Bitcoin Targets USD 13,000, Altcoins May Gain Bullish Momentum
In the past two sessions, there was a strong rise in bitcoin price above the USD 12,000 resistance level. BTC/USD gained more than 10% and even surpassed the USD 12,500 and USD 12,800 levels. It traded to a new 19-month high near USD 13,000, with a positive bias. Similarly, there was a strong upward move in ethereum price above the key USD 320 resistance levels. However, a few other major altcoins struggled to catch up, but they may gather pace sooner or later.
Total market capitalization
There was a strong rise in bitcoin price above the USD 12,000 resistance. BTC/USD climbed around 13% and even tested the USD 13,000 level. The current price action is positive and at pixel time (08:53 UTC) bitcoin trades at c. USD 12,634. The next important resistance is near the USD 13,550 level.
On the downside, an initial support is near the USD 12,650 level. However, the main support for the bulls is near the USD 12,250 level.
Ethereum price finally managed to gain pace above the USD 315 and USD 320 resistance levels. ETH/USD even broke the key USD 335 level and traded close to the USD 340 level.
On the upside, a successful break above the USD 340 level could open the doors for more gains above the USD 345 and USD 348 levels. On the downside, the USD 330 level is an initial support. However, the main support is now near USD 320, the previous resistance zone.
Bitcoin cash, eos and ripple price
Bitcoin cash price is slowly moving higher and it is currently trading above the USD 480 level. If BCH/USD climbs above USD 500, there could be a strong rise in the near term. Conversely, if there is a downside correction, the USD 475 and USD 470 levels are likely to act as supports.
EOS is trading flat near the USD 7.200 level. The price is struggling to follow bitcoin and ethereum. It seems like there is a strong selling zone near the USD 7.3000 level. A successful close above USD 7.300 might start a decent upward move. On the downside, there are supports near USD 7.120 and USD 7.000.
Ripple price is also struggling to gain momentum above the USD 0.475 and USD 0.480 levels. If the bulls gain traction above USD 0.480, there are chances of a fresh increase towards the USD 0.500 and USD 0.510 levels. On the downside, there are many supports near the USD 0.465 and USD 0.460 levels.
Other altcoins market today
In the past three sessions, many small cap altcoins rallied and gained more than 10%, including QTUM, EGT, HC, CRO, ABBC, XIN, LAMB, NRG, OMG, THR, NEX, VEST and NEO. Out of these, QTUM is up around 33% and EGT gained nearly 28%.
To sum up, bitcoin price is showing a lot of bullish signs above USD 12,500 and it is likely to continue higher. However, there could be short term pullbacks in BTC/USD, but the bulls are likely to defend USD 12,200 or USD 12,000