Bitcoin price formed a strong support base above USD 48,000 and started a fresh rally. BTC broke the USD 50,000 and USD 51,000 resistance levels. It almost tested the USD 52,000 resistance and it is currently (05:00 UTC) correcting gains.
Similarly, most major altcoins are showing positive signs. ETH rallied above the USD 1,700 resistance and tested the USD 1,750 zone. XRP/USD is stable above USD 0.450 and it might climb towards the USD 0.500 resistance.
Total market capitalization
In the past three sessions, bitcoin price followed a bullish path above the USD 50,000 resistance level. BTC even climbed above the USD 51,000 level and tested the USD 51,850 level. It is now correcting gains and trading below USD 51,000. An immediate support is near the USD 50,000 level. The first key support is near the USD 49,200 level.
The main weekly support is now forming near the USD 48,000 level. On the upside, the USD 52,000 is a massive breakout zone for a sharp increase.
Ethereum price also followed bitcoin and traded above the key USD 1,650 resistance zone. ETH even surged above the USD 1,700 resistance and tested the USD 1,750 level. It is now consolidating gains above USD 1,700, and it might continue higher towards USD 1,780 and USD 1,800.
If there is a fresh decline, the USD 1,700 is a decent support. The major support is now forming near the USD 1,660 and USD 1,650 levels.
BNB, ADA, litecoin, and XRP price
Binance Coin (BNB) formed a support base above the USD 225 level and it is rising steadily. BNB climbed above the USD 235 resistance, opening the doors for a move towards the USD 250 resistance. If there are more upsides, the price could rise towards the USD 275 level.
Cardano (ADA) is back above the USD 1.100 level and it is showing positive signs. An immediate resistance is near the USD 1.150 level. The main barrier for a larger increase is near the USD 1.200 level. On the downside, the key weekly support sits at USD 1.050.
Litecoin (LTC) is trading above the USD 175 and USD 180 levels. LTC even climbed above USD 185 and it seems like the bulls could make another attempt to clear the USD 195 and USD 200 resistance levels. If they succeed, the price could test USD 220.
XRP price is stable above the main USD 0.450 support zone. It is trading above USD 0.464, with an immediate resistance at USD 0.480. The crucial breakout zone is at USD 0.500, above which the price might rally 10%-15% in the near term.
Other altcoins market today
Several altcoins gained over 10%, including ENJ, MANA, YFI, RSR, REN, ZEN, CHZ, UNI, and XTZ. Out of these, ENJ rallied by 45%, moving above the USD 1.70 level.
Overall, bitcoin price is trading above the USD 50,000 pivot level. There could be a short-term dip in BTC, but the current price structure suggests chances of more gains above USD 52,000.
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Originally Posted on: https://cryptonews.com/news/bitcoin-and-ethereum-rally-altcoins-bulls-seem-comfortable-9458.htm
By: Aayush Jindal