Bitcoin Shoots Higher, Ethereum and Altcoins Show Positive Signs
Bitcoin price remained strong above the USD 35,000 support zone. BTC started a fresh increase and it broke the USD 38,500 resistance zone, following positive statements by Tesla‘s Elon Musk. It is currently (04:35 UTC) trading above USD 39,000 and the overall price action seems to be positive.
Besides, most major altcoins are showing signs of a fresh increase. ETH is rising and it could surpass the USD 2,500 resistance. XRP/USD is holding the USD 0.850 support and it could attempt a stronger recovery.
Total market capitalization
After forming a base above the USD 36,000 zone, bitcoin price started a fresh increase. BTC climbed above the USD 37,500 and USD 38,500 resistance levels. The price even broke the USD 39,500 level, but the bulls are struggling to gain strength for a push above the USD 40,000 resistance zone.
On the downside, the price might remain stable near the USD 38,000 level. The next major support for the bulls is near the USD 37,500 level.
Ethereum price is holding the USD 2,420 support level. An immediate resistance on the upside is near the USD 2,500 level. The main weekly resistance is now forming near the USD 2,550 level, above which the price could test the USD 2,800 level.
If the price fails to clear USD 2,500 or USD 2,550, it could start a fresh decline. The main breakdown support is now forming near the USD 2,420 and USD 2,400 levels.
BNB, LTC, DOGE, and XRP price
Binance Coin (BNB) is up around 5% and it is trading above the USD 350 level. On the upside, an immediate resistance is near the USD 365 level. The next key resistance is near USD 380, above which the price could rise towards the USD 400 level. On the downside, the price might remain stable near USD 335.
Litecoin (LTC) is still trading above the USD 165 support level. An immediate barrier for the bulls is near the USD 172 level, above which the price could test USD 180. The main weekly resistance is near the USD 195 and USD 200 levels. The key support stands near USD 150.
Dogecoin (DOGE) is consolidating above the USD 0.320 support level. On the upside, an immediate resistance is near the USD 0.335 level. The main weekly resistance is near the USD 0.350 level. If there is a fresh decline, the price might find a strong support near the USD 0.300 level.
XRP price is stuck in a range above the USD 0.850 support. On the upside, the USD 0.885 level is an initial resistance. The main breakout zone is now forming near the USD 0.900 level. If there is a fresh decline, the price could test USD 0.80.
Other altcoins market today
Many altcoins gained over 10%, including TFUEL, GRT, FTM, AAVE, AMP, RUNE, LEO, THETA, ZIL, HOT, and EGLD. Out of these, TFUEL rallied 19% and it cleared 0.55.
Overall, bitcoin price is showing positive signs above USD 38,000. However, BTC still needs to clear the USD 40,000 resistance for a sustained upward move.