Bitcoin and Altcoins Holding Key Support Levels
The past few sessions were mostly quiet as most major cryptocurrencies traded in a range. On the positive note, bitcoin, ethereum and ripple stayed above crucial support levels. Today, bitcoin cash is gaining upside momentum and is currently up more than 7%. Technically, the market seems to be consolidating and is preparing for the next move.
Bitcoin price moved below the USD 8,000 support level recently, but sellers could not gain momentum below USD 7,900. As a result, the price bounced back and moved above the USD 8,000 level.
BTC/USD is currently trading 0.7% down at USD 8,080. It is facing a major resistance near the USD 8,150 - USD 8,200 zone. An hourly close above the USD 8,200 level is required for an upside push above USD 8,250.
The most important resistance is at USD 8,500 and USD 8,550. On the downside, the recent low near USD 7,825 is a key support. A break below USD 7,825 could open the doors for further declines towards USD 7,600.
Ethereum is currently holding an important support at USD 500. However, ETH/USD is struggling to move above the USD 520-525 resistance. A successful close above USD 525 will most likely accelerate upsides in the near term.
On the flip side, if sellers push the price below USD 500 and USD 490, there could be a sharp decline towards the USD 460 level.
Bitcoin Cash and Ripple
Bitcoin cash is trading with a positive bias and is performing better than bitcoin and ethereum. BCH/USD broke a crucial resistance at USD 800 and it is currently trading at USD 840. The next resistance on the upside is at USD 850, followed by the USD 880 level.
Ripple is trading flat near the USD 0.6750 level. XRP/USD is currently consolidating gains above USD 0.60 and it could continue higher towards the USD 0.70 resistance.
Other Altcoins Market Today
SmartCash gained traction today and moved above the USD 0.16 resistance. The weekly update released by the company boosted the market sentiment for SMART coin. Moreover, Pundi X, 0x, WAX, XMR, DRGN and PART also climbed higher and gained between 10-15% today.
The overall market sentiment is still bullish, but bitcoin has to move above the USD 8,250 and USD 8,300 resistance levels to continue higher.