Bitcoin price keeps the uptrend on Wednesday after the strong rally from yesterday. The cryptocurrency rose by 4.5% to 4,990 USD but still fails in attempts to conquer the key threshold of 5,000 USD.
The Bitcoin performance was incredible, but several altcoins are even much more attractive. Litecoin appreciated by almost 20% today, reaching 82.81 USD, while the price of Bitcoin Cash jumped by 47% to 281.83 USD.
Ethereum and XRP are also into the green, but their rise is much more modest – 7.8% and 6.2%, respectively.
Thus, the total value of the cryptocurrency market rose to 174.559 billion USD and most of the crypto community started dreaming for the December 2017 high.
Bitcoin price analysis
Yesterday, there was a strong rise in Bitcoin’s price. The cryptocurrency rose significantly above the resistance levels of 4,500 USD and 4,700 USD.
The bulls have gained control and even managed to clear the resistance of 5,000 USD, but for a short time. The price has risen by more than 25% from the bottom and was recently traded at 4,990 USD. A new year-to-date high was formed close to 5,038 USD and the price has recently begun to consolidate profits.
There was a correction below the 5,000 USD and 23.6% Fibo retracement rate on the latest move from 4,665 USD low to 5,038 USD high. The losses, however, were supported by the 4,900 USD.
The price tests the FiB retracement rate at 50% Fibo retracement rate on the latest move from 4,665 USD low to 5,038 USD high. It is currently trading well above the 4,650 USD support area and the 100-hour simple moving average.
In addition, there is a formation of a triangle with 4,880 USD support. If there is a breakthrough under the 4,880 USD support, the price can test 4,660 USD and 4,650 USD.
On the other hand, if the support of 4,880 USD is retained, there may be a new increase of over 5,000 USD. The next resistance is close to 5,100 USD, over which the price is likely to test 5,200 USD.
Ethereum price analysis
Yesterday’s appreciation of the Bitcoin dragged the Ethereum to overcome the resistance levels of 150 USD and 155 USD.
Ethereum jumped more than 25% over the last few sessions. Bulls took control, resulting in a sharp rise above resistance levels of 160 USD and 165 USD. The price even rose above the resistance of 170 USD and was well above the 100-hour simple moving average.
The new annual maximum is close to 173 USD and the price is still trading with bullish momentum. Initial support is close to the level of 170 USD. It represents the level of fiber recovery of 23.6% Fibo rate on the latest move from 159 USD low to 173 USD high.
There is also a decisive bullish trendline, formed with the support of 165 USD. The trend line coincides with a 50% Fibo rate on the latest move from 159 USD low to 173 USD high.
The current price action is very positive, which implies more profits above the levels of 172 USD and 173 USD. Buyers can even turn to the 180 USD resistance, which is a strong barrier.
The next key resistance is close to the 185 USD level over which the final goal in the current wave could be 200 USD. The overall rally is gaining more than 165 USD and sellers are likely to struggle in the next sessions.