Bitcoin And Altcoins Correcting Strong Gains
In the past two days, there were strong bullish moves in bitcoin above USD 7,550. BTC/USD surged around 20% and surpassed many key hurdles such as USD 8,000, USD 8,500, and USD 9,000. It traded to a new monthly high close to USD 9,500 and it is currently correcting gains.
Similarly, there was a steady rise in most major altcoins, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD extended its rally above the USD 220 level and it traded close the USD 230 resistance. XRP/USD also rallied more than 10% and tested the USD 0.235 resistance zone.
Total market capitalization
After a successful close above USD 8,000, bitcoin price gained bullish momentum. BTC/USD surged around 20% and broke many resistances near USD 9,000. It even traded above the USD 9,200 resistance and tested the USD 9,500 hurdle. The price is currently (08:30 UTC) correcting gains and it could retest the USD 9,050 and USD 9,000 support levels.
On the upside, the price is likely to face a strong selling interest near USD 9,450 and USD 9,500. If there is another show of strength, the price could surge towards the USD 10,000 level.
Ethereum price extended its rally above the USD 205 and USD 220 resistance levels. ETH/USD even surpassed USD 225 and traded close to USD 228. It is currently correcting lower and approaching the USD 220 support. If there are more losses, the price may perhaps test the USD 212 support.
On the upside, the USD 225, USD 228 and USD 230 levels are key hurdles. A successful break above USD 230 might lead the price towards USD 250.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price gained more than 10% and it broke the USD 245 and USD 250 resistance levels. BCH/USD even climbed above USD 265 and tested the USD 275 zone. It is currently correcting lower to USD 265, below which the bears are likely to aim a test of the USD 250 level.
Litecoin succeeded in gaining traction above the USD 46.50 and USD 48.50 resistance levels. LTC/USD tagged the USD 50.00 barrier and it is currently correcting lower. On the downside, the USD 48.50 level is likely to act as a strong support. On the upside, the USD 50.00 and USD 50.50 are short term hurdles, followed by USD 52.00.
XRP price extended its rise above the USD 0.212 and USD 0.220 resistance levels. The price even climbed above USD 0.232 and tested the USD 0.235 resistance. The price is currently retreating lower and it seems like it could test the USD 0.224 support zone.
Other altcoins market today
In the past three sessions, many smaller altcoins rallied more than 10%, including DATA, SC, OMG, HYN, MONA, BCD, CKB, OKB, NRG, CRO, BSV, BCN, MAID, BTG, BTT, and FTT. Out of these, DATA rallied 54%.
Overall, bitcoin is surging before the upcoming halving event and it is now trading above USD 9,000. In the short term, there could be a downside correction, but BTC/USD still might continue moving higher towards USD 9,800 and USD 10,000.
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