Bitcoin price appears to be trading in a wide range above the USD 18,200 support level. BTC faces strong resistance near USD 18,700 and USD 18,800. The price is currently (05:00 UTC) nearing the stated resistance and the bulls could aim for a break above USD 19,000.
Conversely, there has been a sharp surge in most major altcoins, including Ethereum, XRP, Litecoin, EOS, XLM, LINK, BNB, TRX, Bitcoin Cash, and ADA. ETH / USD gained over 10% and was trading close to the USD 600 level. XRP / USD rose over 15% and it appears the bulls are targeting an uptrend above the USD 0.520 level.
Total market capitalization
Bitcoin price recently started a new upward move from the USD 18,350 support zone. BTC is trading above the $ 18,500 level, with an initial hurdle close to $ 18,700. The main hurdle is at $ 18,800, above which there is a likelihood of a sharp spike towards $ 19,200 and $ 19,500.
If the USD 18,800 resistance cannot be leveled again, a downside correction may occur. The initial support is at $ 18,500, followed by $ 18,350. The main support is now forming near the USD 18,200 level.
Ethereum price continued to rise above the USD 570 and USD 580 levels. ETH is trading above the USD 590 level and near the USD 600 level. The current price movement suggests that the price could exceed the USD 600 level in the near future .
On the downside, the USD 585 level is an initial support. The first major support is forming near the USD 572 level below which the price could test USD 560.
Bitcoin Cash, Litecoin and XRP Price
Bitcoin’s cash price has broken the USD 295 and USD 300 resistance levels. The BCH is up 6% and could continue to climb towards the $ 308 and $ 312 levels. The next major resistance is at $ 325, above which the price could rise towards the $ 350 level.
Litecoin (LTC) is steadily rising, approaching the USD 88.50 and USD 90.00 resistance levels. The price could move higher above USD 90.00 if the bulls stay in the action. In the case mentioned, the $ 100.00 level could be an easy target for the bulls in the upcoming sessions.
The XRP price again outperformed Ethereum and Bitcoin in the past three to four hours as it gained over 15%. The price broke the USD 0.500 resistance and hit a new multi-month high. The next major resistance is near the USD 0.520 and USD 0.525 levels. On the other hand, the drops below USD 0.500 and USD 0.485 could be limited.
Other altcoin market today
In the past few hours, many altcoins have increased over 10% including ZEN, NMR, WELLEN, NANO, Vocational Training, MIOTA, ADA, NAHE, MKR, YFI, REN, NEXO, SNX, ALGO, and CEL. Of these, ZEN, NMR and WAVES gained over 25%.
In conclusion, Bitcoin price is rising again towards the USD 18,800 resistance. With an upward pause, BTC could gain 5% to 6% in the short term. On the other hand, it could potentially fall towards USD 18,000.