Bitcoin and Altcoins Keeps The Bullish Outlook Intact
Bitcoin buyers successfully avoided bigger losses below the USD 9,000 support. Ethereum climbed higher and broke the USD 750 and USD 760 resistance levels. Today, Dentacoin, Polymath, Kyber Network and ZIL gained more than 25%.
Yesterday, we discussed about bitcoin and ethereum eyeing the last line of defense. Both major cryptocurrencies succeeded in holding key support levels at USD 9,000 and USD 700 respectively. BTC/USD recovered above the USD 9,300 level, keeping the bullish outlook intact. Altcoins also gained traction during the past two sessions, pushing the total market cap above USD 430 billion.
Bitcoin price is showing positive signs and is currently (GMT 9:00 AM) up roughly 2.75% from the USD 9,080 low. BTC/USD is facing a short-term resistance near USD 9,400 - USD 9,450, above which the price may perhaps break the USD 9,500 barrier for more gains.
If there is another downside correction, an initial support awaits at USD 9,250, followed by USD 9,200. A break below this last will most likely put buyers under pressure in the short term.
Ethereum held the USD 720 and USD 700 support levels, and bounced back sharply. ETH/USD is currently trading higher by more than 5% to USD 765. An immediate resistance is at USD 770, above which the price could target USD 800.
On the downside, an initial support is at USD 750. Should buyers fail to hold the stated support, the next buy zone and support is at USD 735. The current price action in ETH is very positive, signaling an upside break above USD 770.
Bitcoin Cash and Ripple
Bitcoin cash performed very well during the past few hours and broke the USD 1,600 resistance. The upward move was strong since BCH/USD also succeeded in clearing the USD 1,650 resistance. The price is up 8.5% and it seems like it could test the USD 1,680 resistance in the short term.
Ripple seems to be struggling to break the USD 0.80 resistance, which was a support earlier this week. A successful close above the mentioned USD 0.80 barrier will most likely help buyers in pushing the price further above USD 0.82.
Other Altcoins Market Today
Since the crypto market sentiment improved today, many small cap altcoins moved in the green zone. The top performers were Dentacoin, Polymath, Kyber Network and ZIL since they registered more than 25% gains.
Moreover, coins like Skycoin, IOST, GXS, Bitcoin Private, ENG, Fusion and Neblio also surged between 10-15%. To sum up, bitcoin’s recent bounce is convincing and if it breaks USD 9,500, there can be more upsides during the following sessions.