Bitcoin and Altcoins Are Building Bullish Momentum
- Bitcoin price gained traction and moved above the USD 8,600 resistance.
- Ethereum is trading comfortably with positive signs above the USD 700 support.
- Zcash surged by more than 40% to USD 350 after Gemini announced support for Zcash.
There were positive moves in the crypto market during the past three sessions as bitcoin, ethereum, ripple, cardano, bitcoin cash and neo traded higher. Almost all large cap and small cap coins rallied and posted decent gains. BTC/USD was successful in holding the USD 8,300 support area and it moved above the USD 8,600 resistance. The current market sentiment is bullish, signaling more gains in bitcoin and altcoins during the coming sessions.
Bitcoin price formed a support above the USD 8,300 level and jumped above the USD 8,600 and USD 8,700 resistance levels. BTC/USD traded above the USD 8,850 level before trimming gains to USD 8,720.
The price is currently (GMT 8:45 AM) up around 3.5% and is placed nicely above the USD 8,600 support. It may well resume its uptrend above the USD 8,700 resistance. However, a proper break and close above the USD 9,000 resistance is required for further upsides. On the downside, USD 8,600, USD 8,500 and USD 8,450 are key support levels.
Ethereum moved with a lot of bullish strength and surpassed a crucial hurdle at USD 700. It even traded above the USD 720 resistance and is currently up 3% to USD 730.
It seems like ETH/USD is currently consolidating above the USD 700 level and it is preparing for the next leg above USD 750. If ETH buyers succeed in pushing the price above USD 750, the next barrier awaits near USD 780.
Bitcoin Cash and Ripple
Bitcoin cash is stable above USD 1,400, but it lacks upward momentum. BCH/USD has to stay above the USD 1,400 support, else it could decline towards USD 1,360. On the upside, it is facing resistances near the USD 1,440 and USD 1,460 levels.
Ripple moved back above the USD 0.70 support, which is a positive sign. XRP/USD is up 2% to USD 0.737 and it may continue to move higher towards the USD 0.75 resistance. Supports are at USD 0.72 and USD 0.70.
Other Altcoins Market Today
Today, Zcash price gained bullish momentum and jumped by more than 40% to break the USD 350 resistance. The key driver for today’s rally was the announcement by the Gemini exchange to support Zcash.
A few other altcoins such as Augur, SALT, ENG, HT and WAX also registered gains between 10-20%. Overall, the market is in the green zone with a lot of positive signs for more upsides in the near term.