Bitcoin price increased significantly on Monday, breaking the 3,650 USD and 3,700 USD resistance areas. The cryptocurrency settled at 3,745 USD, slightly retreating from the session high reached earlier and failing to overcome the 3,750 USD resistance level. The price traded close to the 3,780 USD level and later corrected lower.
The second largest cryptocurrency, Ethereum, appreciated by more than 10%, reaching a value of 138.62 USD.
Totally, the cryptocurrency market is moving up today with Ripple appreciated by 2.23% and EOS adding 4.44%. The largest increase was registered by Bitcoin Gold, which appreciated by 15% to 11.85 USD.
Overall, the crypto market is gathering pace, resulting in solid gains in Bitcoin and Ethereum. The total value of the cryptocurrency market expanded by almost 4 billion USD to 126.133 billion USD.
Bitcoin price analysis
Last week, there was a brief consolidation of the Bitcoin at 3,550 USD support. The cryptocurrency pair formed strong support close to the 3,550 USD level and later traded higher.
The price rose and broke many resistances, including 3,580 USD and 3,600 USD. This opened the doors for more profits, and the price even settled over 3,600 USD and the 100-hour simple moving average. Moving upward, there was a break above the main bearish trend line with a resistance of 3,610 USD.
Bitcoin even cleared the resistance at 3,700 USD and traded at a new weekly high of 3,732 USD. Later there was a downward adjustment below the 3,700 USD.
Sellers pushed the price under 23.6% Fibo rate of the last increase from 3,553 USD to 3,732 USD. However, there is strong support close to the levels of 3,640 USD and 3,620 USD. The initial support is 3,645 USD and the 50% Fibo rate of the last increase from 3,553 USD to 3,732 USD.
The main support is close to the level of 3,620 USD (the previous resistance). It also coincides with a 61.8% Fibo rate of the last increase from 3,553 USD to 3,732 USD.
Therefore, if there is a downward revision below 3,660 USD, the price could find support close to the 3,640 USD and 3,620 USD levels. On the upside, the initial resistance is close to the level of 3,700 USD, above which the price may test 3,750 USD.
Bitcoin could trade in a range for some time before buyers attempt to push the price above 3,780 USD and 3,800 USD. However, the main barrier is near 4,000 USD, where sellers are likely to take a stand.
Ethereum price analysis
Ethereum is the big winner today. The cryptocurrency rose by almost 10% to 138.62 USD.
Over the last few sessions, there was a steady upward move in the price of Ethereum. The cryptocurrency gained strength and tested very important resistances like 125 USD and 130 USD.
There was a proper closing above the resistance level of 130 USD and the 100-hour simple moving average. Recently there was a soft bearish reaction of the resistance of 130 USD, but the level of 124 USD acted as solid support.
The price of Ethereum rose and overcame the resistance of 130 USD and 132 USD. A new monthly maximum is formed near 135 USD, with a bullish sentiment.
After testing the 135 USD resistance, there was a slight downward correction. The Ethereum fell below 133 USD, but the 132 USD level acted as support.
Moreover, the 23.6% Fib recovery rate of the last increase from 123 USD to 135 USD was strong support. On downtrend, there seems to be a lot of support that is formed close to the levels of 130 USD and 129 USD. Additionally, the 50% Fib rate of the last increase from 123 USD to 135 USD is also close to the 129 USD level.
More importantly, there is a key bustling trendline with 128 USD support. Therefore, if the pair adjusts lower in the short term, there may be a strong buyer interest close to 129 USD and 130 USD.