Bitcoin and Altcoins Likely To Resume Rally

Bitcoin and Altcoins Likely To Resume Rally
(Source: www.tradingview.com)

After a strong rally towards USD 13,250, bitcoin price started a short-term downside correction. However, BTC remained well bid above the USD 12,700 zone. The price is currently (13:00 UTC) rising and it might accelerate gains once it settles above the USD 13,000 resistance.

Similarly, most major altcoins are trading in a positive zone and likely to continue higher, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD is trading above the USD 410 support and it could soon attempt a break above USD 420. XRP/USD is struggling to resume its upward move, but it is well above the USD 0.255 support.

Total market capitalization

Bitcoin price

Recently, bitcoin price corrected a few points, but it remained well supported above USD 12,700 and USD 12,650. BTC is rising again and it is approaching the USD 13,000 resistance level. A successful close above USD 13,000 might open the doors for another increase. The next key resistance is near USD 13,250, above which the price might surge towards the USD 13,500 level.

On the downside, initial support is near the USD 12,820 level. The first key support seems to be forming near the USD 12,700 and USD 12,650 levels.

Ethereum price

Ethereum price is holding gains above the USD 400 and USD 405 support levels. ETH is up close to 2% and it is approaching the USD 420 resistance. A clear break above USD 420 might set the pace for a break above USD 425 and USD 432 in the near term.

If there is a downside correction, the USD 412 level is immediate support. The main support is now forming near the USD 405 and USD 400 levels.

Bitcoin cash, chainlink and XRP price

Bitcoin cash price is accelerating and trading well above the USD 265 resistance. BCH is approaching the USD 275 resistance, above which the price might surge towards the USD 285 and USD 288 levels. The next stop crucial stop for the bulls on the upside is near the USD 300 level.

Chainlink (LINK) is now trading well above the USD 12.00 resistance and there are many signs of upside continuation. A clear break above the USD 12.20 resistance level could even lead the price towards the USD 12.50 level. Any further gains may perhaps call for a test of the USD 13.00 resistance.

XRP price is consolidating above the USD 0.255 and USD 0.256 levels. On the upside, the USD 0.258 is a short-term resistance. The main hurdle for a fresh increase is near the USD 0.260 level, above which the price might surge towards the USD 0.265 level.

Other altcoins market today

In the past few hours, a few altcoins gained over 5%, including WAVES, AAVE, ANT, EGLD, COMP, AR, and VET. Out of these, WAVES gained 14% and it broke the USD 3.50 resistance level.

To sum up, bitcoin price is showing many positive signs and it is likely to continue higher above the USD 13,000 resistance. Even if there is a downside correction, the USD 12,650 and USD 12,500 levels are likely to hold losses in the coming sessions. __

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