Bitcoin and Altcoins Show Initial Signs of Fresh Increase

  • 07 December 2020, Monday, 10:06

In the past few sessions, bitcoin price traded in a range below the USD 19,500 resistance. BTC also remained stable above USD 18,500 and USD 19,000. The price is currently (13:00 UTC) showing a few positive signs and it seems like there could be another push towards USD 19,500 and USD 19,800.

Similarly, most major altcoins are slowly rising, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD is trading above USD 595 and it is approaching the USD 600 resistance. XRP/USD is holding the USD 0.600 support, but it must clear USD 0.620 to start a steady increase.

Total market capitalization

Bitcoin price

After a short-term correction, bitcoin price settled above the USD 19,000 level. BTC climbed higher above the USD 19,150 and USD 19,200 levels. The price is now showing a few positive signs, with an initial hurdle at USD 19,350. The first major resistance is at USD 19,500, above which the price might rise towards the USD 19,800 resistance. If there is no upside break above USD 19,350 and USD 19,500, there could be a fresh bearish wave. The key support is at USD 19,000, below which the price might decline towards USD 18,500.

Ethereum price

Ethereum price is slowly recovering higher above the USD 590 and USD 595 levels. ETH is facing a major resistance at USD 600, above which the bulls might have an upper hand. The next key resistance sits near the USD 620 level. On the downside, the USD 585 level is an initial support zone. Any more losses could increase the chances of a drop towards USD 565 or even USD 550.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price is trading in a range above the USD 280 support level. BCH might attempt an upside break above the USD 300 resistance if there is a clear break above USD 295. Conversely, a clear close below the USD 280 support level may perhaps lead the price back towards the USD 265 support. Litecoin (LTC) is up over 5% and it is trading above the USD 84.00 resistance. LTC even broke the USD 85.00 level and it is now facing hurdles near the USD 86.50 level. The next major resistance is near the USD 88.50 level. On the downside, the USD 84.00 level (resistance turned support) might hold losses. XRP price is consolidating above the USD 0.600 support level. The price is struggling to clear the USD 0.620 resistance level. A close above USD 0.620 could accelerate gains and the price might rally towards USD 0.635 and USD 0.655. A downside break below the USD 0.600 support might spark a sharp decline in the coming sessions.

Other altcoins market today

In the past few hours, a few altcoins started a steady increase, including XMR, EWT, UNI, CHSB, SNX, REN, BAT, and AMPL. Out of these, XMR outperformed and it could continue to rise towards USD 150 in the near term.

To sum up, bitcoin price might accelerate higher if it clears the USD 19,350 level. If not, BTC might break the USD 19,000 and USD 18,800 support levels to start a sharp decline. __

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