Bitcoin And Altcoins Consolidate Post-Rally Gains

Yesterday, we discussed the chances of a fresh monthly high in bitcoin price above the USD 7,200 resistance. BTC/USD did gain bullish momentum above the USD 7,200 and USD 7,450 resistance levels. It traded to a new monthly high close to USD 7,750 and it is currently (08:30 UTC) consolidating gains.

Similarly, there was a decent increase in most major altcoins, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is up more than 4% and it tested the USD 190 level. Also, XRP/USD surpassed a key barrier near the USD 0.192 level and it might rise towards USD 0.200 and USD 0.205.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

In the past few hours, bitcoin price followed a strong bullish path above the USD 7,200 resistance. BTC/USD extended its rise and surpassed the USD 7,550 weekly resistance. It traded close to USD 7,750 and recently corrected lower. An initial support zone is near the USD 7,500 level, followed by USD 7,420. The main support is seen near the USD 7,200 level.
On the upside, an initial resistance for the bulls is near the USD 7,620 level, above which there are high chances of a strong rise towards the USD 7,800 and USD 7,850 levels.

Ethereum price

Ethereum price is following bitcoin and it climbed above the USD 185 resistance. ETH/USD is currently struggling to clear the USD 190 and USD 192 resistance levels, above which the price is likely to accelerate higher towards the USD 200 level.
On the downside, the 185 level is an initial support and buy zone. The main support is now forming near the USD 180 and USD 178 levels, below which the bulls could lose control.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price gained momentum above the USD 240 level, but it failed to accelerate above the USD 245 resistance. BCH/USD must settle above the USD 245 and USD 250 resistance levels for upside continuation. The next major resistance above USD 250 is near the USD 275 level.
Litecoin is up…

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