Bitcoin Breaks USD 12,000, Altcoins Could Start a Fresh Surge
In the past few sessions, bitcoin mostly traded in a range above the USD 11,500 support. Finally, BTC gained bullish momentum above the USD 11,650 and USD 11,800 resistance levels. More importantly, it broke the USD 12,000 barrier and it is currently (08:30 UTC) consolidating gains.
Conversely, most major altcoins are stuck in a range below key hurdles, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is struggling to gain momentum above the USD 400 resistance. Similarly, XRP/USD must clear the USD 0.298 and USD 0.300 resistance levels to start a strong upward move.
Total market capitalization
After a short-term consolidation phase, bitcoin price broke the USD 11,800 resistance level. As a result, there was a strong increase and BTC broke the USD 12,000 barrier. However, it failed to continue higher above USD 12,100. It is currently consolidating in a range near the USD 12,000 level and it might continue to rise towards USD 12,200.
If there is a downside correction, the previous resistance near USD 11,800 might act as a strong support. The main weekly support is now forming near the USD 11,500 level, where the bulls might protect losses.
Ethereum price is stuck in a broad range above the USD 385 support level. ETH is facing a strong resistance near the USD 400 level, above which the price might start a steady increase. The next key resistance is seen near the USD 420 level.
The main weekly support seems to be forming near the USD 385 and USD 380 levels, below which the price might decline towards the USD 365 support.
Bitcoin cash, ADA and XRP price
Bitcoin cash price is consolidating above the USD 300 support zone. On the upside, an initial resistance is near the USD 312 level. The first major weekly hurdle is near the USD 320 level. A clear break above USD 320 could initiate a strong upward move towards the USD 350 level. Conversely, a downside break below the USD 300 and USD 298 support levels might trigger a correction wave towards USD 280.
ADA spiked again above USD 0.150 this past week. However, it failed to settle above USD 0.150 and corrected lower. It is currently trading near the USD 0.144 level, with immediate resistance near USD 0.148. The key resistance is still near USD 0.150. A successful close above USD 0.150 is needed for a sustained upward move.
XRP price remained well bid above the USD 0.285 and USD 0.280 levels. The price is currently trading above USD 0.295, and it might struggle near USD 0.298 and USD 0.300. If the bulls manage to penetrate the USD 0.300 barrier, the price might rise towards USD 0.312 or even USD 0.320 in the near term.
Other altcoins market today
In the past three sessions, many small-capitalization altcoins rallied more than 10%, including ANKR, BAND, AMPL, CKB, RUNE, BAL, REN, ATOM, CHSB, COMP, LUNA, KAVA, SXP, DIVI, SNX, and KSM. Out of these, ANKR gained 65% and BAND is up 38%.
To sum up, bitcoin price is showing signs of more upsides above the USD 12,000 and USD 12,200 levels. If the bulls remain in action, BTC could even test the USD 12,500 level in the near term. On the downside, there are many supports such as USD 11,800 and USD 11,500.
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