Bitcoin Rallies, Altcoins Primed For Steady Gains
This past week, bitcoin price formed a support base above USD 10,000 and USD 10,200. Later, BTC/USD started a steady rise and broke the USD 10,500 resistance. Finally, the bulls took over and recently the price rallied close to 10%. The price climbed above USD 11,500 and USD 11,700 today, signaling a strong upward move in the near term. On the other hand, altcoins struggled to follow bitcoin, but climbed higher steadily. ETH/USD broke the USD 225 resistance and tested the USD 230 level. XRP/USD is slowly climbing towards the USD 0.320 and USD 0.322 resistances. Overall, the technical structure is positive (08:00 UTC) and the crypto market capitalization may perhaps climb further higher.
Total market capitalization
In the past three sessions, bitcoin price gained strong momentum above the USD 11,000 resistance level. BTC/USD surpassed many important resistances near USD 11,200, USD 11,500 and USD 11,700. The price traded close to the USD 11,850 level and it is currently consolidating gains. An immediate resistance is near the USD 12,000 level, above which the price could rise further towards the USD 12,500 level.
If there is a downside correction, the USD 11,500 level might act as a support. However, the main weekly support is near the USD 11,000, below which the price could start a fresh decline in the near term.
Ethereum price is up more than 4% and it broke the USD 224 and USD 225 resistance levels. ETH/USD tested the USD 230 resistance and it seems like there could be more gains above the USD 230 and USD 235 levels in the coming sessions. The next major weekly hurdle is near the USD 240 level.
On the downside, the USD 220 support could play an important role. However, the weekly support is near USD 210, where there could be a strong buying interest.
Bitcoin cash, eos and ripple price
Bitcoin cash price managed to rise above the USD 340 resistance. However, BCH/USD is facing an uphill task near the USD 350 level. If the bulls clear the USD 350 resistance, the price could start a strong rise towards the USD 380 level. On the downside, the key supports are near USD 320 and USD 310.
EOS recovered above the USD 4.300 resistance and it seems like the price might continue to rise. However, the price needs to clear the USD 4.400 resistance. On the downside, the main support is near USD 4.100, below which the price could decline.
Ripple price is rising steadily above the USD 0.315 resistance level. XRP/USD is closing in towards the USD 0.320 and USD 0.322 resistance levels. A successful close above the USD 0.322 might start a strong rise towards the USD 0.330 and USD 0.342 resistance levels.
Other altcoins market today
In the past three sessions, many small cap altcoins surged and climbed more than 8%, including REN, NEX, REP, QNT, EKT, MAID, HEDG, VEST and DCR. Out of these, REN is up around 38% and NEX gained nearly 16%.
To sum up, bitcoin price is gaining bullish momentum above USD 11,500. If BTC/USD continues to rise, there are high chances of a strong bullish break above the USD 12,000 barrier. Besides, altcoins might also steadily rise in the coming sessions.
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