31 May 2018 · 1 min read

Bitcoin and Altcoins Basing for Next Move Higher

Bitcoin price is holding gains above the USD 7,400 level, which is a bullish sign. Cardano gained bullish momentum during the past two days. Golem and BNB surged more than 10% today.

The past few sessions were mostly bullish for bitcoin and altcoins. BTC/USD corrected a few points yesterday, but the decline was well protected by buyers. Bitcoin price is now back above the USD 7,400 level and is currently trading in a bullish zone. Similarly, there was a minor correction in altcoins such as ethereum, bitcoin cash, ripple and ADA, but prices recovered from key support levels.

Bitcoin price corrected lower and tested the USD 7,300 support area. Later, BTC/USD bounced back and is currently trading above the USD 7,500 level (GMT 09:00 AM). On the upside, an initial resistance sits at USD 7,600, followed by USD 7,620.
A successful break above USD 7,620 will most likely open the doors for a test of USD 8,000. On the downside, the USD 7,400 level is an important support. Below this, the price may perhaps retest the USD 7,300 and USD 7,250 support levels.

Ethereum completed a downside correction and is currently trading 1.5% higher to USD 570. On the upside, an immediate resistance is at USD 580, above which the price could accelerate above USD 600.
On the downside, the USD 550 level is an important support levels. As long as ETH/USD is placed above the USD 550 level, it may perhaps continue to move higher.

Bitcoin Cash and Ripple
Bitcoin cash is holding gains above the USD 1,000 level, which is a positive sign. On the upside, the USD 1,020 and USD 1,040 are key barriers for more gains before BCH/USD makes an attempt to break USD 1,080. On the downside, the USD 980 and USD 960 levels are decent supports.
Ripple price is also holding gains above an important level at USD 0.60. XRP/USD is facing hurdles near the USD 0.62 level, above which the price could move towards the USD 0.64 level.

Other Altcoins Market Today
Today, Golem and BNB gained around 14% and 12% respectively. GNT broke the USD 0.60 resistance, and BNB price surged above the USD 14 level.
The overall price structure is positive as long as bitcoin price is above USD 7,250. Additionally, if buyers succeed in pushing the price above USD 7,620, it could increase bullish pressure and BTC/USD might rally towards USD 8,000.