Bitcoin, Ethereum and Altcoins Show Signs of Trend Reversal
Bitcoin price started an upside move from USD 43,000. BTC surpassed the USD 46,500 resistance and it even gained pace above USD 47,000. It even attempted a close above USD 48,000 and it is currently (12:30 UTC) showing positive signs.
Similarly, most major altcoins are showing signs of a fresh increase. ETH climbed above the USD 1,450 and USD 1,500 resistance levels. XRP/USD is well above USD 0.420, but it could face hurdles near USD 0.450.
Total market capitalization
After testing the USD 43,000 zone, bitcoin price started a steady increase. BTC is up over 5% and it cleared a couple of important hurdles near USD 47,000. If there is a close above USD 48,000, the bulls might gain bullish momentum. In this case, there are chances of a push towards the USD 50,000 level.
On the downside, the previous resistance at USD 47,000 might act as a support. The next major support is seen near the USD 46,200 level. Any more losses could reverse gains and the price might revisit USD 43,000.
Ethereum price is up over 10% and it broke many important barriers near USD 1,450 and USD 1,500. The next key resistance is near the USD 1,550 level. A close above USD 1,550 might pump the price towards the USD 1,600 level.
If there is a downside correction, the price could find bids near the USD 1,500 and USD 1,480 levels. The next key support is now forming near the USD 1,450 level.
BNB, ADA, litecoin, and XRP price
Binance Coin (BNB) gained over 15% and it surpassed the USD 232 resistance. BNB even cleared the USD 250 resistance and it is showing positive signs. The next resistance sits at USD 255. A clear break above USD 255 may possibly open the doors for a move towards the USD 270 level. Conversely, dips might find support near the USD 235 and USD 232 levels.
Cardano (ADA) is holding gains above the USD 1.200 level. An immediate resistance is near the USD 1.320 level. The first major resistance is near the USD 1.350 level, above which the price could rise towards USD 1.480. On the downside, the bulls might remain active near USD 1.220 and USD 1.200.
Litecoin (LTC) is showing positive signs and it is trading above the USD 165 level. LTC is now trading near USD 170. If the bulls remain in action, there are chances of a move towards the USD 178 and USD 180 levels. The next key stop for the bulls could be USD 188. If there is a fresh decline, the price might find bids near USD 165 and USD 162.
XRP price is slowly recovering and trading well above USD 0.420. However, the USD 0.450 is a strong hurdle. A close above the USD 0.450 level could clear the path for a push towards the USD 0.480 and USD 0.500 levels. On the downside, the price might remain stable at around USD 0.412 and USD 0.405.
Other altcoins market today
Many altcoins climbed over 10%, including FTM, CAKE, XVS, VGX, RVN, AAVE, SOL, MKR, ENJ, COMP, HOT, SUSHI, RUNE, NEXO, NEAR, DODO, SNX, and RSR. Out of these, FTM surged 30% and surpassed USD 0.550.
To sum up, bitcoin price is showing positive signs above USD 47,000. If BTC settles above USD 48,000, the price could rise towards the USD 50,000 resistance level.