Bitcoin Surges While Altcoins Try to Catch Up
After a strong decline, bitcoin price formed a support base near the USD 10,000 level. Finally, the bulls joined the party, resulting in a sharp upward move above USD 10,500. BTC/USD rallied more than 15% in the past three sessions and even surged above USD 11,000 and USD 11,250. On the other hand, major altcoins such as ethereum, ripple, bitcoin cash and litecoin failed to rise in a similar fashion. ETH/USD broke the USD 290 resistance, but it struggled to clear the USD 300 resistance. Besides, XRP/USD remained below the USD 0.405 and USD 0.410 resistance levels.
Total market capitalization
In the past few sessions, bitcoin price started a strong rebound and surged above many important resistances, such as USD 10,200, USD 10,500, USD 11,000 and USD 11,200. BTC/USD even spiked above the USD 11,400 level before it faced resistance near the USD 11,600 level.
The price is currently (09:10 UTC) consolidating gains above USD 11,100 and it seems like it could correct recent gains and even test USD 11,000. On the upside, an initial resistance is at USD 11,500, followed by USD 11,600 and USD 11,750.
Ethereum price gained around 6% and broke the USD 285 and USD 290 resistance levels. However, ETH/USD faced a strong resistance near the USD 300 level. The price is currently correcting gains and is testing the USD 292 support level.
The main supports on the downside are near USD 292 and USD 290. On the upside, the main resistance is near the USD 300 level, above which the price might continue to rise.
Bitcoin cash, eos and ripple price
Bitcoin cash price tested the USD 385 support level and recently recovered above the USD 400 pivot level. BCH/USD even broke the USD 405 and USD 410 levels, but it seems to be facing hurdles near the USD 415 and USD 420 levels. If there is an upside break above USD 420, the price could continue to rise in the near term.
EOS made an attempt to surpass the USD 6.000 resistance level, but the bulls failed to gain momentum. As a result, there was a fresh dip below USD 5.950 and the price is currently testing USD 5.900. The key supports are near USD 5.850 and USD 5.750.
Ripple price failed to follow bitcoin and mostly traded in a range above the USD 0.390 support level. XRP/USD climbed above USD 0.400, but it struggled to continue higher. The bulls need to gain momentum above USD 0.405 and USD 0.412 for an upside acceleration.
Other altcoins market today
In the past three sessions, many small cap altcoins recovered and gained more than 10%, including WTC, XTZ, CRO, MXM, LAMB, NRG, ABBC, BCN, MAID, BTM, THR, DENT, ARDR and INB. Out of these, WTC is up around 30% and XTZ rallied nearly 24%.
To sum up, bitcoin price is back in a positive zone, with a strong rise above USD 11,000. Going forward, BTC/USD needs to gather pace above USD 11,500 and USD 11,650 to continue higher in the coming sessions.
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