Bitcoin Jumps 5%, Altcoins Continue To Gain Traction
Bitcoin price stayed above the USD 34,200 support zone and started a fresh upward move. BTC broke the USD 36,500 resistance level to move into a short-term positive zone. It is currently (13:00 UTC) trading near USD 37,000, with major hurdles near USD 37,200, USD 37,800 and USD 38,000.
Besides, most major altcoins are trading in a bullish zone. ETH/USD climbed above USD 1,225 and it is attempting an upside break above USD 1,265. XRP/USD stayed above USD 0.265 and it is approaching the USD 0.300 barrier.
Total market capitalization
After forming a base above USD 34,500, bitcoin price recovered above USD 35,500 and USD 36,500. BTC even spiked above USD 37,200, but it is facing a strong selling interest. To continue higher, the price must settle above USD 37,200 and then gain bullish momentum above USD 38,000.
If there is a fresh decline, the USD 36,500 level might provide support. The next major support sits at USD 36,200, below which the price might revisit the USD 35,500 level.
Ethereum price is up over 2% and it is trading above the USD 1,225 level. ETH is facing a major breakout zone at USD 1,250 and USD 1,265. A successful break and close above the USD 1,265 level could open the doors for a larger increase. In the stated case, the price might surge above USD 1,300.
On the downside, an initial support is near the USD 1,225 level. The first key support is at USD 1,220, below which the price could drop towards the USD 1,165 support.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price gained 5% and it is now trading above USD 485. BCH is attempting a clear break above the USD 500 resistance. If the bulls succeed, there are chances of a steady rise towards the USD 520 and USD 535 levels. A downside correction or a dip could find a strong support near USD 485 and USD 480.
Litecoin (LTC) climbed over 7% and it is now trading above the key USD 150 resistance. It seems like the price might continue to rise towards the USD 165 and USD 168 levels. Any more gains could lead the price towards the USD 180 level. If there is a downside correction, the USD 142 and USD 140 levels might provide bids.
XRP price stayed above the USD 0.265 support zone and it is now trading well above USD 0.280. The first key resistance is at USD 0.295. The main resistance is still at USD 0.300, above which the bulls might gain strength in the near term.
Other altcoins market today
Many altcoins climbed over 10%, including ICON, NEO, ZEN, HEDG, OCEAN, AMPL, NANO, FTT, OMG, WAVES, YFI, VET, ICX, BAT, and MIOTA.
To sum up, bitcoin stayed above a major uptrend support at USD 34,200. If BTC reclaims the USD 38,000 zone, it could start a fresh journey towards USD 40,000.
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