Bitcoin and Altcoins Signaling Possible Fresh Increase
Recently, bitcoin price corrected lower below the USD 9,000 level. BTC/USD tested the USD 8,550 support zone and it is now (08:30 UTC) recovering higher. There was a break above the USD 8,850 resistance and it seems like the price might gain momentum above USD 9,000.
Similarly, there was a decent upward move in most major altcoins, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD remained stable above USD 200 and it is likely approaching the USD 210 and USD 212 resistance levels. XRP/USD is also rising and it might attempt an upside break above the USD 0.220 resistance.
Total market capitalization
After a short term downside correction, bitcoin price found support near the USD 8,550 level. BTC/USD started a fresh upward move and it climbed above the USD 8,550 resistance level. If there is a proper close above the USD 9,000 pivot level, the bulls are likely to aim USD 9,200. To continue higher, the price must surpass the USD 9,200 resistance.
On the downside, the USD 8,850 level is likely to act as a support (the recent breakout zone). If there are more losses, bitcoin could revisit the USD 8,550 support.
Ethereum price is also rising and trading above the USD 205 level. An initial hurdle for the ETH is near the USD 210 and USD 212 levels. If there is a clear break above USD 212, the price is likely to test the USD 220 resistance zone.
Conversely, the bulls might fail to push the price above USD 210. In this case, the price is likely to revisit the main USD 200 support zone.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is consolidating in a broad range and it is approaching the USD 250 range resistance. If BCH/USD settles above USD 250, the price is likely to continue higher towards USD 265. If not, there are chances of a fresh decline back towards the USD 230 range support. The next key support is near the USD 220 level.
Litecoin managed to stay above the USD 45.00 and USD 44.50 support levels. LTC/USD is rising and it is trading above USD 46.50. The first key hurdle for the bulls is near the USD 48.50 level, above which the price is likely to revisit the USD 50.00 resistance zone.
XRP price is up more than 3% and it is showing positive signs above the USD 0.212 and USD 0.215 levels. An immediate resistance is near the USD 0.220 level, above which the price is likely to accelerate higher towards the USD 0.228 and USD 0.232 levels.
Other altcoins market today
In the past two sessions, many small altcoins surged more than 10%, including HYN, ABBC, DATA, LEND, UBT, DGB, THETA, NMR, NRG, SNT, and HIVE. Out of these, HYN rallied more than 50% and moved into top 40 coins by market capitalization.
Overall, bitcoin is showing positive signs above USD 8,850 and it is likely to gain strength above USD 9,000. Having said that, BTC/USD must continue above USD 9,200 to start a strong increase towards USD 9,500 and USD 9,800 in the coming days.
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