Yesterday, we saw the start of a strong rise in bitcoin price above the USD 11,200 and USD 11,500 resistance levels. Later, there was a downside correction, but dips remained supported in BTC/USD near USD 11,400. As a result, the price resumed its upward move today and climbed more than 5% above USD 12,000. Similarly, there were steady gains in major altcoins, including ethereum, litecoin, ripple, bitcoin cash, EOS and monero. ETH/USD is back above the USD 230 resistance and XRP/USD surpassed the main USD 0.320 resistance area.
Total market capitalization
After a successful break above USD 11,500, bitcoin price extended gains. BTC/USD surged above the USD 12,000 resistance and even broke the key USD 12,200 resistance. The price is currently (08:00 UTC) up around 5%, with an immediate resistance near the USD 12,400 level. The main resistance is near USD 12,550, above which the price could climb towards the USD 13,000 resistance.
If the price corrects lower from the current levels, the USD 12,000 level may perhaps act as a support. If there is an extended downside correction, the USD 11,800 level could protect additional losses.
Ethereum price remained well bid above the USD 225 level and it recently climbed above the USD 230 resistance. ETH/USD is testing the USD 235 resistance and it seems like the bulls are aiming more gains above the USD 240 and USD 242 resistance levels.
If the price fails to climb above the USD 235 resistance, it could correct once again towards the USD 226 and USD 225 support levels. The main support for the current wave is near the USD 220 level.
Bitcoin cash, eos and ripple price
Bitcoin cash price is following a bullish path and it recently broke the USD 340 resistance level. BCH/USD is currently flirting with the USD 350 resistance, above which it could accelerate towards the USD 365 and USD 370 levels. On the downside, immediate support is near the USD 340 level (the recent resistance area).
EOS finally climbed above the USD 4.400 resistance and it seems like it could even climb above the USD 4.500 resistance level. If there is a successful daily close above USD 4.500, the price could continue to climb towards the USD 4.800 and USD 5.000 levels.
Ripple price corrected lower after a rise towards USD 0.330. XRP/USD is currently trading above the USD 0.320 support and it could rise once again towards the USD 0.325 and USD 0.330 resistance levels. Conversely, a break below USD 0.320 might call for a test of USD 0.315.
Other altcoins market today
In the past three sessions, many cap altcoins climbed sharply and gained more than 6%, including TRXC, ABBC, DGB, CCCX, QNT, DCR, BCN and NEXO. Out of these, TRXC surged more than 300% to move into the top 100 in terms of the market cap.
To sum up, bitcoin price is trading with a strong bullish momentum above USD 12,000. There might be a short term downside correction, but there are high chances of more gains in BTC, ETH, XRP, LTC and BCH in the near term.