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Bitcoin and Altcoins keep gaining

Written by  May 05, 2020

In the past few hours, bitcoin price showed signs of bullish continuation at the USD 9,000 level. Should BTC/USD move towards the USD 9,200 resistance.

It could continue to rise towards the USD 9,500 level. If not, the price might correct lower towards USD 8,850 or even USD 8,550.

Looking at most major altcoins, there were broad range moves in ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD remained stable above USD 200 and it is facing hurdles near the USD 210 and USD 212 resistance levels. XRP/USD is also trading in a range between USD 0.210 and USD 0.220.

Bitcoin price

Recently, bitcoin price settled above the USD 8,850 resistance level. BTC/USD is now fluctuating around USD 9,000 and might move towards the main USD 9,180 and USD 9,200 resistance levels. A successful close above USD 9,200 could lead the price towards the USD 9,500 resistance zone.
If the bulls fail to clear the USD 9,200 resistance, there is a risk of a fresh downside correction towards the USD 8,850 level. The main support on the downside is near the USD 8,550 level.

Ethereum price

Ethereum price is trading above the USD 202 and USD 200 support levels. ETH/USD is currently rising and approaching the range resistance at USD 210 and USD 212. A clear break above USD 212 is needed for a push towards the USD 220 level.
Conversely, the price might struggle to continue above USD 212. In the mentioned case, it could retreat lower and revisit the USD 200 support zone.

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Bitcoin cash, litecoin and XRP price

Bitcoin cash price made many attempts to settle above the USD 250 range resistance, but it failed. If BCH/USD continues to struggle near the USD 250 resistance, it could start a fresh decline. An initial support is near the USD 240 level, below which it could retest USD 230. On the upside, the price may perhaps rise towards the USD 265 resistance if it clears the USD 250 resistance.
Litecoin is showing positive signs above the USD 45.00 and USD 46.50 levels. However, LTC/USD is facing a major hurdle near the USD 48.50 and USD 50.00 levels. A daily close above the USD 50.00 level could start a major uptrend. On the downside, the key supports for the current wave is near the USD 44.50 level.
XRP price is trading in a positive zone above the USD 0.215 and USD 0.212 levels. If the bulls gain bullish momentum above the USD 0.220 and USD 0.222 resistance levels, there could be a strong upward move. The next major resistance is seen near the USD 0.235 level.

Other altcoins market today

In the past three sessions, many smaller altcoins gained more than 5%, including RDD, CHZ, DGB, SNT, NMR, SNX, ZIL, SC, ENJ, REN, UBT, and CKB.

Overall, bitcoin is trading in a positive zone around the USD 9,000 pivot level. However, BTC bulls need to gain strength for a push above USD 9,200. If not, there is a risk of a bearish reversal towards the USD 8,850 and USD 8,550 support levels.

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Carl Brough

Carl comes from a Crypto tech background in Blockchain, his flair and attention to detail is very important to the success of this website. Carl is a freelance journalist who now prefers to work from home and has such a broad range of experience in the alt coin market, we always appreciate his knowledge and ideas.

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