Bitcoin and Altcoins Market Weekly Outlook: Positive Start
- Bitcoin price opened this week on a positive note and is currently trading above USD 11,250.
- Ethereum and bitcoin cash are holding important support levels.
- Ripple has started this week with more than 15% gains, which is a positive sign.
This past week was slightly bullish as bitcoin price was able to break the USD 11,000 resistance and settled above the stated level. However, other major cryptocurrencies such as Ethereum and ripple struggled to make bullish moves. This could change this week as XRP opened with a bullish bias and traded above the USD 1.00 level.
Bitcoin price closed this past week well above the USD 11,000 level. It is currently trading with a positive tone with more than 2% gains today. BTC/USD has to stay above the USD 11,250 level today to continue moving higher.
Weekly supports on the downside are at USD 11,000 and 10,600. A break below the USD 10,600 support could push the price back towards USD 10,000.
Resistances this week are USD 12,000 and 12,500. The overall bias is positive, but it won’t be easy for bitcoin buyers to break the USD 12,000 resistance.
Ethereum did not move much this past week and remained confined in a tiny range. In fact, there was a slight increase in the bearish pressure on ETH/USD and it declined towards USD 840.
However, the downside move was protected and the price started a recovery. It is currently trading around 1.5% higher and above USD 850. Weekly supports are USD 840 and 800, and resistances are USD 900 and 960.
Bitcoin Cash and Ripple
It was a good week for Bitcoin cash as it settled above the USD 1,250 level, but BCH/USD was not able to break the USD 1,285 and 1,290 resistance levels. The pair must break the stated resistances this week to move towards USD 1,400.
Ripple was bearish this past week and one of the worst performers. However, the scenario changed this week with a couple of positive partnership news. XRP/USD is currently trading around 15% higher and is placed nicely above the USD 1.00 level. Weekly resistances are seen at USD 1.20 and 1.25.
Other Altcoins Market Today
Today, Zilliqa, a blockchain platform, is gaining traction. ZIL price is currently trading 22% higher and it recently broke the USD 0.05 resistance level. The coin was declared “Community Coin of the Month” by an exchange Binance, which ignited an upside move.
Overall, the market is trading with a positive outlook. However, bitcoin price must continue to move higher and it should break USD 12,000. Similarly, Ethereum must come out of the current range pattern and move past USD 900.