Bitcoin and Altcoins Show Positive Signs

  • 29 December 2020, Tuesday, 11:06

After a downside correction below USD 26,500, bitcoin price found support near the USD 26,000 region. As a result, BTC started a fresh increase and it broke the USD 26,500 resistance zone. It is currently (13:00 UTC) showing positive signs, but it must settle above USD 27,250 for a sustained upward move.

Similarly, there was a decent increase in some major altcoins. ETH/USD recovered above USD 720 and USD 730 levels. Conversely, XRP/USD extended its decline below USD 0.220 and it even tested USD 0.200.

Total market capitalization

Bitcoin price

After finding strong bids near USD 26,000, bitcoin price started a fresh upward move. BTC broke the USD 26,500 resistance zone to move back into a positive zone. There was a strong upward move and the price even climbed above USD 27,000. However, the bulls need to show strength above USD 27,250 for a sustained upward move. On the downside, the USD 26,500 may possibly act as a support again. The main support now seems to be forming near the USD 26,000 level.

Ethereum price

Ethereum price recovered after completing a short-term downside correction near USD 695. ETH is now trading well above USD 720 and it even broke the USD 730 level. The next key resistance is near the USD 740 and USD 745 levels, above which the price might rise to USD 765. If there is a fresh decline, the bulls might protect the USD 720 support. Any more losses could lead the price back towards the USD 700 level.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price recovered above USD 350. An immediate resistance is near the USD 355 level, above which the price could grind higher towards the USD 365 and USD 370 levels. On the downside, the key support is now forming near the USD 332 and USD 330 levels. Litecoin (LTC) is holding ground above the USD 125 level. LTC is facing resistance near the USD 132 level. If the bulls clear USD 132, there are chances of a push towards the USD 140 and USD 142 levels. The next major hurdle on the upside sits at USD 150. On the downside, a clear break below USD 120 might call for a drop to USD 105 or USD 100. XRP price is extending its decline below USD 0.220. It is down over 30% and there was a clear break below USD 0.212. If there is a close below the USD 0.200 support, the price could continue to move down towards the USD 0.182 and USD 0.180 levels.

Other altcoins market today

In the past few hours, a few altcoins climbed over 5%, including DOT, ADA, BNB, CHSB, TFUEL, STX, ATOM, FTT, ICX, REP, and BNT. Conversely, XLM is down over 5% and it is trading below the USD 0.140 support.

To sum up, bitcoin price is back in a positive zone above USD 26,500 and USD 26,800. If BTC gains pace above USD 27,250, there could be a steady rise towards USD 28,000 or even USD 28,400. __

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