Bitcoin Rising Steadily, Altcoins Gaining Bullish Momentum
After a downside correction, bitcoin price tested the USD 9,200 support area, where it found a solid buying interest. BTC/USD formed a support base above USD 9,200 and USD 9,250. As a result, the price is currently (09:00 UTC) recovering towards the USD 9,450 and USD 9,500 resistance levels.
On the other hand, there were decent gains in many major altcoins, including ethereum, XRP, bitcoin cash, litecoin, QTUM, IOST, EOS, BSV and XLM. ETH/USD is up more than 5% and it managed to climb above the USD 190 resistance area. XRP/USD is also gaining momentum and it could continue to rise towards USD 0.304 and USD 0.310.
Total market capitalization
There was a steady rise in bitcoin price above the USD 9,300 and USD 9,350 levels. BTC/USD is now approaching the USD 9,450 and USD 9,500 resistance levels. If there are more upsides, there are chances of a sharp rally towards the USD 9,850 and USD 10,000 resistance levels.
Conversely, if there is a downside correction, the USD 9,250 level is likely to provide support. Any further losses could open the doors for another test the USD 9,050 and USD 9,000 support levels.
Ethereum price gained bullish momentum today and climbed above the key USD 190 and USD 192 resistance levels. ETH/USD is up more than 5% and it seems like it could soon test the USD 198 and USD 200 resistance levels.
If the price fails to continue higher, it could correct towards the USD 190 level. The main supports on the downside are now near USD 184, below which the price may revisit the USD 180 zone.
Bitcoin cash, eos and XRP price
Bitcoin cash price is currently consolidating below the USD 300 resistance area. An initial support is near the USD 280 area. If BCH/USD fails to stay above USD 280, it could continue to decline towards the USD 265 support area. The main hurdles on the upside are USD 295 and USD 300.
EOS started another increase above the USD 3.500 resistance area. It gained more than 6% and currently trading above the USD 3.600 level. The next key resistance is near the USD 3.800 level, above which the price could revisit the main USD 4.000 resistance.
XRP price remained stable above the USD 0.295 support area and it is currently moving higher. XRP/USD is trading above USD 0.300 and it could continue to rise towards the USD 0.304 and USD 0.310 resistance levels. On the downside, there are supports forming near the USD 0.298 level.
Other altcoins market today
In the past three sessions, many small capitalization altcoins gained momentum and surged more than 10%, including LAMB, ALGO, RLC, DRG, NANO, VET, KMD, BCN, CENNZ and OMG. Out of these, LAMB is up more than 20% and ALGO gained nearly 18%.
Overall, bitcoin price is likely to climb steadily above the USD 9,400 level. Once BTC/USD surpasses the USD 9,450 resistance, it could accelerate towards the USD 9,500 and USD 9,700 levels. Conversely, a break below USD 9,250 might increase selling pressure in the near term.
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