Bitcoin Stuck Below USD 10K, Altcoins Look Ready For Another Leg Higher
Bitcoin price resumed its uptrend and climbed towards USD 10,000. Ethereum broke the key USD 205 resistance and XRP is trading well above USD 0.200. NMR gained more than 10% today.
This past week, there was a downside correction in bitcoin price from the USD 10,000 resistance. BTC/USD traded below USD 9,550, but it found support near USD 9,200. Recently, it started a fresh increase and broke many hurdles near USD 9,550 to revisit the USD 10,000 region.
Also, many major altcoins gained bullish momentum and broke key hurdles, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is up around 6% and it surpassed the USD 205 and USD 212 resistance levels. XRP also climbed above USD 0.200 and is currently (08:30 UTC) trading above USD 0.205.
Total market capitalization
After a short term correction, bitcoin price restarted its rise above the USD 9,550 and USD 9,700 levels. BTC traded above the USD 9,800 resistance and retested the USD 10,000 resistance zone. It is again struggling to clear the USD 9,950 level and currently correcting lower. On the downside, the main weekly support is near USD 9,550, followed by USD 9,200.
On the upside, the price must clear the USD 9,950 and USD 10,000 resistance levels to continue higher in the coming sessions. The next key resistance could be USD 10,500.
Ethereum price started a strong increase above USD 200 and gained more than 6%. ETH surpassed the key USD 205 and USD 212 resistance levels to move into a positive zone. If it clears the USD 218 resistance, the next stop for the bulls may perhaps be USD 225 or USD 230.
On the downside, the previous major hurdle near the USD 205 level might act as a weekly support. The next major support is seen near the USD 200 handle.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price managed to rise above the USD 240 and USD 245 resistance levels. BCH is now trading above USD 250 and it seems like there could be more upsides towards the USD 260 and USD 265 levels. On the downside, an initial support is near the USD 240 level. The main weekly support could be USD 230, below which the bears are likely to take control.
Litecoin is rising steadily above the USD 44.00 and USD 45.00 levels. An initial resistance is near the USD 46.20 level, above which the price might continue to climb towards the USD 48.50 level. The key barrier on the upside is near the USD 50.00 and USD 50.50 levels.
XRP price avoided a major decline below the USD 0.190 support and climbed back above USD 0.200. It is trading above the USD 0.205 level and it seems like there are chances of it testing the USD 0.212 resistance in the near term. On the downside, the main supports are still near USD 0.192 and USD 0.190.
Other altcoins market today
In the past three sessions, a few small-capitalization altcoins jumped more than 5%, including NMR, CRPT, FXC, CKB, ZEC, HIVE, BSV, ADA, UBT, and MONA. Conversely, ETN, SEELE, RDD, BHT, QNT, and ZIL are down more than 5%.
Overall, bitcoin price is showing bullish signs above USD 9,550 and USD 9,700. However, BTC must gain strength above the USD 9,950 and USD 10,000 resistance levels to continue higher in the near term.