Bitcoin And Altcoins Target Fresh Monthly Highs
Yesterday, we discussed the chances of a decent upward move in bitcoin price above the USD 7,000 resistance. BTC/USD did rise above the USD 7,000 and USD 7,050 resistance levels. It tested the USD 7,200 resistance and is currently (08:30 UTC) consolidating gains with minor corrective moves.
Similarly, there are bullish moves in most major altcoins, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD gained more than 5% and it tested the USD 185 resistance area. XRP/USD also climbed higher, but it seems to be facing a major hurdle near the USD 0.190 and USD 0.192 levels.
Total market capitalization
After a successful close above USD 6,850, bitcoin price gained bullish momentum. BTC/USD surpassed the USD 7,000 and USD 7,050 resistance levels. It tested the USD 7,200 resistance and recently corrected below USD 7,120. On the downside, an initial support is near the USD 7,050 and USD 7,000 levels. The main support is now forming near USD 6,850.
On the upside, the bulls are facing a major resistance near the USD 7,200 level, above which there are high chances of a strong upward move towards the USD 7,550 and USD 7,650 levels.
Ethereum price performed well and it gained more than 5%. ETH/USD surpassed the USD 180 resistance and it tested the USD 185 level. The price is currently correcting lower towards the USD 180 and USD 178 support levels. The main support is now near the USD 175 level.
On the upside, there is a key resistance near the USD 185 level. A successful break and follow-through above USD 185 might set the pace for a decent rally towards the USD 200 level.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price settled above the USD 220 level and it is now approaching the USD 230 resistance. A clear break above the USD 230 level could set the pace for more upsides and BCH/USD might revisit the USD 245 resistance zone. The key support on the downside is near the USD 220 level.
Litecoin is showing positive signs above the USD 40.00 level. LTC/USD surpassed the USD 41.20 resistance, but it seems to be facing hurdles near the USD 42.00 and USD 42.20 levels. The first major resistance on the upside for a larger rally is seen near the USD 44.50 level.
XRP price also followed bitcoin and climbed higher. It surpassed the USD 0.188 level, but it struggled to surpass the USD 0.190 and USD 0.195 resistance levels. It is back at USD 0.185, below which there is a risk of a fresh decline towards the USD 0.180 level. To start a real uptrend, the price must settle above the USD 0.192 level.
Other altcoins market today
In the past two sessions, a few small-capitalization altcoins climbed more than 5%, including DGB, QNT, XLM, THETA, LEND, XTZ, ADA, MKR, ENJ, and CRO. Conversely, LUNA, DGD, and SXP are down more than 4%.
To sum up, the recent moves in bitcoin suggest a positive trend forming above USD 6,850 and USD 7,000. Having said that, BTC/USD must gain strength above the USD 7,200 resistance area to continue higher in the near term.
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