Bitcoin price gained bullish momentum above the USD 47,500 and USD 48,000 levels. BTC even traded to a new all-time high near USD 48,600 before correcting lower. It is currently (05:00 UTC) trading below USD 48,000, with major supports at USD 47,000 and USD 46,500.
Besides, most major altcoins are holding gains above key supports. ETH is struggling to gain momentum above USD 1,800, but it remains supported above USD 1,700. XRP/USD gained over 8% and it even spiked above the USD 0.550 resistance.
Total market capitalization
There was a steady increase in bitcoin price above the USD 47,000 resistance. BTC even traded to a new all-time high near USD 48,600, but there was no major follow through. The price failed to test USD 49,000 and started a fresh decline. There was a break below the USD 48,000 and USD 47,500 levels. An initial support is near the USD 47,000 level.
The first major support is now forming near the USD 46,500 level. The next key support is at USD 46,000. On the upside, the USD 48,000 level presents resistance.
Ethereum price struggled to break the USD 1,820 and USD 1,830 resistance levels. ETH is correcting lower and trading well below USD 1,800. It is testing the USD 1,740 support, below which it might test the USD 1,700 support. Any more losses may possibly open the doors for a push towards the USD 1,650 level.
On the upside, an initial resistance is near the USD 1,800 level. The main breakout zone is now forming near the USD 1,820 and USD 1,830 levels.
ADA, litecoin and XRP price
Cardano (ADA) almost tested the main USD 1 resistance level. A high is formed near USD 0.980 level and the price is currently correcting lower. It traded below the USD 0.920 support and it seems to be approaching the USD 0.880 support. The main uptrend support sits at USD 0.850, where the bulls might take a strong stand.
Litecoin (LTC) retested the USD 192 resistance before dipping below USD 185. LTC is testing the USD 180 support, below which it might find a strong buying interest near the USD 175 level. On the upside, the USD 188 level is a short-term resistance. The first major resistance is at USD 192 and USD 195, followed by USD 200.
XRP price performed well after it settled above the USD 0.520 resistance. The price even surged above the USD 0.550 level and tested USD 0.570. It is correcting gains, but dips might remain limited below USD 0.532 and USD 0.520. On the upside, the main target for the bulls could be USD 0.585.
Other altcoins market today
Many altcoins gained over 20%, including GRT, NANO, ENJ, VGX, (BA)T, YFI, OCEAN, STX, FTM, VET, XMR, ATOM, MIOTA, ZEC, and ZRX. Out of these, GRT surged 85% and it cleared the USD 2.20 level.
Overall, bitcoin price is correcting gains from well above USD 48,000. BTC might even test USD 46,000, but the overall price action suggests more upsides in the near term.