Let's look into what bitcoin and ethereum are up to in today's market.
Just a few hours after interim broke through its all-time high, bitcoin began a new rally. It was finally able to cross and break above the $35,000 Range, which had been a significant resistance zone for it recently.
Bitcoin saw a gain of 6.9% overnight, and according to Nomics, its trading volume has seen an increase of almost 5% in the past 24 hours.
After yesterday's rally towards the $1,450 zone, ETH surged above that level and broke above the $1,500 level to reach a new all-time high at $1,550.
The $1450 support zone was a significant resistance zone for ethereum, and it had tried recently to reach for it and failed. But yesterday, on the hourly chart of the ETH/USD pair, it saw a breakout above a contracting triangle with resistance near $1,445 as it was increasing.
It gained over 10% to soar above the $1500 and went on to the break above the $1,550 zone. It formed a new ATH at $1,555 before falling back below the $1,520 level. It began a fresh increase and scaled back up to $1,530, and it's currently trading above it. If it continues, its next resistance would be at $1,550 and after that $1,580.
Check out altcoins' performance today.
Litecoin (LTC) was among the best altcoin gainers as it saw a price surge of 13%. It trades above $150 but dipped a little and is now trading below $150.
Even after its recent rally and subsequent plunge, Ripple is still holding the $0.3400 support zone and the 100-day simple moving average. It would face some resistance close to the $0.4000, the $0.4500, and after that, the $0.4650 resistance levels.
Bitcoin Cash (BCH) saw a turn around after its recent decline. It gained by over 2% to currently trade above $400.
XRP is consolidating above the USD 0.365 and USD 0.372 levels. On the upside, an initial resistance is near the USD 0.392 level. The main resistance is still near the USD 0.400 level. It seems like the bulls are now aiming for a clear break above USD 0.400 to start a fresh increase towards USD 0.450.
In conclusion, it's a bullish market for most of the altcoins, even bitcoin cash and Litecoin which have not been performing well of late benefitted this bull run.
Of course, since they make up a more significant percentage of the crypto market, when BTC Ð are up, the rest of the market is in an uptrend too. Who knows, we may see a new rally again soon.
