Bitcoin and Altcoins Positioned for Further Upsides
- Bitcoin price recovered recently and moved above the USD 7,500 resistance.
- Ethereum price gained traction and traded back above the USD 600 resistance.
- Many small cap coins, including NXS, BNB, ONT and WTC gained more than 10%.
Bitcoin found support below the USD 7,400 level and started an upward move. BTC/USD jumped above the USD 7,500 resistance to gain traction. Similarly, major altcoins recovered nicely and moved above key resistances. The best of the lot was Ethereum, breaking the USD 600 barrier. Overall, the market sentiment improved, which could lead more upsides in bitcoin and altcoins in the near term.
Bitcoin price is currently trading 2.5% higher to USD 7,620 (GMT 09:30), with an immediate resistance near the USD 7,680 level. Above this, the BTC/USD pair will most likely accelerate gains towards the USD 7,800 and USD 8,000 resistance levels.
On the flip side, if the price starts a downside correction, the USD 7,500 level may act as a decent support. Below the stated USD 7,500 support, the next key support zone is near the USD 7,400 and 7,350 levels.
Ethereum jumped back above the USD 600 barrier, which is a positive sign. However, ETH/USD is struggling to gain upside momentum above the USD 610 and USD 620 resistance levels. Once there is a break above USD 620, the price will most likely revisit the USD 650 zone.
A bearish reaction from the current levels may perhaps push the price back in a negative zone below USD 600. The next key supports on the downside are at USD 580 and USD 575.
Bitcoin Cash and Ripple
Bitcoin cash gained bullish momentum from the USD 1,050 support area and broke the USD 1,100 barrier. BCH/USD is currently up more than 4.5% and is trading well above the USD 1,100 level. The next resistances on the upside are at USD 1,150 and USD 1,160. Supports on the downside are at USD 1,100 and USD 1,080.
Ripple price remained in a bullish zone above USD 0.65. XRP/USD is slowly grinding higher and is currently trading near the USD 0.67 level. The next major hurdle for buyers is near the USD 0.70 level.
Other Altcoins Market Today
Many small cap altcoins gained bullish traction today, including NXS, BNB, ONT, WTC, GXChain, ReddCoin, VERI and ELA. Should the current market sentiment remain intact, there could be more gains in the altcoins in the near term.
Additionally, a break above the USD 7,650 resistance may perhaps accelerate bullish moves in BTC and altcoins.