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Bitcoin and Altcoins Back On Positive Track

Aayush Jindal
Last updated: | 2 min read

Bitcoin price completed a downside correction and bounced back above USD 9,000. The crypto market is ignoring sell fear after Mt Gox moved BTC 16,000 to an unknown address. Three altcoins – Gifto, Bitcoin Diamond and Mithril rose more than 40% today.

Yesterday, we discussed a downside correction in bitcoin and other major cryptocurrencies. Bitcoin price traded towards the USD 8,600 support before buyers appeared. Later, the market started a fresh upward move and prices recovered. All major cryptocurrencies recovered and almost all small cap altcoins moved in the green zone.

As reported, several analysts have predicted widespread cryptocurrency market volatility after Nobuaki Kobayashi, the trustee of defunct exchange Mt Gox, moved BTC 16,000 and a similar amount in Bitcoin Cash to an unknown address. However, the market is ignoring sell fear and
bitcoin price found a strong support near the USD 8,600 level. BTC/USD bounce back and moved above the USD 9,000 pivot level. The price is currently up 5.8% to USD 9,240 and is trading with a positive bias above USD 9,000.
An immediate resistance is at USD 9,300, followed by the USD 9,500 level. A break above the stated USD 9,500 level could clear the path for a test of the all-important USD 10,000 barrier.
If the price corrects lower once again, the USD 9,000 level may perhaps act as a support. Below USD 9,000, the price will most likely retest USD 8,600.

Ethereum bounced back sharply after testing the USD 600 support. ETH/USD broke the USD 625 and USD 640 resistance levels and is currently trading 6.2% higher to USD 660.
The price is trading with a bullish angle and it seems like it may continue to rise towards the USD 675 level today. If buyers gain control, a break above USD 675 may perhaps push the price above USD 700.

Bitcoin Cash and Ripple
Bitcoin cash is slowly recovering and is currently up 7.7% to USD 1,390. BCH/USD has to break the USD 1,400 resistance level to continue its upward move. Above USD 1,400, the price may test the USD 1,440 – USD 1,450 resistance zone.
Ripple moved the USD 0.80 and USD 0.82 resistance levels and is currently trading with more than 5.5% gains. XRP/USD is back in a positive zone with resistances on the upside at USD 0.84 and USD 0.85.

Other Altcoins Market Today
Many small cap altcoins moved higher today and registered more than 20% gains, including Gifto, Bitcoin Diamond, Mithril, Siacoin, MonaCoin, ReddCoin, DigiByte and Pundi X.

The overall market sentiment turned bullish again and it seems like bitcoin and altcoins are back on positive track for more upsides during the upcoming sessions.