Bitcoin and Altcoins Start Fresh Increase Led By Ethereum’s 10% Rally
Bitcoin price remained well supported above the USD 11,500 and USD 11,550 support levels. As a result, BTC started a fresh increase above USD 11,700, fueled by Ethereum’s 10% rally. It is currently (08:30 UTC) trading above USD 11,800 and it seems like the bulls could make an attempt to clear the USD 12,000 resistance.
Most major altcoins are rising and gaining bullish momentum, including ethereum, XRP, litecoin, bitcoin cash, EOS, TRX, XLM, LINK and ADA. ETH/USD is up 10% and it traded to a new 2020 high above USD 460. XRP/USD is recovering nicely and it could soon test the USD 0.298 and USD 0.300 resistance levels.
Total market capitalization
The current technical structure for bitcoin price indicates a decent increase above USD 11,800. If BTC clears the key USD 12,000 resistance, the bulls are likely to gain strength. In the mentioned case, the price might accelerate higher towards the USD 12,400 and USD 12,500 resistance levels.
If there is a downside correction, the price might find support near USD 11,650. The main support is now near the USD 11,550 and USD 11,500 levels.
Ethereum price outperformed all major altcoins and rallied 10%. ETH broke the USD 450 resistance and it traded to a new 2020 high above USD 460. In the short-term, there could be a downside correction towards the USD 455 and USD 450 levels.
On the upside, the USD 465 level presents an immediate resistance. Any further gains could open the doors for a push towards the USD 480 level.
Bitcoin cash, chainlink and XRP price
Bitcoin cash price is up over 3% and it broke the USD 280 resistance. If BCH gains pace above the USD 285 resistance, there are chances of a drift towards the USD 300 barrier in the near term. Conversely, the price might retreat from USD 285 and it could revisit the USD 275 support. The main support is now forming near the USD 265 level.
Chainlink (LINK) is holding the USD 16.00 support area and it is showing a lot of positive signs. If there is a clear break above USD 16.50 and USD 16.80, there are chances of a sharp rise towards the USD 17.50 and USD 18.00 levels. Conversely, a daily close below USD 16.00 may start a steady decline.
XRP price is gaining bullish momentum, following the ETH rally. The price is now trading above USD 0.292 and it is likely to climb further above USD 0.295. The main hurdle is still near the USD 0.300 level. If there are more gains, the price could drift towards the USD 0.308 and USD 0.312 levels.
Other altcoins market today
In the past three sessions, many small altcoins rallied over 15%, including SUSHI, FXC, KSM, UMA, SRM, BTS, AMPL, COMP, XEM, TRX, and AR. Out of these, SUSHI jumped over 100% and broke the key USD 6.50 and USD 7.00 resistance levels.
Overall, bitcoin is rising nicely above USD 11,650 and USD 11,800. A successful close above the USD 12,000 resistance is likely to open the doors for a larger upward move. The next key hurdles are near USD 12,400 and USD 12,500.
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