Bitcoin skyrocketed to new monthly highs during the European session on Tuesday. Piercing $12,000 is strikingly impressive for an asset that plunged to lows close to $9,000 last month. The reliable support above $9,000 continues to give Bitcoin price strong legs to sit on.
In July the $9,000 support area tested twice. A formed double-bottom pattern gave the bullish momentum a mega boost first above $10,000 and later $11,000. The tight grip by the bulls saw Bitcoin price step above $11,500, which later saw the price action above the critical $12,000 level. Glancing higher, Bitcoin squeezed through $12,000 for the first time in August.
Ripple’s XRP crashed from the intraday high of $0.3246 to as low as $0.3144 in a matter of minutes amid a massive wave of bearish sentiments that flooded the cryptocurrency market. RP/USD is changing hands at $0.3174 at the time of writing, monthly unchanged on a day-on-day basis.
Ripple’s technical picture
On the intraday charts, XRP/USD is locked in a tight range limited by $0.3200 on the upside and $0.3100 on the downside. An unsuccessful attempt to clear the upper boundary of the channel, created an additional bearish impulse for the coin.
Ethereum is said to be breaking away from the altcoins to become an independent cryptocurrency like Bitcoin. However, at the moment the second largest crypto is still reacting to Bitcoin price actions. For instance, as Bitcoin pierced $12,000 today, Ethereum price zoomed above $230 resistance.
The hourly chart places Ethereum at above the moving averages where the 50 Simple Moving Average offers support at $227.78 while the 100 SMA at $224.50 (slightly below the trendline support). In the event of a reversal from the current market value at $233.94, other key support areas traders can lookout for range from $220, $210 and the major support at $200.