Bitcoin Grinding Higher and Altcoins Signaling Upside Extension
Yesterday, we saw a decent recovery in bitcoin above the USD 5,300 level. BTC/USD settled above the USD 5,320 level and recently gained momentum above the USD 5,350 resistance. The price is currently (08:00 UTC) trading above USD 5,400 and it may continue to grind higher towards the USD 5,440 level. Altcoins such as ethereum and ripple seems to be consolidating above key supports at USD 160 and USD 0.300 respectively. If bitcoin continues to climb, there are chances of an upside extension in major altcoins in the near term.
Total market capitalization
There was a strong upward move in bitcoin price above the main USD 5,350 resistance levels. It opened the doors for more gains and the price traded above the USD 5,380 and USD 5,400 levels. The price is trading above USD 5,400, with an immediate resistance near USD 5,440. If there are more upsides, the price will most likely test USD 5,500.
On the downside, the recent resistances near the USD 5,380 and USD 5,350 levels are likely to provide support. If the price fails to stay above USD 5,350, the price could test the USD 5,300 level.
Ethereum price corrected lower recently, but it bounced back above the USD 160 support. ETH/USD is currently trading flat near USD 161 and it may climb slowly towards the USD 164 or USD 165 level.
On the downside, if the bulls fail to defend the USD 160 support level, there could be a fresh decline. An initial support is at USD 158, below which the price may retest the USD 155 support level.
Bitcoin cash, eos and ripple price
Bitcoin cash price remained in a bullish zone and bounced back after testing the USD 270 support. BCH/USD is up more than 3% and it seems like it is about to break the USD 280 resistance level. The next key resistances are near USD 288 and USD 290. On the downside, the main support is near the USD 270 level.
EOS stayed above the USD 4.70 support level and recently recovered above USD 4.75. An immediate resistance is at USD 4.80, above which the price could test the USD 4.85 or USD 4.86 level in the near term.
Ripple price corrected lower after testing the USD 0.310 resistance level. XRP/USD broke the USD 0.306 support and tested the USD 0.300 support. It is currently consolidating and it may climb higher once again towards USD 0.306 or USD 0.308.
Other altcoins market today
In the past two sessions, a few small cap altcoins moved up and gained more than 5%, including AOA, ATOM, BTT, DASH, XMR and ZEN. Out of these, AOA is up around 14% and ATOM climbed nearly 9%.
To sum up, there are many bullish signs visible on bitcoin charts (lower timeframe), suggesting an upward move above USD 5,420 and USD 5,440. Conversely, if BTC corrects lower, it is likely to find bids near USD 5,380 or USD 5,350 in the coming sessions.
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