Bitcoin and Altcoins In Steep Uptrend

Bitcoin and Altcoins In Steep Uptrend
(Source: www.tradingview.com)

Bitcoin price started a fresh increase above the USD 8,250 and USD 8,350 resistance levels. BTC/USD even broke the USD 8,500 level and it seems like it could continue to rise towards USD 8,650 and USD 8,800. On the downside, the previous resistance near USD 8,350 is likely to act as a buy zone if there is a downside correction.

Similarly, there were decent gains in major altcoins, including ethereum, XRP, bitcoin cash, litecoin, EOS, BNB, ADA, TRX, BSV, DASH, and XLM. ETH/USD is up around 5% and it tested the USD 150 resistance area. XRP/USD is also rising above USD 0.215 and it could continue to grind higher towards the USD 0.225 resistance.

Total market capitalization

Bitcoin price

There was a strong support base formed in bitcoin price near the USD 8,200 level. As a result, BTC/USD surged above the USD 8,250 and USD 8,350 resistance levels. It is currently (09:00 UTC) up more than 5% and trading above USD 8,500. An immediate resistance is near the USD 8,650 level, above which the bulls are likely to aim USD 8,800 and USD 9,000. On the downside, the USD 8,350 and USD 8,250 levels are likely to act as strong supports if there is a correcting in the near term.

Ethereum price

Ethereum price is also showing positive signs above the USD 145 level. ETH/USD broke the USD 148 resistance and tested the USD 150 barrier. If it continues to rise, the next stop could be USD 155 and USD 158. Conversely, if there is a downside correction, the USD 145 level is likely to provide support. The next key support is near the USD 142 level.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price is surging above the USD 260 and USD 275 resistance levels. BCH/USD is up more than 8% and it is now trading above USD 280. It seems like the bulls are preparing to test the USD 295 and USD 300 levels in the coming sessions. On the downside, the USD 275 level is likely to provide support along with USD 272. Litecoin is gaining bullish momentum above the USD 51.20 and USD 52.00 resistance levels. LTC/USD is up around 7% and it is approaching the USD 54.00 and USD 55.00 resistance levels. Any further gains could lead the price towards the USD 58.00 level. XRP price is rising steadily above the USD 0.212 and USD 0.215 resistance levels. An initial hurdle for XRP/USD is near USD 0.220, above which it could test the USD 0.225 resistance. On the downside, the main support is now near the USD 0.212 level.

Other altcoins market today

In the past three sessions, many small capitalization altcoins rallied more than 10%, including BST, BSV, BTG, XZC, DASH, ZEC, BCD, HEDG, SOLVE, VSYS, and BTT. Out of these, BST jumped close to 45% and BSV is up around 25%.

Overall, bitcoin is gaining bullish momentum above USD 8,350 and USD 8,500. If BTC/USD settles above USD 8,550 and USD 8,650, the bulls are likely to aim a test of the USD 9,000 barrier in the coming sessions. __

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