Bitcoin Settles Above USD 10,000, Altcoins Could Extend Rally
In the past two days, there was a steady rise in bitcoin price above the USD 9,500 resistance. The recent surge was such that BTC was able to clear the main USD 9,950 and USD 10,000 resistance levels. It tested the USD 10,350 resistance zone and currently (08:40 UTC) consolidating above USD 10,000.
Similarly, there was a strong upward move in most major altcoins, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is up around 5% and it is trading near the USD 250 resistance. XRP is also rising and it recently settled above the USD 0.210 resistance zone.
Total market capitalization
The recent upsurge in bitcoin price took it above the main USD 9,950 and USD 10,000 resistance levels. It opened the doors for more gains in BTC above USD 10,200 and the price tested the USD 10,350 resistance zone. Recently, there was a downside correction, but the price is still trading above the USD 10,000 level.
On the upside, an initial resistance is near the USD 10,200 level. The first major resistance is near the USD 10,350 level, above which the bulls are likely to attempt a strong upward move towards the USD 10,500 and USD 10,600 levels.
Ethereum price remained in a bullish trend and traded above the USD 245 level. ETH price even spiked above the USD 250 resistance and it is currently consolidating gains. It seems like there are high chances of more gains above USD 255 and USD 260 in the near term.
On the downside, an initial support is near the USD 245 level. The next key support seems to be forming near the USD 240 and USD 238 levels.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price performed well and outpaced even bitcoin. BCH gained more than 8% and it broke the key USD 250 resistance. It is now trading above USD 260 and it seems like the bulls are aiming a break above the USD 265 and USD 270 resistance levels in the near term.
Litecoin is up around 6% and it settled above the USD 45.00 resistance. LTC price is now trading above USD 48.00 and it could soon test the USD 50.00 and USD 50.50 resistance levels. The next major barrier for the bulls could be near the USD 52.50 level.
XRP price remained stable above the USD 0.202 support area and it recently climbed above the USD 0.210 resistance. If the price continues to move higher above USD 0.212, there are chances of a push towards the USD 0.215 and USD 0.218 levels. On the downside, the USD 0.208 level is a decent support zone.
Other altcoins market today
In the past three sessions, many small altcoins rallied more than 6%, including LRC, NEXO, ZIL, VET, ONT, NEO, DCR, CRO, XLM, ETN, REP, MAID,
QTUM, HIVE, and EOS. Out of these, LRC jumped more than 20% and it surpassed the USD 0.060 level.
Overall, bitcoin price is showing positive signs and trading above the USD 10,000 level. The recent trend change might spark more gains in BTC above the USD 10,400 and USD 10,500 levels in the near term.
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