Bitcoin and Altcoins Preparing For Next Leg Higher
- Bitcoin price remains in an uptrend above an important support at USD 7,800.
- Ethereum is eyeing a bullish break above the USD 480 -USD 485 resistance.
- ChainLink and RChain are trading with a positive bias today.
This past week, we saw a solid upward move in bitcoin price above the USD 8,000 level. BTC/USD pair traded towards USD 8,500 before correcting lower. It corrected below USD 8,000, found support near USD 7,800, and recovered back above USD 8,100. It seems like bitcoin is preparing for the next rally above the USD 8,250 and USD 8,300 resistance levels. Similarly, major altcoins like ethereum, ripple, EOS and bitcoin cash are trading above key supports and are likely to move higher in the coming sessions.
Bitcoin price is currently trading (UTC 09:00 AM) in a tiny range near the USD 8,150 level with an immediate resistance at USD 8,250. Above this, BTC/USD must clear the USD 8,300 and USD 8,320 resistance levels to set the pace for a fresh upward move towards USD 8,500 or higher in the near term.
On the downside, the USD 8,050 support is a key hurdle for sellers, below which, the last swing at USD 7,800 is likely to hold losses in bitcoin.
Ethereum price is trading in a contracting range below USD 475 resistance. ETH/USD is facing critical resistances near the USD 475 and USD 485 levels, above which, the price may rally above USD 515.
On the downside, there is a significant support near USD 450 - USD 455. Should there be a break below USD 450, the price may perhaps move back towards the USD 425 level.
Bitcoin Cash and Ripple
Bitcoin cash price is forming a solid support near the USD 800 level. BCH/USD is slowly moving higher and is currently trading above the USD 820 level. A break above the USD 840 resistance will most likely clear the path for more upsides towards the USD 880 and USD 900 levels. Weekly supports are at USD 800, USD 750 and USD 720.
Ripple price is consolidating above the USD 0.450 support. It seems like XRP/USD is forming a base for a large upward move above USD 0.475 in the near term. Resistances are at USD 0.475, USD 0.480 and USD 0.500.
Other Altcoins Market Today
Most small cap altcoins traded in range with tiny bullish moves. However, ChainLink and RChain are gaining bullish momentum and are up 10% and 5% respectively. A few other coins like AE, Verge, MCO and ETC are also gaining traction today.
Overall, bitcoin is trading with a bullish bias and it could break higher above USD 8,300 and USD 8,500 in the coming days. Altcoins like ethereum and ripple may possibly follow a slow and steady bullish structure, targeting a recovery between 8-15%.