Bitcoin and Altcoins Could Accelerate Higher
Bitcoin price settled above the USD 3,600 support area and later started consolidating gains. BTC/USD seems to be struggling near USD 3,640 and USD 3,650, above which the price is likely to accelerate towards USD 3,700 and USD 3,720. Ethereum price is trading above the USD 120 support, with bullish moves. ETH/USD is facing hurdles near USD 123 and USD 125, above which there is a chance of a sharp upward move in the near term. On the other hand, ripple price is currently struggling, but it is still trading above the USD 0.300 support area.
Total market capitalization
There seems to be a strong support formed in bitcoin price above the USD 3,585 and USD 3,600 support levels. If BTC/USD breaks the USD 3,585 support, there could be an extended downside correction towards the USD 3,500 support area.
On the other hand, a successful close above the USD 3,640 and USD 3,650 resistance levels could open the doors for a decent upward move towards the USD 3,700 and 3,720 resistance levels. The next key hurdle is near the USD 3,780 – USD 3,800 resistance area.
Ethereum price corrected lower recently, but the USD 120 support acted as a solid support. ETH/USD is slowly moving higher towards the USD 123 and USD 125 resistance levels.
A proper break above the USD 125 resistance might encourage buyers to gain traction above the USD 130 pivot level in the near term. An initial support is near USD 120, followed by the USD 118 level.
Bitcoin cash, eos and ripple price
Bitcoin cash price failed to stay above the USD 124 support and corrected lower below the USD 122 level. BCH/USD is currently approaching the USD 120 support, which is likely to act as a strong hurdle for sellers. On the upside, the USD 124 and USD 125 levels are important resistances.
EOS is trading in a bullish zone above the USD 2.65 and USD 2.70 support levels. On the upside, a break above the USD 2.80 – USD 2.82 resistance could set the pace for a drift towards the USD 3.00 resistance.
Ripple price remained in a bearish zone as it traded below the USD 0.310 and USD 0.306 support levels. XRP/USD tested the USD 0.300 support and it is currently consolidating losses. The next major support is at USD 0.296 and USD 0.295.
Other altcoins market today
A few altcoins gained traction recently and moved up between 6%-20%, including MOAC, HT, BTT, ETP, MKR, NPXS and KMD. Out of these, BTT surged by more than 20% and MOAC is up around 16%.
Overall, the crypto market is trading nicely in the bullish zone and bitcoin price could accelerate above the USD 3,650 resistance. However, if BTC/USD fails to stay above the USD 3,585 support, there could be an extended decline in bitcoin and altcoins in the near term.
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