Bitcoin Reaches New 2019 High, Altcoins May Accelerate
- Bitcoin price is gaining bullish momentum above the key USD 11,300 resistance.
- Ethereum is approaching the USD 320 resistance and ripple is climbing towards USD 0.480.
- NRG, VET and HC are up more than 25% today.
After a downside correction, bitcoin price started a fresh increase above the USD 11,000 resistance level. BTC/USD even gained bullish momentum above USD 11,200 and recently traded to a new 2019 high. The price is currently (08:10 UTC) consolidating and it may continue to rise towards USD 11,500 and USD 11,650 in the near term. Ethereum also started an upward move and settled above USD 310. ETH/USD needs to surpass the USD 320 resistance to continue higher. Similarly, ripple price could accelerate higher once it clears the USD 0.480 and USD 0.492 resistance levels.
Total market capitalization
In the past two sessions, bitcoin price remained well bid and it gained momentum above the USD 11,000 resistance. The recent upward move was such that the price broke the USD 11,200 resistance and even traded to a new 2019 high above USD 11,400. A swing high was formed near USD 11,425 and the price is currently consolidating gains.
An immediate resistance is near the USD 11,450 and USD 11,500 levels, above which the price might challenge the USD 11,650 level. On the downside, there are several important supports near the USD 11,200 and USD 11,000 levels.
Ethereum price climbed back above the key USD 310 resistance level. ETH/USD is currently trading near the USD 315 resistance. However, the main resistance is near USD 320, above which the price could surge towards USD 435 or even USD 440.
On the downside, the USD 310 level is an initial support. If there are more losses, the price may perhaps revisit the key USD 300 support area.
Bitcoin cash, eos and ripple price
Bitcoin cash price is currently consolidating above the USD 470 support level. On the upside, there are many hurdles near the USD 480, USD 485 and USD 490 levels. The key barrier is near the USD 500 level, above which the bulls could aim the USD 540 level in the coming days. On the downside, the key supports are near USD 470 and USD 460.
EOS tested the USD 7.000 support on a few occasions, but there was no downside break. As a result, the price moved higher and broke the USD 7.100 and USD 7.150 resistance. It is currently trading near USD 7.240 and it could soon test USD 7.420.
Ripple price is slowly moving higher and it recently broke the USD 0.462 and USD 0.465 resistance levels. XRP/USD is facing a lot of hurdles near the USD 0.475 and USD 0.480 levels. If there is a successful close above USD 0.480, the price might continue to rise towards USD 0.500.
Other altcoins market today
In the past three sessions, many small cap altcoins rallied and gained more than 10%, including NRG, VET, HC, LAMB, QNT, NEXO, MAID, EKT, ABBC, LINK, ODE, INB, EGT and QTUM. Out of these, NRG is up around 44% and VET gained nearly 38%.
Overall, bitcoin price is gaining momentum above USD 11,300 and it seems like it could even climb above the USD 11,500 level in the short term. The next main targets for the bulls may be USD 11,650 and USD 12,000.