Bitcoin and Altcoins Extends Upside Recovery
- Bitcoin price recovered above the USD 6,500 resistance, but later faced sellers.
- Altcoins are stable with recovery signs below key upside hurdles.
- MOAC, BTCP, KCS and MITH moved up by more than 10% today.
Bitcoin price was able to recover during the past three sessions above the USD 6,400 and USD 6,500 levels. However, BTC/USD was not able to gain momentum above the USD 6,700 level. Similarly, major altcoins recovered and corrected higher by around 5%, but they all faced many barriers on the upside which prevented gains. The current price action is positive, but buyers need to gather momentum to avoid a bearish reaction.
Bitcoin price recovered above a major resistance at USD 6,500, pushing the market sentiment into a short-term bullish zone. BTC/USD traded close to the USD 6,700 level where sellers took a stand. The price is currently (GMT 6:00 AM) up more than 1% and is trading in a positive zone.
However, buyers need to push the price above the USD 6,700 level to gain upside momentum. On the downside, supports are seen near the USD 6,500 and USD 6,400. If the price stays above the USD 6,400 support, it could continue to move higher.
Ethereum price traded above the USD 520 level with positive signs. It is currently up more than 4% and is trading nicely above the USD 500 level. On the upside, should there be a bullish break above the USD 520 level, there could be an upside acceleration above the USD 540 level.
On the downside, a key support is at USD 500. Below this, the price may perhaps move back in a bearish zone towards the USD 480 level.
Bitcoin Cash and Ripple
Bitcoin cash price failed to break the USD 900 resistance level once again. BCH/USD is currently trading above the USD 850 level with ranging moves. The price may soon make the next move either above USD 900 or below USD 850 in the near term.
Ripple price traded a few points above the USD 0.5500 resistance, which is a positive zone. The next barrier for XRP/USD is around the USD 0.5700 level where sellers are likely to appear.
Other Altcoins Market Today
The market sentiment improved recently and pushed small cap altcoins in a bullish zone. Today, a few coins such as MOAC, BTCP, KCS and MITH gained momentum and climbed between 10-18%.
Overall, it seems bitcoin buyers are keeping downsides in check. A close above the USD 6,700 and USD 6,800 resistance levels could boost the sentiment further in the near term.