Bitcoin and Ethereum Gain Momentum, Altcoins Accelerate
Bitcoin price remained strong above the USD 38,000 resistance level. BTC even broke the USD 40,000 level and traded close to USD 41,000. It is currently (12:20 PM UTC) correcting gains, but it might continue higher towards USD 42,000 in the near term.
Similarly, most major altcoins are gaining bullish momentum. ETH broke the USD 2,880 resistance, but the price struggled above USD 2,900. XRP/USD is consolidating above USD 1.00 and it might test the USD 1.10 resistance.
Total market capitalization
After a clear break above USD 38,000, bitcoin price extended its upward move. BTC even broke the USD 40,000 resistance. However, it failed to continue higher towards USD 42,000. It is correcting gains and trading near USD 39,800. An initial support on the downside is near the USD 38,800 level. The first key support is near the USD 38,000 level, below which the price might test USD 36,500. On the upside, the price might clear USD 40,500. The main hurdle on the upside is now near the USD 42,000 level. Any more gains could set the pace for a move towards the USD 45,000 level.
Ethereum price broke the USD 2,800 resistance level. ETH even spiked above the USD 2,900 level, but there was no test of USD 3,000. The current price action is positive, suggesting chances of a move towards the USD 3,000 level. On the downside, an initial support is near the USD 2,750 level. The next major support could be USD 2,650 or USD 2,620.
BNB, LTC, DOGE, and XRP price
Binance Coin (BNB) extended its upward move above the USD 350 level. BNB even broke the USD 375 level and it is now consolidating gains. If the bulls succeed in clearing USD 385, the price may even climb above the USD 400 resistance.Litecoin (LTC) broke the USD 192 resistance and it even spiked above USD 200. If LTC settles above the USD 200 pivot level, there are chances of a rally. The next major resistance might be USD 225, followed by USD 250. On the downside, the USD 180 level is a short-term support.Dogecoin (DOGE) is trading above the USD 0.350 level. DOGE could soon test the USD 0.380 resistance. The next major resistance is near the USD 0.400 level, above which the price could reach the USD 0.445 level. If there is a bearish reaction, the price may possibly test the USD 0.320 support.XRP price surpassed the USD 0.98 and USD 1.00 resistance levels. The price is now stable above USD 1.00, which means it could rise towards the USD 1.10 resistance. The next key stop for the bulls could be USD 1.20.
Other altcoins market today
Many altcoins climbed over 20%, including MATIC, TEL, SOL, CELO, LINK, HOT, BAKE, SUSHI, RVN, OMG, FTM, RUNE, ZIL, NEXO, VET, and NANO. Out of these, MATIC rallied over 40% and it even surpassed USD 2.30.
To sum up, bitcoin price is showing positive signs above USD 38,000. If BTC settles above USD 40,000, it could rise towards the USD 45,000 resistance zone. _____