Bitcoin Cruising Higher: Ethereum, BCH, LTC Could Follow Soon
There was a sharp upward move in bitcoin price above the USD 6,200 and USD 6,300 resistance levels. It seems like there is no stopping BTC bulls and the price could even clear the USD 6,400 resistance area. On the other hand, most altcoins struggled to follow bitcoin and remained confined in a range. Ethereum managed to move higher above the USD 175 resistance and it may extend upsides in the near term. However, ripple price remained in a bearish zone and it is still struggling (08:10 UTC) to clear the USD 0.300 and USD 0.302 resistance levels.
Total market capitalization
There was a significant upward move in bitcoin price above the USD 6,000 and USD 6,100 levels. BTC/USD was not impacted by the USD 6,200 resistance either as it rallied above the USD 6,300 level. It even surpassed the USD 6,350 resistance and traded close to the USD 6,400 resistance.
In the short term, there might be a downside correction, but the price remains well supported near the USD 6,250 and USD 6,160 levels. On the upside, the main hurdle is near the USD 6,400 level, above which the price could rally towards USD 6,500 or USD 6,550 in the coming sessions.
Ethereum price remained above the USD 170 support level and recently spiked above the USD 172 and USD 175 levels. The price tagged the USD 176 level and it is currently consolidating gains.
On the downside, an initial support is near the USD 172 level, below which it could retest the USD 170 support. On the upside, the bulls need to clear the USD 176 and USD 178 levels to surpass the USD 180 resistance.
Bitcoin cash, eos and ripple price
Bitcoin cash price is trading in a broad range above the USD 280 and USD 285 support levels. On the upside, the price is facing a lot of hurdles near the USD 295 and USD 300 levels. A successful close above the USD 300 resistance will most likely open the doors for a larger upward move towards the USD 310 and USD 325 levels.
EOS is down more than 1% and it seems like the price failed to overcome sellers near the USD 4.95 level. On the downside, an immediate support is at USD 4.80, below which the price may test the USD 4.75 level.
Ripple price recovered a few points above the USD 0.296 resistance level. The XRP/USD pair even spiked above the USD 0.290 and USD 0.300 levels, but it struggled to retain momentum. It is currently consolidating and it could make another attempt to clear the USD 0.300 and USD 0.302 resistance levels.
Other altcoins market today
In the past three sessions, a few small cap altcoins rallied and gained more than 8%, including ABT, CRO, TRUE, LINK, LSK, ETP, WTC and KMD. Out of these, ABT is up around 30% and CRO gained nearly 28%.
Overall, bitcoin price is cruising higher towards the USD 6,400 and USD 6,550 levels. In the short term, there could be drops in BTC/USD, but the pair is likely to find support near the USD 6,250 or USD 6,160 levels.
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