Bitcoin and Altcoins Gaining Bullish Traction
- Bitcoin price climbed higher and broke the USD 7,650 resistance.
- Ripple price is gaining bullish momentum and it may well test USD 0.70.
- Aeternity, Siacoin and Skycoin are up more than 8% today with positive signs.
Bitcoin price formed a decent support base around USD 7,500 and started an upward move. It broke a major hurdle near USD 7,650 to place itself in a bullish zone. Similarly, major altcoins gained traction and are currently slowly moving higher. It seems like the crypto market is setting up for more gains in the near term considering the current sentiment remains intact.
Bitcoin price traded higher and cleared a couple of important resistances such as USD 7,650 and USD 7,700. BTC/USD traded close to the USD 7,800 level before retreating to USD 7,710. On the downside, supports are seen near USD 7,650 and USD 7,600, followed by the all-important USD 7,500.
On the upside, the USD 7,750 and USD 7,780 levels are short-term resistances. A push above this last could clear the path for an upside acceleration above the USD 7,800 level to test the USD 8,000 barrier.
Ethereum remained stable above the USD 600 handle with positive signs. It seems like ETH/USD is currently consolidating above USD 600 (GMT 9:00 AM) and is preparing for the next major break.
Should the price settle above USD 620, there could be a test of the USD 650 resistance. On the flip side, a downside break below USD 600 may perhaps call for a larger bearish correction toward the USD 570 level.
Bitcoin Cash and Ripple
Bitcoin cash price is slowly grinding higher and is currently up more than 1% to USD 1,150. BCH/USD is likely to continue higher towards the USD 1,180 and USD 1,200 resistance levels. On the downside, supports are seen near the USD 1,120 and USD 1,100 levels.
Ripple price is performing really well, and it might soon test the USD 0.70 resistance. A break above the stated resistance will most likely set the pace for a test of the USD 0.75 barrier. Supports on the downside are at USD 0.665 and 0.650.
Other Altcoins Market Today
Most small cap coins are in the green zone today, including Aeternity, Siacoin, Skycoin, NEM, Nano, WTC, ZIL and Augur. The current market sentiment is very positive and if bitcoin price continues to stay above the USD 7,500 pivot level, there could be upsides in the near term.