Bitcoin and Altcoins Gain Pace
Yesterday, we discussed a possible upward move above the USD 3,800 resistance in bitcoin price. BTC/USD broke the USD 3,800 and USD 3,820 resistance levels, opening the doors for more gains. However, a successful close above the USD 4,000 barrier is needed for buyers to gain momentum. According to Mati Greenspan, senior market analyst at eToro, a social trading platform, a major bottom is near in bitcoin since there is a solid rise in adoption and people are getting more and more involved in the market, Bloomberg reported. Besides, the GTI Vera Convergence Divergence indicator is pointing a sharp increase in buying interest, it added. Therefore, if buyers succeed in clearing the USD 4,000 and USD 4,200 resistance levels, there could be more gains in the near term.
Total market capitalization
A good support base is formed near the USD 3,700 level in bitcoin price . BTC/USD broke the USD 3,800 resistance area to set the pace for a test of the USD 3,900 and USD 3,925 resistance levels. The main resistance is near the USD 4,000 level, above which the price may climb toward the USD 4,200 level.
On the downside, an initial support is at USD 3,800, below which the price is likely to test the USD 3,750 support (the previous resistance). The key support is at USD 3,700 and USD 3,680.
Ethereum price performed really well and traded above the USD 145 and USD 150 resistance levels. ETH/USD is up more than 10% and it is approaching the USD 152 and USD 154 resistance levels.
If the price corrects lower, it may find a strong support near the USD 146 and USD 144 levels. The major support is at USD 142, which was a significant resistance earlier.
Bitcoin cash and ripple price
Bitcoin cash price gained more than 3% and broke the USD 165 resistance levels. BCH/USD may continue to move higher towards the USD 170 and USD 175 resistance levels. On the downside, supports are visible near the USD 160 and USD 158 levels. Bitcoin SV is trading flat near the USD 90 level. If there is a break above the USD 92 and USD 95 resistance, the price may test the USD 100 level.
Ripple price moved above the USD 0.360 resistance and it may continue to rise towards the USD 0.365 and USD 0.370 resistances. The key support is at USD 0.360, below which the price may test USD 0.355.
Other altcoins market today
During the past few sessions, a few small cap altcoins traded up more than 8%, including LINK, REP, DCN, ICX, DGD, XIN and EOS. Out of these, LINK gained more than 20% and REP is up around 16%.
To sum up, bitcoin price is slowly gaining momentum above the USD 3,800. If BTC/USD clears the USD 3,900 resistance, buyers may push the price above USD 4,000. The main driving force is ethereum, dragging bitcoin and other altcoins to the upside. If the current market sentiment stays intact, there could be more gains in bitcoin and altcoins.