Bitcoin Trades Sideways While Ethereum and Altcoins Rally
Bitcoin price is still trading well below the USD 38,000 resistance zone. Ethereum gained 10% and it broke the USD 1,300 resistance, XRP is showing positive signs above USD 0.280. RSR, ENJ, and UMA are up over 15%.
Bitcoin price formed a support above USD 35,000 and USD 35,500. As a result, BTC climbed higher above the USD 36,500 resistance, but it failed to gain strength above USD 37,200 and USD 37,500. It is currently (05:00 UTC) retreating lower, but the USD 35,500 zone could provide support.
Also, there were strong bullish moves in most major altcoins in the past two days. ETH/USD broke the main USD 1,250 resistance and climbed above USD 1,300. XRP/USD is also gaining momentum and it may soon make another attempt to clear the USD 0.300 resistance.
Total market capitalization
After a successful close above USD 35,500, bitcoin price extended its rise. BTC climbed above the USD 36,500 resistance and it even spiked above USD 37,000. However, the bulls failed to remain in control above the USD 37,200 resistance zone. A high was formed near USD 37,400 and the price is currently correcting gains.
An initial support on the downside is near the USD 36,050 level. The first key support is near USD 35,500, where the bulls might take a stand. On the upside, USD 37,200, USD 37,500, and USD 38,000 are major breakout zones.
Ethereum price is up over 10% and it broke many major barriers near USD 1,250. ETH outperformed bitcoin and it even broke the USD 1,300 level. It is still facing hurdles near USD 1,350, above which the bulls might test the USD 1,500 level in the near term.
On the downside, the USD 1,300 level is a short-term support. The main support is now forming near the USD 1,255 and USD 1,250 levels (the recent breakout zone).
Bitcoin cash, litecoin and XRP price
Bitcoin cash price settled above the USD 500 resistance and it is up over 10%. BCH is trading above the USD 515 level and it seems like the price might accelerate higher towards the USD 535 and USD 540 levels. Any more gains might call for a test of the USD 550 level. If there are dips, the USD 500 zone could provide support.
Litecoin (LTC) jumped 12% and it cleared the USD 155 resistance. The next key resistance for LTC is near the USD 165 level, above which the bulls might test the USD 180 level. Conversely, a downside correction may possibly find buying interest near the USD 150 level.
XRP price is gaining strength above the USD 0.280 and USD 0.285 levels. The main hurdle is still near the USD 0.300 level. A successful close above the USD 0.300 level could set the tone for a push above USD 0.312. In this case, the price could climb higher towards the USD 0.350 resistance.
Other altcoins market today
Many altcoins gained over 10%, including AMPL, ENJ, UMA, HEDG, RSR, NEO, HT, KNC, RUNE, LRC, SC, ICX, and VET. Out of these, AMPL surged 30% and it is trading above the USD 1.15 resistance.
Overall, bitcoin price seems to be trading in a broad range below the USD 38,000 resistance. If BTC continues to trade in a range, ETH, BCH, LTC, and other major altcoins might gain bullish momentum.