Bitcoin And Altcoins Look Poised For Continued Gains
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In the past few sessions, there was a sharp rise in bitcoin price above the USD 7,000 resistance area. BTC/USD surpassed the USD 7,250 resistance area and it is now (08:30 UTC) trading in an uptrend. The next hurdles on the upside are near USD 7,550, USD 7,650 and USD 7,800.
Also, almost all major altcoins rallied more than 8%, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD performed well and jumped above the USD 160 and USD 170 levels. Besides, XRP/USD surpassed the USD 0.188 and USD 0.200 resistance levels.
After a successful close above USD 7,000, bitcoin price gained bullish momentum. BTC/USD climbed above the USD 7,120 and USD 7,250 resistance levels. The price is up more than 5% and it is likely to test the USD 7,550 resistance level in the coming sessions. The next major resistance is seen near the USD 7,650 level.
If there is a downside correction, the previous resistance near USD 7,120 might act as a support. The main support is now near the USD 7,000 level, where the bulls are likely to take a stand.
Ethereum price is showing a lot of positive signs and it recently rallied close to 20%. ETH/USD surpassed many hurdles near USD 160 and it is now trading above USD 170. An immediate resistance is near USD 175, above which the price is likely to surge towards the USD 184 and USD 185 levels.
On the downside, an initial support is near the USD 168 level, below which the price is likely to correct lower towards the USD 162 and USD 160 support levels.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is up more than 8% and it was able to clear above the USD 240 resistance. BCH/USD is now trading comfortably above the USD 250 barrier and it is likely to continue higher. The next major resistance is near USD 265, above which the bulls are likely to aim a test of the USD 280 level.
Litecoin surged close to 12% and it broke the USD 42.50 and USD 45.50 resistance levels. LTC/USD is now trading above USD 46.00 and it seems like the price is likely to test the USD 48.50 resistance area. Any further gains might lead the price towards the USD 50.00 level.
XRP price gained bullish momentum after it broke the USD 0.188 resistance area. XRP/USD even surpassed the key USD 0.200 resistance area and it seems like the price might continue higher. The next key resistance on the upside is near the USD 0.212 level.
Other altcoins market today
In the past three sessions, many altcoins gained more than 10%, including VET, DGTX, DGB, MATIC, LINK, DGD, XTZ, EOS, QNT, SNX, OMG, MIOTA, XLM, and ADA. Out of these, VET rallied more than 18% and DGTX is up close to 16%.
Overall, bitcoin price is back in a positive zone and it is gaining pace above the USD 7,250 level. If BTC/USD bulls remain active above the USD 7,350 level, there are high chances of it testing the USD 7,550 resistance area.
George Brown is a main editor in Bitgraph Network Team.