Bitcoin price remained in an area below the USD 37,500 and USD 38,000 resistance levels. BTC appears to be consolidating while many altcoins have gained bullish momentum. It is currently trading well above the USD 36,050 support (13:00 UTC) but faces many hurdles.
Most of the major altcoins started a strong rally. ETH / USD gained over 15% and even surpassed the USD 1,400 level. XRP / USD is also showing positive signs, trading above the USD 0.300 resistance.
Total market capitalization
There has been a fresh attempt by Bitcoin price to break down the USD 37,200 and USD 37,500 resistance levels. However, BTC failed to climb any further above USD 37,500 and corrected lower. The first major support on the downside is near the $ 36,050 level. A downtrend below $ 36,050 could require a test of the $ 35,500 level.
On the upside, there is immediate resistance at USD 37,200. The first major resistance is at $ 37,500, followed by the breakout zone of $ 38,000.
Ethereum price outperformed, breaking the USD 1,350 and USD 1,380 resistance levels. ETH is showing positive signs and even surged above USD 1,400. A high is forming near USD 1,440 and the price is currently correcting gains.
On the downside, the $ 1,380 level is a short-term support. The first major support is now forming near USD 1,350 (the latest swing high) below which USD 1,300 could be tested.
Bitcoin cash, Litecoin and XRP price
Bitcoin cash price is picking up pace and trading well above the USD 515 level. BCH tested the USD 535 level but failed to test the USD 545. The price is currently consolidating gains and appears to anticipate a fresh move towards the USD 545 and USD 550 resistance levels. On the flip side, the USD 505 and USD 500 levels are important supports.
Litecoin (LTC) tested the USD 165 resistance level before correcting lower. It is trading near the USD 1460 level with initial support near the USD 155 level. The main support is at USD 150 where the bulls could take a strong position. On the positive side, a significant break above the $ 165 level could open the doors to a bigger move higher.
The XRP price was up over 5% and was above the USD 0.300 level. The price even rose to the $ 0.3300 level before correcting lower. The previous resistance near USD 0.300 and USD 0.295 is currently serving as support. If the XRP stays stable above USD 0.300 it could usher in a new spike in the short term.
Other altcoin market today
In the past few hours, many altcoins rose over 10% including ENJ, AMPL, UMA, LUNA, NXM, LRC, HT, HBAR, RSR, ETC, and SC. Of these, ENJ is picking up the pace and recently cleared the USD 0.355 resistance.
In summary, Bitcoin price is trading sideways below the USD 38,000 resistance. It paved the way for altcoins adoption and they could continue to gain bullish momentum.
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