After a strong upward move, bitcoin price struggled to test the USD 35,000 resistance. BTC topped near USD 34,750 and recently started a downside correction. It corrected lower to USD 32,500 and it is currently (05:00 UTC) consolidating in a range.
Also, there were strong bullish moves in most major altcoins, including ethereum, EOS, XLM, LINK, BNB, OMG, NEO, TRX, bitcoin cash, DOT, litecoin, and ADA. ETH/USD outperformed all and it rallied to clear the USD 1,000 resistance for the first time since February 2018. XRP/USD underperformed and it seems to be facing a strong barrier near the USD 0.250 level.
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Bitcoin price
This past week, bitcoin price rallied significantly and it even broke the USD 30,000 level. As a result, BTC climbed sharply and it cleared the USD 32,000 and USD 33,500 levels. It even traded close to the USD 35,000 level before it faced sellers. A new all-time high was formed near USD 34,750 before the price started a downside correction.
It dropped over USD 2,000 and tested the USD 32,500 support zone. The next major support on the downside is near the USD 30,000 level. On the upside, the USD 34,000 and USD 35,000 levels are strong hurdles, above which it could rally towards USD 40,000.
Ethereum price
Ethereum price started a strong increase after bitcoin started consolidating. ETH broke many important hurdles near USD 800 and pumped over USD 250 in the past two days. There was a clear break above USD 950 and USD 1,000 resistance levels. The price even spiked above USD 1,025.
The price is still trading above USD 1,000 level and it seems like the bulls are not done yet. Any more upsides could lead the price towards the USD 1,080 and USD 1,120 levels.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is up almost 20% and it broke many hurdles near USD 365 and USD 380. BCH even cleared the USD 400 resistance and traded above the USD 430 level. The next key resistance on the upside sits at USD 450, above which the bulls might test the USD 500 level. On the downside, the USD 400 level may possibly act as a strong support.
Litecoin (LTC) also surged almost 20% and it cleared the USD 135 and USD 150 resistance levels. LTC is now trading above the USD 160 level and it seems like the price might continue to rise towards the USD 172 and USD 175 levels. If there is a downside correction, the recent breakout zone at USD 150 might provide support.
XRP price is up around 4% and it is still facing a strong resistance near the USD 0.250 level. The next major barrier for the bulls for a larger increase is near the USD 0.265 level. If there is a downside correction, the price might find bids near the USD 0.222 and USD 0.220 levels.
Other altcoins market today
In the past few hours, many altcoins gained over 15%, including ADA, OMG, ETC, UNI, AAVE, NEO, LINK, SNX, YFI, CHSB, RSR, XLM, RUNE, QTUM, XTZ, FTT, and TRX. Out of these, OMG broke the USD 3.00 resistance and it could even test USD 3.50.
Overall, bitcoin price is consolidating gains above USD 32,500 and USD 32,000. It seems like altcoins such as ethereum, litecoin, bitcoin cash, DOT, and others could stage more upsides if BTC continues to trade in a range.
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Source: Cryptonews
