Bitcoin Surges Past USD 7,000, Altcoins Gaining Traction
In the past two sessions, there were positive moves in bitcoin price above the USD 6,850 resistance. More importantly, BTC/USD climbed above the key USD 7,000 resistance to move into a bullish zone. The current (08:30 UTC) price action is positive, suggesting more upsides above the USD 7,200 level.
Similarly, almost all major altcoins are gaining bullish momentum, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is up more than 5% and it tested the USD 150 resistance. Besides, XRP/USD is now well above USD 0.180 and it could even surpass the USD 0.188 resistance.
Total market capitalization
After a successful close above USD 6,550, bitcoin price mostly traded in a range. Recently, BTC/USD bulls came into action, resulting in a sharp rise above the USD 6,850 and USD 7,000 resistance levels. The next key resistance is near USD 7,200 and USD 7,250, above which the price is likely to test USD 7,500.
On the downside, an initial support is near the USD 6,850 area. The main weekly support is near the USD 6,550 level, below which bitcoin price is likely to move back into a bearish zone.
Ethereum price followed a similar pattern and gained bullish momentum after it broke the USD 140 resistance. ETH/USD climbed above USD 145 and even tested the USD 150 barrier. It seems like the price might continue to rise towards USD 158 or USD 162.
If there is a downside correction, the USD 145 level might act as a support. The key weekly support is now forming near USD 140 (the recent breakout zone). Any further losses may perhaps lead the price towards USD 124.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price settled above the USD 230 resistance and it recently tested the USD 240 resistance. The first major resistance is near USD 250, above which BCH/USD bulls are likely to aim a test of the USD 280 level. On the downside, the previous hurdle near USD 230 is likely to provide support, followed by USD 220.
Litecoin is trading above the USD 40.50 pivot level. LTC/USD even surpassed the USD 41.20 resistance and it is now approaching the USD 42.50 resistance. A successful break above USD 42.50 is likely to lead the price towards the main USD 45.50 weekly resistance area.
XRP price is following bitcoin and trading with a positive bias above the USD 0.180 level. An immediate barrier is near the USD 0.188 level, above which the price could rally towards the USD 0.200 and USD 0.202 resistance levels in the near term. On the downside, the main support is forming near the USD 0.172 level.
Other altcoins market today
In the past three sessions, a few small-capitalization altcoins climbed more than 5%, including ZIL, XLM, ATOM, XZC, TRX, ZEC, BTT, RIF, VET, NRG, SNX and DX. Out of these, ZIL rallied more than 15% and XLM is up close to 11%.
Overall, bitcoin price is trading in a bullish zone above USD 6,850 and USD 7,000. If BTC/USD remains stable above USD 6,850, it is likely to continue higher towards USD 7,200 and USD 7,500. If not, it could correct lower towards the USD 6,550 support.