In the past two sessions, there were strong gains noted in bitcoin price above the key USD 9,400 and USD 9,500 resistance levels. BTC/USD rallied above USD 9,600 and it even broke the USD 9,800 level. The next stop for the bulls seem to be USD 10,000 in the short term. Similarly, there were strong gains in ethereum and binance coin price. ETH/USD climbed above USD 285 and it could continue to rise in the near term. On the other hand, a few other major altcoins such as ripple, bitcoin cash and EOS seem to be facing a lot of hurdles on the upside.
Total market capitalization
Recently, bitcoin price broke many important resistance near the USD 9,500 level and climbed more than 5%. BTC/USD even traded above the USD 9,800 and formed a new multi-month high. It is currently (08:00 UTC) correcting lower, but downsides are likely to be limited. It seems like the bulls are testing the main USD 10,000 resistance.
If there are more gains the price could even test the USD 10,500 level in the near term. On the downside, there are several important supports near the USD 9,600 and USD 9,500 levels.
Ethereum price followed bitcoin and gained more than 5%. ETH/USD surpassed the key USD 275 and USD 280 resistance levels. The price even broke USD 285 and it is likely to climb above USD 290. The next major resistance is near the USD 300 level.
On the downside, the previous resistances near USD 280 and USD 275 are likely to act as supports. Below USD 280, the price may revisit the USD 270 support.
Bitcoin cash, eos and ripple price
Bitcoin cash price is slowly moving higher above the USD 420 level, but it seems to be facing a strong resistance near the USD 425 level. If there is an upside break above USD 425, the price might revisit the next barrier at USD 440. On the downside, the main supports are near USD 410 and USD 405.
EOS climbed above the USD 6.900 level, but it struggling to settle above the USD 7.000 level. If there is a successful close above USD 7.000, the price might continue to rise towards the USD 7.200 and USD 7.300 levels.
Ripple price is up around 2%, but it is facing a strong resistance near the USD 0.440 and USD 0.442 levels. If the bulls surpass USD 0.442, XRP/USD could start a decent upward move towards the USD 0.460 level. On the downside, the main supports are near the USD 0.432 and USD 0.430 levels.
Other altcoins market today
Recently, a few small cap altcoins gained traction and are up more than 6%, including HEDG, EGT, VEST, MONA, XIN, NEX, BNB, DCR and MAID. Out of these, HEDG is up around 30% and EGT gained nearly 21%.
Overall, bitcoin price is setting up for a test of USD 10,000 and it might even surge towards USD 10,500 in the coming sessions. The bulls seem to be in full control and downsides close to USD 9,500 remain well supported.
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