Bitcoin and Altcoins Accelerating Gains
- Bitcoin price settled above the USD 6,700 resistance with positive signs.
- Ethereum price traded to a new monthly high and close to USD 500.
- Digibyte, Nuls, Paypex and Monaco are gaining bullish momentum today.
The past three days were mostly bullish since bitcoin price traded above the USD 6,600 and USD 6,700 resistance levels. BTC/USD gained traction and even traded to a new monthly high above USD 6,800. It indicates that buyers were successful in overcoming selling pressure and pushed the price in a bullish zone. Altcoins like ethereum and bitcoin cash also traded higher and are consolidating gains. In the short term, there could be a downward correction, but the market could extend gains this week if bitcoin stays above USD 6,500.
Bitcoin price staged a solid uptrend above the USD 6,400 pivot level. BTC/USD climbed higher and broke the USD 6,750 and USD 6,800 resistance levels. It traded to a new monthly high near USD 6,820 before starting a short-term correction.
On the downside, supports are seen at USD 6,700 and USD 6,650. Below USD 6,600, the price could test an important support at USD 6,500. On the upside, an initial resistance is at USD 6,800, followed by the recent high near USD 6,820. Above this, the price may perhaps trade above USD 6,850.
Ethereum broke a crucial resistance near USD 485 and traded towards the USD 500 barrier. However, ETH/USD failed to test the USD 500 level and is currently consolidating gains (GMT 9:00 AM).
A key support sits at USD 475, below which the price may perhaps test the USD 460 support. On the upside, a break above the USD 490 - USD 500 zone is required for a bullish acceleration.
Bitcoin Cash and Ripple
Bitcoin cash price settled above the USD 740 resistance. However, BCH/USD is facing a lot of hurdles near the USD 780 and USD 800 levels. A push above the USD 800 barrier is needed for buyers to gain control. Supports on the downside are at USD 740, USD 720 and USD 700.
Ripple price traded higher, but it failed to break the USD 0.50 resistance. XRP/USD is currently trading near the USD 0.48 level with resistances at USD 0.490, USD 0.495 and USD 0.500.
Other Altcoins Market Today
Many small cap altcoins climbed recently, but there was a lack in bullish momentum. Today, a few coins like Digibyte, Nuls, Paypex and Monaco are showing positive signs and are likely to accelerate gains.
Overall, the market sentiment improved during the past two days, and it could improve further in the coming days. To accelerate gains, bitcoin price must break the USD 6,850 and USD 7,000 resistances. The most important support for the current uptrend sits near USD 6,500.