Bitcoin and Ethereum Target Fresh Weekly Highs, Altcoins Turn Attractive
Bitcoin price remained well supported above the USD 37,000 level. BTC started a fresh increase and it surpassed the USD 38,500 level. It is currently (12:20 PM UTC) showing positive signs and it might surge above USD 40,000 and USD 40,500.
Similarly, most major altcoins are trying to gain bullish momentum. ETH is back above USD 2,800 and it might test the USD 3,000 level. XRP/USD is also rising and it might soon test the USD 1.10 resistance.
Total market capitalization
After a short-term downside correction, bitcoin price found support near the USD 37,000 level. BTC remained strong and it started a fresh increase above the USD 38,500 resistance. The price is now testing the USD 40,000 resistance. If there is a successful close above USD 40,000, the bulls could gain strength. In this case, they might aim for a fresh weekly high above USD 41,000. If there is a fresh decline, the USD 38,500 level might provide support. The main weekly support is now forming near the USD 37,000 level.
Ethereum price found a strong buying interest near the USD 2,650 level. ETH formed a base and started a fresh increase above USD 2,750. It even surpassed USD 2,800, opening the doors for a break above USD 2,880. If the bulls remain in action, the price could soon test USD 3,000. On the downside, an initial support is near the USD 2,750 level. The main breakdown support is now forming near the USD 2,650 level.
BNB, LTC, DOGE, and XRP price
Binance Coin (BNB) is back above the USD 350 pivot level. BNB is showing positive signs and it might soon clear the USD 380 and USD 385 resistance levels. The next major hurdle for the bulls could be near the USD 400 level.Litecoin (LTC) climbed above the USD 195 and USD 200 resistance levels. LTC is showing positive signs and it seems like it could even surpass the USD 220 level. The next key resistance for the bulls is near the USD 245 and USD 250 levels.Dogecoin (DOGE) is rising and it is approaching the USD 0.350 resistance. A successful break above USD 0.350 could pump the price towards the USD 0.380 resistance. The next key stop for the bulls is near the USD 0.400 level. On the downside, the USD 0.312 level is a decent support.XRP price found bids near the USD 0.920 support level. It started a fresh increase and it reclaimed the USD 1.00 level. An immediate hurdle is near the USD 1.10 level. A clear break above the USD 1.10 level could push the price towards USD 1.20.
Other altcoins market today
Many altcoins climbed over 8%, including ENJ, NEXO, CHZ, MANA, STX, EOS, QTUM, BAT, LINK, OMG, UNI, and MDX. Out of these, ENJ rallied over 25% and it broke the USD 1.80 level.
To sum up, bitcoin bulls are again in action and they are aiming for a strong move above USD 40,000. If they succeed, BTC could rise towards USD 42,000. _____