Bitcoin and Altcoins Open The Week With Bullish Moves
Bitcoin price opened the week on a positive note with gains above USD 6,250. Ethereum price broke the USD 450 resistance, which is a strong bullish sign. Many altcoins like MOAC, tenx, kin and DGB gained more than 15%.
This past week, we saw a bearish reaction in bitcoin below the USD 6,400 support. BTC/USD even broke the USD 6,250 support, but losses were contained well above the USD 6,000 level. Later, the price started trading in a tight range before starting an upward move. The current price action indicates that bitcoin opened the week with bullish signs and if it breaks the USD 6,500 resistance, there could be more gains. Altcoins like ethereum, ripple and bitcoin cash also followed a positive path with a couple of breaks above key resistances.
Bitcoin
Bitcoin price made a nice upward move after trading towards USD 6,080. BTC/USD broke the USD 6,250 resistance and is currently (UTC 08:30 AM) trading in a positive zone. However, a major weekly resistance is near USD 6,500.
A successful break above the USD 6,500 resistance may perhaps set the pace for a larger bullish move during the coming days. If the price fails to move above USD 6,500, there could be a fresh bearish reaction. Weekly supports are at USD 6,250 and USD 6,080.
Ethereum
Ethereum registered solid gains during the past three sessions and trimmed most of its last week losses. More importantly, ETH/USD recently broke the USD 450 resistance, opening the doors for more gains.
The next key weekly resistances awaits near USD 460 and USD 475. Above this last, the price could test the USD 500 level. On the downside, supports are visible near USD 440 and USD 420.
Bitcoin Cash and Ripple
Bitcoin cash price was successful in moving above the USD 700 resistance. BCH/USD is currently up more than 2.5% and it seems like it may well test the USD 740 resistance. Above the stated resistance, the price will most likely surge towards the next hurdles at USD 780 – USD 800.
Ripple price is moving higher, but it is yet to break the USD 0.45 resistance. Once XRP/USD surpasses the USD 0.45 resistance, it could clear the path for further upsides in the near term.
Other Altcoins Market Today
The market sentiment improved during the past few sessions, sending many small cap altcoins in a positive zone. Today, a few altcoins like MOAC, tenx, kin, DGB, MCO and 0x posted more than 10% gains. Out of these MOAC surged 23% and tenx gained roughly 20% to break the USD 0.85 resistance.
To sum up, bitcoin and altcoins opened the week with bullish moves. However, BTC/USD must break the USD 6,500 resistance to maintain the current positive sentiment. The next weekly resistances are USD 6,800 and USD 7,000.
