Bitcoin Eyes Key Upside Break, Ethereum and Altcoins Could Follow
Bitcoin price gained pace after it broke the USD 38,000 resistance zone. BTC even climbed above USD 38,500 and USD 39,000. It is currently (12:15 PM UTC) consolidating and it might attempt an upside break above USD 40,000.
Besides, most major altcoins could continue grinding higher. ETH could rally if it settles above USD 2,500. XRP/USD is recovering, but it might face resistance near the USD 0.90 level.
Total market capitalization
After a close above USD 38,000, bitcoin price traded in a positive zone mostly. BTC even climbed above USD 39,000, but it is facing a strong resistance near the USD 40,000 level. A successful break and close above USD 40,000 could open the doors for a larger increase. The next key resistance is near the USD 42,000 level. On the downside, an initial support is near the USD 38,500 level. The next major support is now forming near the USD 38,000 level.
Ethereum price is also rising and is trading above the USD 2,450 level. If ETH breaks the USD 2,500 level, it could start a strong increase. The next key resistance is near USD 2,550, above which it could rise towards USD 2,700. Conversely, the price could dip below USD 2,450. An immediate support is near USD 2,420, below which the price might fail to stay above USD 2,400.
BNB, LTC, DOGE, and XRP price
Binance Coin (BNB) is up approaching the USD 365 resistance level. If BNB settles above USD 365, it could even test USD 380. The main resistance is near the USD 400 level. On the downside, the USD 350 level is a major support, below which the price might test the USD 535 support.Litecoin (LTC) is struggling to clear the USD 172 level. The next major resistance is near the USD 180 level, above which the price might rise to test the USD 195 and USD 200 resistance levels. If not, the price could correct lower and test the USD 150 level. Any more losses might push it to USD 132.Dogecoin (DOGE) is still consolidating above the USD 0.320 support level. An initial resistance on the upside is near the USD 0.335 level. The key resistance for a larger increase is near the USD 0.350 level. On the downside, the bulls might protect the USD 0.300 support.XRP price is trading above the USD 0.850 support. An immediate resistance is near the USD 0.885 level. The key hurdle sits near USD 0,90, above which the price could grind higher towards USD 1.0. Conversely, there is a risk of a drop towards the USD 0.82 level.
Other altcoins market today
Many altcoins climbed over 10%, including RUNE, GRT, FTM, AMP, TEL, THETA, AAVE, QNT, HOT, and LINK. Out of these, RUNE rallied almost 19% and it cleared USD 8.0.
To sum up, bitcoin price is trading above USD 39,000. If BTC closes above USD 40,000, it could confirm a larger increase towards USD 42,000 or even USD 45,000. _____