Bitcoin and Altcoins Target Fresh Monthly Highs, Ethereum Rallies

Bitcoin price managed to recover above the USD 11,500 resistance level. BTC followed a bullish path and climbed above USD 11,800. It is currently (08:30 UTC) consolidating gains and it seems like the bulls are aiming a strong upward move above the USD 12,000 resistance in the coming sessions.

On the other hand, ethereum started a sharp rally and ETH surged over 10% to trade above USD 425. Other major altcoins are also showing positive signs, including XRP, litecoin, bitcoin cash, EOS, TRX, XLM, and ADA. XRP/USD is up over 5% and it seems like there are chances of a fresh rally above the USD 0.300 resistance.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After a successful close above USD 11,500, bitcoin price started moving higher. BTC surpassed the USD 11,650 resistance and it even climbed above USD 11,800. It is currently consolidating gains and the price action suggests a possible move above USD 11,850 and USD 12,000. It could even climb to a new monthly high above USD 12,100.
If there is no upside break above USD 11,850 or USD 12,000, the price might correct lower. The main support is near the USD 11,500 level, below which the price might continue lower.

Ethereum price

Ethereum price outperformed major altcoins and rallied over 10%. ETH broke the USD 400 and USD 420 resistance levels and is currently following a strong bullish path. If there are more upsides, the next resistance might be USD 440.
If there is a downside correction, the USD 420 level could provide support. Any further losses may perhaps lead the price towards the USD 412 support.

Bitcoin cash, chainlink and XRP price

Bitcoin cash price gained more than 5% and it is now trading above the USD 285 and USD 290 resistance levels. If BCH continues higher, it might struggle to clear the USD 300 resistance. A successful break above USD 300 might push the price towards the USD 320 level. On the downside, the USD 285 could provide support.
After trading to a new all-time high near USD 18.350, chainlink (LINK) started trading in a range. An initial support is near the USD 17.000 level, below which the price might correct lower towards the USD 16.200 support zone. On the upside, there are key hurdles forming near USD 18.000.
XRP price is showing positive signs and it recovered above the USD 0.285 and USD 0.290 levels. The bulls are seemingly targeting a fresh upside break above the USD 0.300 level. If they succeed, the price could continue higher towards the USD 0.312 resistance in the coming sessions.

Other altcoins market today

In the past three sessions, many small altcoins surged more than 10%, including ALGO, WAVES, SRM, TRX, QNT, LRC, KNC, OMG, RVN, QTUM, LSK, HYN, ATOM, ICX, and TOMO. Out of these, ALGO surged 35% and it climbed above the USD 0.700 resistance.

Overall, bitcoin is trading on a bullish path above the USD 11,500 level. Having said that, BTC bulls are facing a huge challenge near the USD 12,000 resistance, above which there might be another rally.
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