Bitcoin Targets USD 50K Again, Ethereum, Altcoins Hold Supports
Bitcoin price is seemingly preparing for a move above USD 50,000. Ethereum could retest the USD 1,600 resistance, XRP could soon clear the USD 0.450 resistance. ENJ and EWT outperformed and rallied over 20%.
Yesterday, bitcoin corrected gains and traded below USD 48,000. However, BTC remained well bid above the USD 47,000 level and it is currently (05:00 UTC) rising. The main resistance is now near USD 50,000, above which there are chances of a strong increase in the near term.
Besides, most major altcoins are holding important supports. ETH is stable above USD 1,450 and it might soon revisit USD 1,600. XRP/USD seems to be setting up for an upside break above USD 0.450.
Total market capitalization
After testing the USD 50,000 level, bitcoin price corrected lower. BTC traded below the USD 48,500 and USD 48,000 level. It found support near the USD 47,000 level and recently trimmed losses. It is now rising towards the USD 49,800 and USD 50,000 resistance levels.
If there is a daily close above USD 50,000, the price could rally towards USD 52,000. Conversely, the price could revisit the USD 48,000 level. The first major support is near the USD 47,000 level, below which the price might test USD 45,000.
Ethereum price failed to stay above USD 1,500 and it tested the USD 1,450 support. ETH found a strong buying interest near USD 1,450 and it climbed back above USD 1,450. It seems like the price could reach USD 1,550 and revisit the USD 1,600 resistance in the near term.
On the downside, the USD 1,500 level is a short-term support. The main support is now forming near the USD 1,450 level.
BNB, ADA, litecoin, and XRP price
Binance Coin (BNB) is struggling to settle above the USD 250 and USD 255 resistance levels. BNB might correct lower towards the USD 240 level. The main support is still near USD 232. On the upside, the price must settle above USD 255 for a sustained upward move.
Cardano (ADA) is holding the main USD 1.200 support zone. If ADA climbs above USD 1.250, there are chances of a fresh rally above the USD 1.300 level. On the other hand, there is a risk of a breakdown towards the 1.050 support.
Litecoin (LTC) is up over 8% and it broke the USD 185 and USD 188 resistance levels. LTC looks set for a test of the USD 200 barrier. If there is a clear break above USD 200, the price could continue to rise towards the USD 212 and USD 215 levels. The next major hurdle is at USD 220.
XRP price is consolidating above the USD 0.432 support zone. It seems like the bulls are aiming for an upside break above the USD 0.245 level. If they succeed, the price might rally towards the USD 0.500 level.
Other altcoins market today
Many altcoins gained over 10%, including ENJ, EWT, XEM, OCEAN, BAT, CRV, MANA, THETA, STX, LTC, XTZ, KSM and RSR. Out of these, ENJ rallied above the USD 0.850 and USD 0.900 levels.
Overall, bitcoin price is trading above USD 48,000 and USD 47,000. If BTC climbs above USD 50,000, the bulls might push the price towards USD 52,000 or even USD 53,200.