Yesterday, we saw a downside correction in bitcoin price below USD 5,300. However, BTC/USD remained well supported above the USD 5,000 and USD 5,050 support levels. It is currently (08:30 UTC) rising steadily and likely attempt an upside break above USD 5,550.
Similarly, most major altcoins are climbing higher and approaching key hurdles, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is up around 5% and it is approaching the USD 120 resistance. Besides, XRP/USD is likely to test the USD 0.150 and USD 0.152 resistance levels.
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After retesting the USD 5,000 support area, bitcoin price started a fresh increase. BTC/USD traded above the USD 5,200 and USD 5,350 resistance levels. It is now trading above USD 5,400, with an immediate resistance near USD 5,500. If the price climbs steadily above USD 5,500 and USD 5,550, there are chances of a decent increase in the coming sessions.
On the downside, an initial support is near the USD 5,300 level. The main supports are now forming near the USD 5,050 and USD 5,000 levels, below which the price is likely to decline.
Ethereum price is also recovering from the USD 110 and USD 112 support levels. ETH/USD is back above USD 118 and it is trading close to the USD 120 resistance. A successful close above the USD 120 level might lead the price towards the USD 125 and USD 128 levels in the near term.
On the downside, an initial support is near the USD 115 level, below which the price may perhaps retest the USD 110 support area.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price remained well bid above the USD 160 level and it is currently rising. BCH/USD is up around 4% and it is approaching the USD 185 and USD 190 resistance levels. A successful break above USD 190 could encourage the bulls for a push above the USD 200 barrier in the coming sessions. If not, the price is likely to retreat back to USD 160.
Litecoin stayed above the USD 30.00 support and it is currently rising. LTC/USD surpassed the USD 33.50 resistance and it is now testing the USD 35.00 resistance. If the bulls gain pace above USD 35.00 and USD 36.50, the price is likely to extend its rise towards the USD 40.00 level in the near term.
XRP price struggled to continue above the USD 0.150 and USD 0.152 resistance levels. As a result, there was a fresh decline below USD 0.145 and it seems like the price might revisit the USD 0.140 level. The next key support is seen near the USD 0.132 and USD 0.130 levels.
Other altcoins market today
In the past three sessions, many small-capitalization altcoins recovered and gained more than 10%, including STEEM, NMR, SNT, ENJ, DASH, BTS, NANO, GNT, CKB, BCN, REP, ZEC, ALGO, WICC, MCO, XZC, and REN. Out of these, STEEM rallied close to 200% and NMR is up around 125%.
Overall, bitcoin price is rising steadily and it is showing positive signs above USD 5,350. However, BTC/USD bulls need to gain pace for a sustained move above the USD 5,500 and USD 5,550 resistance levels in the near term.
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First Published at Bitcoin and Altcoins Testing Bullish Break – Cryptonews