Bitcoin and Altcoins Remain in an Uptrend
Yesterday, we saw a strong rebound in bitcoin above the USD 5,100 resistance area. BTC buyers gained momentum and recently pushed the price above the USD 5,200 resistance level. The price is now (08:10 UTC) trading in a positive zone above USD 5,220 and it could continue to rise towards the USD 5,280 and USD 5,300 resistance levels. Ethereum followed bitcoin and jumped above the key USD 170 resistance area to move into a bullish zone. More importantly, there was a strong upward move in ripple price above the USD 0.335 and USD 0.340 resistance levels.
Total market capitalization
After a successful close above USD 5,100, bitcoin price extended gains above the USD 5,150 and USD 5,200 resistance levels. BTC even broke the USD 5,220 resistance level and spiked above the USD 5,250 level. At the moment, the price is consolidating gains near USD 5,240 and it may continue to climb towards the USD 5,280 and USD 5,300 resistance levels.
The next main resistance is at USD 5,320, above which the price may revisit USD 5,400. On the downside, an initial support is at USD 5,200, below which the price is likely to find a strong support at USD 5,150.
Ethereum price remained well bid above the USD 163 and USD 165 support levels. As a result, ETH climbed above the USD 170 resistance level and moved into a positive zone.
The price is up more than 3.5% to USD 172, with an immediate resistance near the USD 175 level. The next key resistance is at USD 180, where sellers may emerge. On the downside, the key supports are USD 170 and USD 168.
Bitcoin cash, eos and ripple price
Bitcoin cash price mostly consolidated gains near the USD 310 level. BCH/USD seems to be facing a strong resistance near the USD 315 and USD 320 levels. On the downside, the main support is at USD 300, below which the price could slide to USD 285.
EOS slowly moved higher towards the USD 5.50 resistance levels. To gain strength, buyers need a follow through above the USD 5.50 and USD 5.55 resistance levels. The next key barrier is near the USD 5.80 level.
Ripple price is up more than 6% and performed well after there was a break above the USD 0.332 resistance. XRP/USD even broke the USD 0.340 resistance and it may continue to climb towards the next hurdle at USD 0.345. On the downside, there is a strong support formed near USD 0.332.
Other altcoins market today
The past few hours saw a strong rise and many small cap altcoins gained more than 8%, including REP, XTZ, BAT, MKR, KMD, SBV and AOA. Out of these, REP and XTZ are up close to 13%.
The overall price action is super positive and suggests more gains in bitcoin above the USD 5,250 and USD 5,300 resistance levels. Similarly, there could be more upsides in ETH, XRP, BCH, EOS, TRX, ADA, LTC and other altcoins as long BTC keeps grinding higher.
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