Bitcoin Jumps Above USD 5.500, Altcoins Gain Bullish Momentum
Yesterday, we discussed the chances of a fresh increase in bitcoin price above the USD 5,300 resistance. Today, BTC/USD gained bullish momentum and broke the key USD 5,350 and USD 5,400 resistance levels to start a strong upward move. The price even broke the USD 5,500 level and tested the USD 5,600 level. Ethereum price is also moving higher and it is currently (08:10 UTC) trading with a positive angle above the USD 174 level. On the other hand, ripple price is currently trading flat above the USD 0.322 support area, but it could start to climb higher in the near term.
Total market capitalization
After forming a strong support above the USD 5,250 level, bitcoin price climbed higher above the USD 5,400 and USD 5,500 resistance levels. BTC/USD is up more than 5% and it recently tested the USD 5,600 level. The price is currently correcting gains, but it remains well supported near USD 5,480, USD 5,450 and USD 5,420.
On the upside, an initial resistance is at USD 5,560, above which the bulls are likely to push the price above the USD 5,600 resistance level in the near term. The next key barrier is near the USD 5,680 level.
Ethereum price is slowly moving higher and it recently formed a decent support base above the USD 170 level. ETH/USD is up more than 3% and it could continue to rise towards the USD 177 and USD 180 levels.
If there is an upside break above the USD 180 level, the price could surge towards the USD 190 level. On the downside, the main supports are near USD 170 level.
Bitcoin cash, eos and ripple price
Bitcoin cash price followed BTC and jumped more than 5% above the USD 295 and USD 300 resistance levels. BCH/USD even spiked above the USD 305 level and it is currently consolidating gains. On the downside, an initial support is at USD 300, below which buyers are likely to defend the USD 295 support.
EOS is moving higher and it recently broke the USD 5.25 and USD 5.30 resistance levels. The price is likely to test the USD 5.40 resistance, above which there are high chances of a rally above USD 5.50. On the downside, the key support is at USD 5.25.
Ripple price seems to be forming a decent support near the USD 00.320 and USD 0.322 levels. XRP/USD must surpass the USD 0.328 and USD 0.330 levels to start a strong upward move in the coming sessions.
Other altcoins market today
The recent bitcoin price rise boosted many small cap altcoins, including DGD, XTZ, ICX, AION, ADA, ELF, AOA, NULS, VEST and XVG. Out of these, DGD is up around 17% and XTZ climbed nearly 13%.
Overall, bitcoin price is gaining bullish momentum and it could revisit the USD 5,600 and USD 5,700 levels. If there is a downside correction, buyers are likely to defend the USD 5,400 – USD 5,420 support area. Likewise, altcoins such as ethereum, bitcoin cash, EOS, ADA and BNB are likely to accelerate higher.
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