Bitcoin and Altcoins Back in Positive Zone
Bitcoin price gained upside momentum, other major cryptocurrencies also recovered. ICON (ICX) is currently trading 50% higher to USD 3.40. Fundstrat Global Advisors: the current bear market in smaller altcoins is likely over.
The past few sessions were very positive since all major cryptocurrencies, including bitcoin, etherium, ripple, bitcoin cash and litecoin traded higher. There was a bullish price action formed and it seems like the market sentiment improved after a major bearish period. If the current trend remains intact, price may continue to grind higher.
Bitcoin price traded with a bullish bias and succeeded in breaking two important resistance levels – USD 8,400 and USD 8,500. BTC/USD even traded above the USD 9,000 level before correcting lower.
The pair is currently trading 7.5% up at USD 8,978 from the USD 8,280 low. A daily close above the USD 9,000 resistance could trigger further gains toward the next resistance at USD 9,250 and USD 9,400.
On the downside, the previous resistance at USD 8,500 may perhaps act as a support if the price corrects lower.
Ethereum finally made an upside move and broke the USD 550 resistance level. ETH/USD traded towards the USD 600 level and is currently trading at USD 573.
It may correct a few points lower, but the previous resistance at USD 550 is likely to act as a support. On the upside, the price will most likely face a key challenge at USD 590-600.
Bitcoin Cash and Ripple
Bitcoin cash performed well and settled above the USD 1,000 level. BCH/USD is currently trading near USD 1,040, with supports on the downside at USD 1,020 and 1,000. To the topside, a break above USD 1,080 is required for a push above USD 1,100.
Ripple struggled to settle above the USD 0.72 level and is currently trading roughly 2.5% up to USD 0.7040. XRP/USD is now stable with a major support at USD 0.65.
Other Altcoins Market Today
The overall altcoins market is showing bullish signs and it seems like the last major bear trend is now over. Fundstrat Global Advisors LLC believes that the current drop in smaller altcoins is likely over after a roughly 75% decline, Bloomberg reported. If a bottom is in place, the next phase could be a consolidation period of around 150-175 days, according to Fundstrat. Finally, there could be a larger bull market in the cryptocurrency market.
Today, ICON cryptocurrency did very well and gained by more than 50% to move past USD 3.40. ICX coin was listed on a major exchange BITHUMB, which boosted the market sentiment in favor of buyers.