD 275 level.
EOS is facing a strong resistance near the USD 4.95 and USD 5.00 resistance levels. The price might correct in the short term, but the USD 4.80 level is likely to provide support and act as a buy zone.
Ripple price remained in a bearish zone below the USD 0.300 level. XRP/USD recovered after testing USD 0.295, but it still facing a lot of hurdles near the USD 0.300 and USD 0.302 resistance levels. On the downside, the key supports are at USD 0.296 and USD 0.295.
Other altcoins market today
In the past three sessions, a few small cap altcoins gained more than 5%, including ABT, RLC, TRUE, DGD, BTG, ZEN, SAN, BSV, ELA and WAVES. Out of these, ABT is up around 18% and RLC gained nearly 14%.
Overall, bitcoin price remains in a strong uptrend above USD 5,950 and USD 6,000. There was a minor setback yesterday, but BTC/USD bounced back above USD 6,000. On the upside, the next target for the bulls could be USD 6,180 or USD 6,200.