Yesterday, we saw positive signs, resulting in an upward move in bitcoin price above the USD 7,900 and USD 7,950 levels. BTC/USD gained traction and rallied above the key USD 8,000 resistance area. The price even traded towards the USD 8,200 resistance level and currently (08:10 UTC) trading with a positive bias above the USD 8,000 pivot level. Similarly, major altcoins started a fresh increase, including ethereum, ripple, litecoin, bitcoin cash and EOS. ETH/USD broke the USD 250 and USD 255 resistance levels to move into an uptrend. Moreover, XRP/USD settled above the main USD 0.400 resistance.
Total market capitalization
Finally, bitcoin price broke the main USD 8,000 resistance level to decrease bearish pressure. BTC/USD even settled above USD 8,000 and recently climbed above the USD 8,100 and USD 8,150 levels. The recent upward move was positive and the price tested the USD 8,200 resistance area.
It is currently consolidating gains above the USD 8,000 level, with an immediate resistance at USD 8,120. If there is an upside break above USD 8,120 and USD 8,150, the price is likely to clear USD 8,200 and USD 8,250.
Ethereum price gained a strong bullish momentum after it broke the USD 248 and USD 250 resistance levels. ETH/USD is currently up around 5% and it recently tested the USD 262 level.
It is currently consolidating gains and there are high chances of more gains above the USD 262 and 265 resistance levels. On the downside, the main supports are near USD 255 and USD 252.
Bitcoin cash, eos and ripple price
Bitcoin cash price is moving higher and it recently broke the USD 392 and USD 395 resistances. BCH/USD is currently trading near USD 400, and it could continue to rise in the near term. An immediate resistance is at USD 410, above which the price might accelerate towards the USD 425 level. On the downside, initial support is at USD 395, followed by USD 392.
EOS succeeded in clearing the USD 6.400 and 6.450 resistance levels. The price even traded above the USD 6.500 and it might continue to rise towards the USD 6.600 resistance area. If there is a downside correction, the previous resistance near USD 6.400 may act as a support.
Ripple price broke the main USD 0.395 and USD 0.400 resistance levels. XRP/USD is currently up more than 3.5% and it is trading near the USD 0.405 levels. The next key resistance for the bulls is at USD 0.412, above which the price might rise towards USD 0.420.
Other altcoins market today
In the past three sessions, many small cap altcoins gained more than 6%, including AOA, EGT, BSV, XZC, BTT, BTM, FTM, BNB, ZEC, NANO and NAS. Out of these, AOA is up around 75% and EGT gained nearly 28%.
To sum up, bitcoin price is back in an uptrend above USD 8,000. BTC/USD may perhaps trade in a range or correct lower, but it is likely to climb higher towards USD 8,200 and USD 8,300 in the near term.