Bitcoin price climbed higher steadily to a new monthly high near $12,320. BTC/USD is currently consolidating gains and it is likely to continue higher above $12,200 and $12,420.
On the other hand, most major altcoins, including Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC), stellar (XLM), ADA, EOS, and TRX struggled to register gains. However, binance coin (BNB) was able to gain bullish momentum recently above the $30.00 resistance area.
- Bitcoin price is trading in a strong uptrend above the $11,700 and $11,425 support levels.
- Ethereum price is facing a lot of hurdles near the $235.00 resistance area.
- Ripple price remained in a bearish zone and failed to hold gains above $0.3200.
- EOS price settled below the key $4.600 and $4.500 support levels.
- Litecoin price failed to stay above the $100.00 level, but it is holding the key $87.00 support.
- Binance coin price rallied recently above the $29.60 and $30.00 resistance levels.
- MinexCoin (MNX) and DXG rallied more than 150% in the past 7 days.
Bitcoin Price Analysis
Bitcoin price started a strong rise after it broke the key $10,800 and $11,000 resistance levels. BTC/USD climbed steadily above the $11,500 and $11,750 resistance levels to move into a positive zone.
Bitcoin Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price settled above the $11,550 pivot level and the 21 simple moving average (4-hours). Finally, the price surpassed the $12,000 resistance and traded to a new monthly high at $12,323.
Later, the price started a downside correction below the $12,000 level. Moreover, there was a break below the 23.6% Fib retracement level of the upward move from the $10,528 low to $12,323 high.
However, the decline was protected by the $11,250 level and the 21 simple moving average (4-hours). More importantly, the 50% Fib retracement level of the upward move from the $10,528 low to $12,323 high acted as a support.
The price climbed higher once gain above the…