Bitcoin price formed a support above USD 35,000 and USD 35,500. As a result, BTC surged higher than the USD 36,500 resistance but failed to gain strength above USD 37,200 and USD 37,500. It is currently pulling back (05:00 UTC) but the USD 35,500 zone could offer support.
Also, most of the major altcoins have seen strong upward movements over the past two days. ETH / USD broke the main resistance at USD 1,250 and rose above USD 1,300. XRP / USD is also gaining momentum and could soon make another attempt to remove the USD 0.300 resistance.
Total market capitalization
After a successful close above USD 35,500, Bitcoin price prolonged its surge. BTC climbed above the USD 36,500 resistance and even above USD 37,000. However, the bulls were unable to maintain control above the USD 37,200 resistance zone. A high has been formed near $ 37,400 and the price is currently correcting gains.
Initial support on the downside is near the USD 36,050 level. The first major support is at $ 35,500, which is where the bulls may take a stand. On the other hand, USD 37,200, USD 37,500, and USD 38,000 are major breakout zones.
The price of Ethereum is up over 10% and has overcome many key obstacles near USD 1,250. ETH outperformed Bitcoin and even surpassed the USD 1,300 level. It still faces hurdles near $ 1,350 above which the bulls could test the $ 1,500 level in the short term.
On the downside, the $ 1,300 level is a short-term support. The main support is now forming near the USD 1,255 and USD 1,250 levels (the most recent breakout zone).
Bitcoin cash, Litecoin and XRP price
Bitcoin cash price was above the USD 500 resistance and rising over 10%. BCH is trading above the USD 515 level and it appears that the price could move higher towards the USD 535 and USD 540 levels. Further gains could require a test of the USD 550 level. The USD 500 zone could provide support during dips.
Litecoin (LTC) rose 12%, breaking the USD 155 resistance. The next major resistance for LTC is near the $ 165 level above which the bulls could test the $ 180 level. Conversely, a downward correction could potentially lead to buying interests near the USD 150 level.
The XRP price is gaining strength above the USD 0.280 and USD 0.285 levels. The main hurdle is still near the USD 0.300 level. A successful close above the USD 0.300 level could set the tone for a push above the USD 0.312 level. If so, the price could move towards the $ 0.350 resistance.
Other altcoin market today
Many altcoins were up over 10% including AMPL, ENJ, UMA, HEDG, RSR, NEO, HT, KNC, RUNE, LRC, SC, ICX and VET. Of these, AMPL is up 30% and is trading above the USD 1.15 resistance.
Overall, Bitcoin price appears to be trading well below the USD 38,000 resistance. If BTC continues to trade in one area, ETH, BCH, LTC and other major altcoins could gain positive momentum.
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