Bitcoin and Altcoins Buyers Remain In Driver’s Seat
Yesterday, we saw a solid bullish wave above USD 3,700 in bitcoin and discussed the chances of more gains. BTC/USD did gain bullish momentum and broke the USD 3,900 and USD 3,950 resistance levels. Buyers were even successful in breaking the USD 4,000 barrier. Similarly, ethereum and ripple extended upsides and traded above the USD 110 and USD 0.375 resistance respectively. The best performers were bitcoin cash and bitcoin SV since both gained more than 40%. The market sentiment is clearly positive (UTC 08:20 AM) and it seems like bitcoin buyers outclassed sellers.
Total market capitalization
After a minor downside correction, bitcoin price started a fresh upward move. BTC/USD broke the USD 3,900 and USD 3,950 resistance levels and later surpassed the USD 4,000 hurdle. The price is currently up more than 5% and it is facing resistance near the USD 4,100 level.
If there is a break above the USD 4,100 and USD 4,200 levels, the price is likely to accelerate towards the USD 4,550 resistance. On the downside, an immediate support is at USD 3,950, below which the price may test the USD 3,820 level.
Ethereum price rallied above the USD 110 resistance. ETH/USD tested the USD 118 level and later corrected lower.
However, declines were limited and the price bounced back above USD 112. It is currently up more than 10% and it seems like buyers could make an attempt to clear the USD 118 and USD 120 resistance levels. The key support are USD 110 and USD 108.
Bitcoin cash and ripple price
Bitcoin cash price remained the best performing cryptocurrency among the top 10. BCH/USD rallied more than 50% and broke the USD 200 and USD 210 resistance levels. The next stop for buyers could be USD 225 followed by USD 235. Bitcoin SV also gained traction and climbed above the USD 110 and USD 120 resistance levels. It is currently trading near USD 128 with a bullish angle.
Ripple price did not gain much and trimmed around 2% gains. XRP/USD retreated from the USD 0.380 resistance and it is currently trading near the USD 0.360 support. A break above USD 0.370 and USD 0.380 is needed for a solid upward move.
Other altcoins market today
The past few sessions were very bullish and many small cap altcoins gained more than 15%, including CRO, BCD, BTG, AION, DASH, ADA, MIOTA, AE, PIVX and TRX. Out of these, CRO rallied more than 30% and bitcoin diamond is up around 26%.
Overall, bitcoin is trading nicely above the USD 3,900 and USD 3,800 support levels. Therefore, there are high possibilities of more gains above the USD 4,080 and USD 4,100 levels in the near term. If BTC/USD continues to gain bullish momentum, altcoins such as ethereum, bitcoin cash, bitcoin SV, ripple, litecoin, neo and others are also likely to climb further higher.