Cryptocurrency market on 12/07 according to cryptonew: Bitcoin price started rising again above the $ 33,500 resistance area. BTC climbed above the USD 34,000 resistance but is currently (04:35 UTC) facing resistance below USD 35,000. The price closed above $ 35,000 on a daily basis and could start a steady increase in the near future.
Likewise, most of the major altcoins are showing positive signs. ETH broke through $ 2,150 but needs to break through $ 2,200 for more gains. XRP appears to be heading for a stronger upside target above the USD 0.650 resistance.
After a bearish correction, Bitcoin price found support near the $ 32,200 region. BTC started a new rally and overcame the USD 33,500 resistance. The price even broke the $ 34,000 zone. It is currently facing major opposition near the $ 35,000 region. If it closes above $ 35,000, the price could start a steady increase. The next major resistance could be at $ 36,500.
On the flip side, initial support is near the $ 34,000 mark. The first key support is now at $ 33,500, below which a weekly key support could be tested at $ 32,200.
The Ethereum price remains high above $ 2,050. ETH is currently trading above $ 2,120 and $ 2,150. The first major hurdle is near the $ 2,200 mark. The main weekly resistance remains near the USD 2,250 mark.
On the flip side, initial support is near the $ 2,120 mark. Key support is close to $ 2,050, below a possible test of $ 2,000.
Cardano (ADA) has accelerated and can climb above the $ 1.35 resistance. ADA is currently facing resistance near 1.365 above which the bulls can seek a larger uptrend towards 1.40. Otherwise, there is a risk of a short-term drop to $ 1.32.
Litecoin (LTC) is consolidating near the $ 135 level and encountering resistance near $ 140. The major weekly resistance remains near the $ 150 mark. If there is a suitable closing price above $ 150 the price could go up sharply. Conversely, a return to the USD 125 support level is possible.
Dogecoin (DOGE) is bouncing back but lacks upward momentum for gains above $ 0.220. The next major resistance is near $ 0.232. The key breakout zone is now near $ 0.250, above which a rally to $ 0.300 is possible.
The XRP price is up 5% and is currently showing a positive sign above $ 0.640. Immediate resistance is near the $ 0.650 level. A closing price above $ 0.650 could push the price toward $ 0.700.
Many altcoins are up more than 5%, including SNX, EOS, NANO, TEL, RUNE, CRO, KCS, AAVE, AXS, GRT, MIOTA, XTZ, FTT and COMP. Of these, the SNX rebounded nearly 23% and broke the $ 13.50 before correcting down again.
Overall, Bitcoin price above the $ 34,000 mark is showing positive signs. If BTC levels off above $ 35,000, it could see a steady spike to $ 36,500 or even $ 38,000.
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Important NOTE: All content on the website is for informational purposes only and does not constitute investment advice. Your money, the choice is yours.
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