MARKET WATCH

Written by on January 7, 2019

  • Bitcoin price gained more than 6% and broke the USD 4,000 resistance.
  • Ethereum (ETH) and ripple (XRP) are preparing for more gains.
  • DEX rallied more than 90% and BCZERO gained around 25%.

The past few hours were very bullish for bitcoin and altcoins. BTC/USD gained bullish momentum and broke the USD 3,850 and USD 4,000 resistance levels. It is currently (UTC 08:00 AM) placed in an uptrend and it could continue to move higher towards the USD 4,150, USD 4,200 and USD 4,400 resistance levels. Ethereum settled above the USD 145 and USD 150 resistance levels. ETH/USD must clear the USD 160 – USD 162 barrier for an upside extension. Ripple price is gaining strength and it recently broke the USD 0.370 resistance. More importantly, litecoin rallied nearly 10% and broke the USD 35 and USD 38 resistances. The current market sentiment is positive and there could be more gains in bitcoin and altcoins.

Total market capitalization

Bitcoin and Litecoin Rally, Altcoins Might Follow Soon 101
Source: coinmarketcap.com

Bitcoin price

There was a solid upward move in bitcoin price above the USD 3,800 and USD 3,850 resistance levels. BTC/USD even cleared the USD 4,000 weekly resistance to move further into a positive zone. In the short term, there could be a downside correction, but the price remains well supported near USD 3,850 and USD 3,650.
On the upside, an initial resistance is at USD 4,050, above which the price may target the next weekly barrier near the USD 4,250 level. Above this last, the price may continue to move higher towards USD 4,400.

Ethereum price

Ethereum price remained in an uptrend above the USD 140 support. ETH/USD broke the USD 150 resistance and it is currently trading in a range. 
The price must break the USD 160 – USD 162 weekly resistance to set the pace for more gains. The next hurdle for buyers is near the USD 175 level. On the downside, the main supports are USD 145 and USD 140.

Bitcoin cash and ripple price

Bitcoin cash gained traction and moved above the USD 160 resistance, but it seems to be struggling to clear the USD 165 and USD 170 resistance levels. BCH/USD may correct a few points, but dips remain supported near the USD 155 and USD 150 levels. Bitcoin SV is trading flat near the USD 88 – USD 90 zone. A break above the USD 90 resistance could clear the path for more gains in the near term.
Ripple price gained more than 7% recently and it broke the USD 0.365 and USD 0.370 resistance levels. XRP/USD might continue to trade higher if buyers push the price above USD 0.375 and USD 0.380.

Other altcoins market today

During the past few sessions, many small cap altcoins gained more than 10%, including DEX, BCZERO, DGTX, HOT, BTC, WTC, NEO and DCN. Out of these, DEX rallied close to 100% and BCZERO is up around 26%.

To sum up, bitcoin price is showing positive signs above the USD 3,850 pivot level. If BTC/USD accelerates above USD 4,050, the next stop could be USD 4,200 or even USD 4,400. Similarly, ethereum, ripple and litecoin are likely preparing for more upsides in the coming sessions.

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