Bitcoin and Altcoins Gaining Bullish Momentum
- Bitcoin remains in a bullish zone above the USD 3,700 support.
- Ethereum and ripple are trading with a positive trend and likely to extend gains.
- STRAT extended its rally by 40% and LINK is up around 25%.
Yesterday, we saw a positive upward move above the USD 3,600 and USD 3,700 resistance levels. BTC/USD even traded above USD 3,900 and later corrected lower. However, downsides were limited and the price bounced back above USD 3,750. Similarly, ethereum extended gains towards USD 110 and later corrected lower. The USD 100 zone acted as a support and the price is still trading in a bullish zone. Bitcoin cash performed well recently and it broke the USD 130 and USD 140 resistance levels. The overall market sentiment is still positive (UTC 08:00 AM,) suggesting more gains in the near term.
Total market capitalization
There was a solid bullish extension above the USD 3,750 and USD 3,820 resistance levels in bitcoin price . BTC/USD broke the USD 3,900 barrier and later corrected lower. However, the previous resistance at USD 3,650 - USD 3,700 acted as a support and prevented further declines.
The price bounced back and traded above the USD 3,750 and USD 3,800 resistance levels. It is currently up around 3%, with an immediate resistance at USD 3,850. If buyers remain in action, the price is likely to clear the USD 3,900 and USD 3,950 resistance levels in the coming sessions.
Ethereum price traded close to the USD 108 - USD 110 resistance and later corrected lower. ETH/USD corrected below the USD 105 level, but the USD 100 support acted as a solid buy zone.
The price bounced back and it is currently up close to 3%. The first resistance for buyers is near the USD 105 level, above which the price may trade to a new weekly high, probably above USD 110.
Bitcoin cash and ripple price
Bitcoin cash price remained in a solid uptrend above the USD 120 resistance. BCH/USD gained more than 25% and it recently broke the USD 135 and USD 140 resistance levels. The next challenge for buyers is near the USD 148 - USD 150 zone. BCHSV also started a nice upward move and moved up by around 8%. It is currently trading near USD 90 and it may perhaps test the USD 95 or USD 100 resistance level.
Ripple price climbed above the USD 0.380 resistance, but it faced a lot of offers near the USD 0.390 resistance. XRP/USD may continue to rise and it is likely to revisit the USD 0.380 or USD 0.390 resistance.
Other altcoins market today
Many small cap altcoins rallied recently by more than 10%, including STRAT, LINK, WAVES, PAY, AION and BCN. Out of these, STRAT performed really well and extended gains above the USD 1.40 resistance. Similarly, LINK broke the USD 0.30 resistance and gained close to 25%.
To sum up, the market sentiment is pointing more gains in bitcoin above the USD 3,800 level. There are even chances of an upside acceleration above the USD 4,000 resistance in the near term (Update: bitcoin increased above USD 4,000 later today.) Similarly, ethereum could break the USD 110 resistance and ripple price may test the USD 0.400 resistance.