Bitcoin and Altcoins Buyers Back in Driver’s Seat
Bitcoin price surged higher and broke the USD 6,500 and USD 6,600 resistances. All major altcoins recovered with bullish moves between 8-15%. WAX, Bytecoin, Ethos, MONA, ELF, LOOM, ELA and SYS posted more gains 20% gains.
In yesterday’s outlook, we discussed the importance of the USD 6,500 resistance in bitcoin price. During the past three sessions, there were heavy bullish moves, resulting in an upside push in BTC/USD above the USD 6,500 resistance. It opened the doors for more gains and helped altcoins such as ethereum, ripple, bitcoin cash, litecoin and others to gain bullish momentum. The cryptocurrency market is now trading in the green zone with a lot of positive signs.
Bitcoin
Bitcoin price formed a solid support above USD 6,300 and jumped above the USD 6,500 and USD 6,600 resistance levels. BTC/USD is currently (GMT 08:30 AM) trading in a tiny range below the USD 6,800 resistance, and is preparing for the next move.
An upside break above USD 6,800 could ignite more gains towards the USD 7,000 and USD 7,200 levels. On the flip side, if the price corrects lower, the previous resistances at USD 6,600 and USD 6,500 are likely to act as supports for buyers.
Ethereum
Ethereum price gained traction and moved above a crucial resistance at USD 450. ETH/USD traded above the USD 480 level and is currently consolidating gains.
An initial support on the downside is at USD 472, below which the price may test the USD 460 support. On the upside, a break above the USD 485 level could give an opening to buyers to take the price above the USD 500 level.
Bitcoin Cash and Ripple
Bitcoin cash price surged higher and cleared many hurdles such as USD 750, USD 780 and USD 800. BCH/USD is currently trading with a stable bias above the USD 800 level, with an immediate resistance at USD 820 and USD 850.
Ripple price zoomed higher and cleared the USD 0.48 and USD 0.50 resistances. XRP/USD is now trading in a bullish zone above USD 0.50. On the upside, resistances are seen near the USD 0.520 and USD 0.535 levels.
Other Altcoins Market Today
Many small cap altcoins posted heavy gains today, including WAX, Bytecoin, Ethos, MONA, ELF, LOOM, ELA, SYS, Golem, KCS, CMT, MITH and BTS. A few other coins such as Neo, ADA, Ark and NEM posted gains between 15-20%.
Overall, the market sentiment was really boosted during the past three sessions. Going forward, a break above USD 7,000 in bitcoin could further accelerate gains in BTC and altcoins in the near term.
