Bitcoin And Altcoins Poised For Further Appreciation
Yesterday, there was a strong start of an upward move in bitcoin above the USD 4,500 and 4,800 resistance levels. BTC/USD climbed more than 25% and even surpassed the USD 5,000 resistance. It is currently consolidating gains near USD 4,900, with supports at USD 4,850 and USD 4,780. Similarly, there was a significant rally in ethereum, ripple, litecoin and bitcoin cash. ETH broke the USD 165 level and traded close to USD 175. Ripple broke the USD 0.340 level and tested the USD 0.370 resistance. The overall market sentiment (08:10 UTC) is very positive and it seems like there could be more upsides in the near term.
Total market capitalization
After yesterday’s start of an uptrend, bitcoin price gathered momentum above the USD 4,750 and USD 4,800 resistance levels. BTC even surpassed the USD 5,000 barrier, but upsides were contained. The price traded close to the USD 5,050 level and later started a downside correction.
At the outset, the price is consolidating gains near the USD 4,900 level. An immediate support is at USD 4,850, below which the price may test the USD 4,780 support. On the upside, if buyers gain momentum above USD 5,000, the next stop could be USD 5,180 or USD 5,240.
Ethereum price rallied above the USD 150 and USD 165 resistance levels. Earlier today, ETH even climbed above the USD 170 resistance and traded close to the USD 175 pivot level.
It is currently correcting lower and trading near the USD 165 support. The next main support is at USD 160, where buyers are likely to emerge. On the upside, buyers could face sellers near the USD 170, USD 172 and USD 175 resistance levels.
Bitcoin cash, eos and ripple price
Bitcoin cash price gained more than 50%. BCH/USD broke the USD 225 and USD 250 resistance levels. It traded close to the USD 290 level and later retreated below USD 270. It seems like there could be a fresh increase towards the USD 275 level in the near term.
EOS broke the USD 4.50 level and settled above the USD 5.00 pivot level. The price traded close to the USD 5.40 level and it is currently consolidating gains above the USD 5.00 support level.
Ripple price jumped above the USD 0.340 and 0.350 resistance levels after a successful close above the USD 0.320 resistance. XRP touched the USD 0.370 resistance and recently corrected towards the USD 0.340 support.
Other altcoins market today
In the past few hours, many small cap altcoins rallied and posted more than 20% gains, including REP, ETP, DOGE, BSV, XEM, LTC, KCS, TTC and BCD. Out of these, REP is up more than 42% and ETP is up close to 30%.
Overall, there is a strong uptrend in place and bitcoin price may continue to outperform in the short term. If BTC breaches the USD 5,000 mark once again, there could be a fresh rise of 10% or more. Similarly, ethereum, ripple and bitcoin cash remains well supported on dips in the coming sessions.
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