Bitcoin and Altcoins Primed for Further Gains
- Bitcoin price extended gains and is comfortably placed above USD 9,000.
- Bitcoin cash continues to outperform major cryptocurrencies, and its price moved above USD 1,500.
- Mixin (XIN) price rose sharply today by more than 60% and traded above USD 930.
Cryptocurrencies extended gains for the third consecutive week and the total market cap moved past USD 420 billion. Bitcoin performed well and settled above the USD 9,000 level. However, a few major altcoins such as bitcoin cash, ethereum and Neo performed exceptionally well. It seems like the market sentiment is very stable in the bullish zone, and prices will most likely accelerate further.
Bitcoin price traded towards the USD 9,300 level recently and is currently up 3.8% to USD 9,255. BTC/USD remains well supported on the downside near USD 9,000. Any correction from the current or a bit higher levels may perhaps find buyers at USD 9,000 or USD 8,880.
On the upside, the recent high at USD 9,300 is an initial resistance. A push above the stated USD 9,300 could set the tone for an upside accelerate above USD 9,500.
If BTC buyers succeed in pushing the price above USD 9,500, the next major barrier for them awaits at USD 10,000.
Ethereum is moving higher towards the USD 700 level. ETH/USD broke the USD 650 resistance, which cleared the path for a test of USD 700. The pair is placed nicely with more than 7% intraday gains above USD 680.
On the downside, supports are at USD 660 and USD 650. A break and close below USD 650 could ignite an extended correction to USD 620.
Bitcoin Cash and Ripple
Bitcoin cash was once again the best performer among top five cryptocurrencies. BCH/USD traded above a crucial barrier at USD 1,500 before surging above the USD 1,500 level. The pair is currently up 10% to USD 1,535, and the next resistance sits at USD 1,550.
Ripple is up 4% today to USD 0.9130. XPR/USD is slowly moving higher towards USD 0.95. However, the most important resistance for buyers is at USD 1.00. Supports are at USD 0.88 and USD 0.85.
Other Altcoins Market Today
Today’s best performing altcoin so far is Mixin. XIN price is up more than 60% to settle above USD 900. The recent updates by the Mixin community ignited a rally from the USD 500 support. The next major hurdle for buyers is at USD 1,000.
Additionally, there are many altcoins which gained more than 15% such as Kin, Bitcoin Gold, EOS, Power Ledger and ICON. The overall market sentiment remains bullish, suggesting more upsides in bitcoin and altcoins.