Bitcoin price rose by 3.16% today to 4,076 USD, conquering a new resistance area. The bulls cleared this week’s followed crucial bearish trend line and settled above 4,000 USD, preparing for stronger appreciation. The cryptocurrency defended its positions during the last days and sharp U-turn from new weekly lows to higher appreciation.
Ethereum is up by 4.03% to 139.87 USD, while XRP increased by 3.1% to 0.3108 USD. Litecoin also conquered a key resistance after rising by 4.84% to 61.61 USD.
EOS, the fifth most valuable crypto asset in the cryptocurrency market, rose by 12% today, extending its impressive 30% rally in the past three weeks, possibly triggered by the growth of the number of decentralized applications (Dapps) on the network.
Many altcoins and crypto assets including Nuls, Wanchain, Ontology, Crypto.com, OmiseGo, and others have increased by 5% to 15% against both bitcoin and the US dollar, demonstrating strong momentum.
ADA, the native cryptocurrency of the Cardano blockchain network, has been on the rise since the launch of its 1.5 mainnet release, which is considered to be a monumental milestone for the last phase of the development of the Cardano protocol. The progress in the development roadmap of Cardano combined with the anticipation of investors towards the listing of ADA on Coinbase likely have fueled the short-term price movement of ADA.
Following the recent increases, the total value of the cryptocurrency market rose to 142.509 billion USD.
Bitcoin price analysis
Yesterday, there was a sustained decline in the price of Bitcoin under 4,000 USD. The cryptocurrency was traded on a new weekly low of 3,945 USD.
Later, it formed a decent support base near the 3,950 USD level. As a result, there was a strong upward move and the price climbed above the resistance level of 4,000 USD. More importantly, the price broke key resistances close to 4,020 USD and 4,040 USD.
In addition, the bulls cleaned up the bearish trend line with a resistance of 4,045 USD. The cryptocurrency went above the 4,050 USD and the 100-hour simple moving average.
The price is currently 4,075 USD, and it looks like there may be more profits. On the downside, the initial support is close to 4,050 USD, as well as the 23.6% Fibo rate.
However, the main support is close to 4,040 USD and 4,020 USD. The 50% Fibo rate is also close to the 3,920 USD level. On the upside, the price is likely to accelerate over the 4,100 USD resistance in the near future. The next stop for buyers could be close to 4,150 USD and 4,170 USD, but unlikely to break the resistance of 4,200 USD, where sellers will cash out the profits.
Ethereum price analysis
Yesterday, we saw a sharp decline in Ethereum price below the 134 USD support level. The cryptocurrency even broke the 132 USD support and the 100-hour simple moving average. A new weekly low was formed near 131 USD and later the price started a fresh upward move. There were a couple of swing moves near the 134 USD level, but later buyers gained traction and pushed the price higher. There was a decent comeback and the price rallied above the 134 USD and 135 USD levels.
Moreover, this week’s followed major bearish trend line was breached with resistance at 135 USD. The pair even climbed above the 136 USD resistance and settled above the 100 hourly simple moving average. It traded as high as 139 USD and currently correcting lower. Initial support is near the 23.6% Fib retracement level of the recent wave from the 131 swing low to 137 USD high. The main support is near the 134 USD level, which acted as a strong resistance earlier.