Bitcoin and Altcoins Positioned in an Uptrend
In an eventful day, bitcoin price started a strong rally above the USD 4,250 resistance area. BTC/USD gained bullish momentum and surged above the USD 4,500, USD 4,600 and USD 4,800 resistance levels. The price is now positioned in a significant uptrend, with chances of more gains above USD 4,900 and USD 5,000 in the near term. Ethereum and ripple also traded higher, but the momentum wasn’t the same. ETH broke the USD 145 and USD 150 resistance levels to move into a positive zone. XRP cleared the all-important USD 0.320 resistance and climbed above the USD 0.325 barrier. The current price action (08:10 UTC) suggests a strong bullish bias as long as bitcoin stays above the USD 4,450.
Total market capitalization
After forming a support base above USD 4,000, bitcoin price started a solid upward move above the USD 4,200 and USD 4,250 resistance levels. BTC/USD rallied close to 20% and jumped above the USD 4,500, USD 4,600 and USD 4,800 resistance levels. It traded close the USD 5,000 barrier and is correcting lower.
An initial support on the downside is at USD 4,650 and USD 4,620. The next key support is USD 4,500, where buyers are likely to emerge. If the price resumes its rally, it may revisit the USD 4,800 resistance level. The main resistance is near USD 4,920 and USD 5,000.
Ethereum price also started a decent upward move and broke the key USD 144 and USD 145 resistance levels. ETH buyers gained traction and pushed the price above the USD 150 resistance.
The price is up around 6%, with an immediate resistance at USD 152. The next major resistance is near the USD 155 level, where sellers are likely to take a stand.
Bitcoin cash, eos and ripple price
Bitcoin cash price rallied significantly above the USD 170 and USD 175 resistance levels. BCH/USD is up around 7% and is trading above the USD 180 resistance. The next key resistances are near USD 185 and USD 188.
EOS surged above the last swing high near USD 4.40 and traded to a new monthly high above USD 4.50. The current price action is positive, with chances of more gains above the USD 4.60 and USD 4.70 resistance levels. On the downside, the previous resistance at USD 4.40 may now act as a support.
Ripple price climbed above the USD 0.320 resistance level to move into a positive zone. XRP is up around 6% and it could accelerate gains above the USD 0.330 and USD 0.332 levels.
Other altcoins market today
In the past two sessions, many small cap altcoins surged higher and rallied more than 10%, including REPO, ENG, QBIT, DOGE, IOST, LINK, DGTX, THR, FCT, ETP and WTC. Out of these, REPO is up more than 85% and ENG is up close to 25%.
Clearly, bitcoin price pumped sharply and took out bears near USD 4,200 and USD 4,500. In the short term, there could be a downside correction, but BTC is likely to resume its upward move towards USD 4,800 and USD 5,000 in the coming sessions.
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