Bitcoin and Ethereum Hold Uptrend Support, Altcoins Rally

Bitcoin price remained supported above the USD 43,200 zone. BTC started a fresh increase and it was able to climb above the USD 45,000 resistance. It even almost tested USD 46,500 and it is currently (05:10 UTC) consolidating gains.

Similarly, most major altcoins are rising steadily. ETH is holding the USD 3,000 support, but it is facing hurdles near USD 3,200. XRP is stable above USD 0.800, with a major support at USD 0.780.

Total market capitalization

Bitcoin and Ethereum Hold Uptrend Support, Altcoins Rally 101Source: www.tradingview.com

Bitcoin price

After a short-term downside correction, bitcoin price regained strength for a move above USD 45,000. BTC even climbed above the USD 46,500 resistance and traded to a new weekly high. It is now consolidating gains well above USD 45,000. On the upside, the first key resistance is near the USD 46,500 level. A clear break above USD 46,500 might set the pace for a move towards the USD 48,000 level.
An initial support on the downside is near the USD 45,200 level. The first major support is near the USD 45,000 level, below which the price might test USD 44,200.

Ethereum price

Ethereum price also followed a similar pattern from the USD 2,900 support zone. ETH climbed back above USD 3,000 and USD 3,120. It is now facing a major resistance near USD 3,200. If the bulls gain strength for a move above USD 3,200, the price could surge towards USD 3,500.
On the downside, an immediate support is near the USD 3,050 level. The next major support is near the USD 3,000 level, below which the price might retest USD 2,900.

ADA, LTC, DOGE, and XRP price

Cardano (ADA) is trading above the USD 1.42 and USD 1.40 support levels. On the upside, the USD 1.50 level is a major breakout zone. A close above USD 1.50 may possibly trigger a stronger rally. In this case, the price could rise towards the USD 1.65 level.
Litecoin (LTC) is up 9% and it climbed sharply after it broke the USD 150 barrier. LTC is now trading above USD 160, with an immediate resistance at USD 165. Any more gains might call for a move towards the USD 180 barrier.
Dogecoin (DOGE) is up 5% and it is trading above the USD 0.250 pivot level. It seems like the bulls are aiming for a test of the USD 0.300 resistance. If there is a downside correction, DOGE might find strong bids near the USD 0.220 pivot level.
XRP price is consolidating above the USD 0.800 support. The next major support is near the USD 0.780 level. On the upside, a break above the USD 0.820 level may well spark a move towards USD 0.850. The next key resistance is at USD 0.880.

Other altcoins market today

Many altcoins gained over 10%, including RVN, ONE, CHZ, VGX, ENJ, AVAX, HT, FTT, DASH, OKB, UNI, and TEL. Out of these, RVN rallied 20% and it broke the USD 0.11 resistance.

Overall, bitcoin price is trading above the USD 45,000 and USD 44,000 support levels. If BTC climbs above USD 46,500, it could rise steadily towards the USD 48,000 resistance.
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Bitcoin and Ethereum Hold Uptrend Support, Altcoins Rally 102

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Updated: 08/10/2021 — 02:00