Bitcoin and Altcoins Restart Uptrend
Yesterday, we saw a downside correction towards the USD 5,650 support level. Later, BTC/USD completed correction, formed a support base near USD 5,700, and recently jumped more than 4%. It broke the USD 5,850 and USD 5,950 resistance levels to set a new 2019 high. Ethereum price rallied more than 10% and broke the USD 170 and USD 175 resistance levels. It also helped ripple price in staging a recovery above the USD 0.295 and USD 0.300 resistance levels. Overall, the market is in the green and the total market cap is up more than USD 10 billion in the past three sessions.
Total market capitalization
There was a strong upward move above the USD 5,700 level in bitcoin price . The BTC bulls gained traction, resulting in an upside break above the USD 5,850 and USD 5,900 resistance levels. The price is up more than 4% (08:10 UTC) and it recently traded close to the USD 6,000 level.
At the moment, the price is consolidating, with an immediate support near USD 5,920. The next key support is near the USD 5,850 level. On the upside, the main resistance is at USD 6,000, above which the price could test USD 6,080 or USD 6,100.
Ethereum price performed really well and rallied more than 10% to reclaim the USD 170 and USD 175 resistance levels. ETH/USD tested the key USD 180 resistance and it is currently correcting lower.
On the downside, an initial support is near the USD 175 level, below which the price may extend the drop towards the USD 172 or USD 170 support area.
Bitcoin cash, eos and ripple price
Bitcoin cash price is up more than 5% and it climbed back above the USD 285 and USD 290 resistance levels. BCH/USD is currently flirting with the USD 300 resistance level. An upside break above USD 300 could push the price towards the USD 310 swing high in the near term.
EOS surged above the USD 4.90 and USD 4.95 resistance levels. The price is currently trading near the USD 5.00 barrier. A successful close above USD 5.00 will most likely trigger a strong rally towards USD 5.25 in the coming sessions. The key supports are near USD 4.92 and USD 4.90.
Ripple price started a strong recovery above the USD 0.295 and USD 0.300 resistance levels. XRP/USD even climbed above the USD 0.302 resistance and it is currently trading near the USD 0.305 resistance. The next major hurdles for the bulls are USD 0.310 and USD 0.312.
Other altcoins market today
In the past three sessions, many small cap altcoins gained more than 8%, including LINK, OMG, NANO, ABBC, RLC, XTZ, QBIT, IOST, ELF, ZIL and KMD. Out of these, LINK is up around 15% and OMG gained nearly 13%.
To sum up, bitcoin price is gaining bullish momentum and it could even spike above the USD 6,000 resistance area. Having said that, the USD 6,000 area is a significant resistance and it won’t be easy for the bulls to retain strength in the first attempt.
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