Bitcoin (BTC), Ethereum, Ripple and BCH Poised for Further Gains

  • Bitcoin price is consolidating and likely setting up for a fresh rise above $ 5,050 against the US Dollar.
  • Ethereum, ripple, bitcoin cash and litecoin are trading with a positive bias above key supports.
  • There is a major bullish trend line formed with support at $ 4,820 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must clear the $ 5,050 and $ 5,100 resistance levels to start a fresh increase towards $ 5,300.

Bitcoin (BTC) is trading with a bullish bias and it could rally above the $ 5,100 resistance. Altcoins like Ethereum, ripple, bitcoin cash, litecoin and cardano are trading above key supports and likely to trade higher.

Bitcoin Price Analysis

Recently, we saw a decent downside correction from the $ 5,359 swing high in bitcoin price against the US Dollar. The BTC/USD pair declined below the $ 5,250 and $ 5,100 support levels to move into a short term bearish zone. The price traded as low as $ 4,754 and remained well above the 100 hourly simple moving average. Later, there was a fresh increase above the $ 4,900 level and the 23.6% Fib retracement level of the last drop from the $ 5,360 swing high to $ 4,754 low.

The price recently traded above a connecting bearish trend line with resistance at $ 4,975 on the hourly chart. The price even traded above the $ 5,000 level, but it failed to gain momentum above the $ 5,050 resistance. There was also no convincing break above the 50% Fib retracement level of the last drop from the $ 5,360 swing high to $ 4,754 low. At present, the price is trading in a range above the $ 4,950 and $ 4,900 supports. There is also a major bullish trend line forming with support at $ 4,820 on the same chart.

Therefore, there could be range moves in the short term before the price attempts to surpass the $ 5,050 and $ 5,100 resistance levels. Looking at altcoins, NANO and ZIL are currently gaining bullish momentum and are up more than 10%. Among the top 10 coins, Ethereum, ripple, bitcoin cash and litecoin are placed nicely above key supports and they are likely to follow bitcoin higher if it clears the $ 5,100 resistance.

Bitcoin Price Analysis BTC Chart ETH XRP BCH

Looking at the chart, BTC price seems to be consolidating gains above the $ 4,800 support and the 100 hourly SMA. It is likely to climb above the $ 5,050 and $ 5,100 resistance levels. The next key resistance is near $ 5,250, above which the price is likely to revisit the $ 5,359 high. Conversely, a close below $ 4,800 and the 100 hourly SMA might push the price towards the $ 4,600 area.

Technical indicators:

Hourly MACD – The MACD is slowly moving back in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently flat above the 50 level.

Major Support Levels – $ 4,900 followed by $ 4,800.

Major Resistance Levels – $ 5,050, $ 5,100 and $ 5,200.

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Analysis – NewsBTC

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