Bitcoin and Ethereum Test Key Resistance, Altcoins Extend Rally

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Bitcoin price remained well supported and it extended its recovery above the USD 38,000 resistance. However, BTC failed to clear the key USD 40,000 resistance level. It is currently (04:30 UTC) correcting lower and it might test USD 37,000.

Similarly, most major altcoins extended their recovery. ETH broke the USD 2,550 resistance and tested USD 2,750. XRP/USD rallied above the USD 0.90 and USD 1.00 resistance levels before correcting lower.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After a clear break above USD 37,000, bitcoin price extended its recovery above the USD 38,000 resistance. BTC even spiked above the USD 40,000 resistance, but there was no follow up move. The price is now correcting lower and trading below USD 39,000. The first key support is near the USD 37,000 level, below which the price might revisit the USD 35,500 zone.
An initial resistance is near the USD 39,200 level. The main resistance is near the USD 40,000 zone, above which the price might continue to rise towards the USD 42,000 resistance.

Ethereum price

Ethereum price also followed bitcoin and it gained pace above the USD 2,550 resistance level. ETH gained over 15% and it tested the USD 2,750 resistance. The price failed to continue higher and corrected below USD 2,600.
It might find bids near the USD 2,500 zone. Any more losses could start a fresh decline towards the USD 2,200 level or even USD 2,000 in the near term.

BNB, LTC, DOGE, and XRP price

Binance Coin (BNB) rallied over 25% and it settled above the USD 300 level. BNB even surged above USD 350 and it tested the USD 375 level. The price is now consolidating near USD 350 and it might correct lower towards the USD 320 support zone. The main support is now forming near USD 300.
Litecoin (LTC) settled above the USD 150 and USD 160 level. LTC is up 20% and it even broke the USD 180 level. However, the bulls need to clear the USD 200 barrier for upside continuation. If not, the price might drop again to test the USD 150 support zone.
Dogecoin (DOGE) climbed above the USD 0.350 resistance level. It even tested the USD 0.380 zone before trimming some gains. It seems like there is a decent support forming near the USD 0.335 and USD 0.320 levels. On the upside, the USD 0.400 zone is still a major hurdle.
XRP price gained bullish momentum above the USD 0.90 resistance level. The price even spiked above USD 1.00, but there was no proper close. It is now correcting gains, but the USD 0.800 level could provide support in the near term.

Other altcoins market today

Many altcoins gained over 20%, including QTUM, NEXO, ETC, YFI, CHSB, BAKE, UNI, REV, KLAY, OMG, MATIC, DASH, DCR, NEO, BTG, and TEL. Out of these, QTUM rallied over 50% and it cleared the USD 12 level.

Overall, bitcoin price is showing positive signs above USD 37,000 and USD 38,000. However, BTC must settle above USD 40,000 for a larger upward move in the near term.
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Bitcoin and Ethereum Test Key Resistance, Altcoins Extend Rally 102

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. AllStocksNews.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Owen Mayhttps://allstocksnews.com
Owen May is the editor-in-chief of AllStocksNews. He has a master's in economics and you will find him covering various topics.

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