Bitcoin and Altcoins Primed for More Gains
- Bitcoin price is slowly grinding higher and it seems is primed for more gains.
- Ethereum is likely preparing for an upside break above the USD 480 resistance.
- ETHOS, ETN, GAS, MITH and SMART altcoins gained around 20% today.
During the past three sessions, there were mostly range moves in bitcoin and altcoins. BTC/USD corrected a few points recently, found support near USD 6,400, and bounced back. Similarly, there were decent bullish moves in altcoins like ethereum, bitcoin cash, ripple and litecoin. The current price action suggests more positive moves and possibilities of fresh monthly highs in bitcoin, ETH, LTC and XRP.
Bitcoin price found a strong buying interest above the USD 6,400 support. BTC/USD recovered nicely and is currently trading near the USD 6,600 level (GMT 08:30). On the upside, resistances are seen near USD 6,720 and USD 6,780. Above this last, the price will most likely break USD 6,800 for a new monthly high.
Should there be a downside correction, the USD 6,500 and USD 6,400 support levels are likely to stop declines. Below USD 6,400, the price may face an increased selling pressure in the short term.
Ethereum price bounced back and is currently trading well above the USD 460 support. ETH/USD must clear the USD 480 resistance to make an attempt to surpass USD 500.
If there is a short term downward move, the price may perhaps test the USD 450 support, which is a strong barrier for sellers.
Bitcoin Cash and Ripple
Bitcoin cash price is struggling to catch bids and is currently trading flat near the USD 760 level. On the upside, there are many resistances such as USD 780 and USD 800. Above this last, BCH/USD could move into a bullish zone. If not, there is a risk of an extended decline towards the USD 720 support in the near term.
Ripple price is finding it hard to move back above the USD 0.50 resistance. It is currently trading above the USD 0.48 support, but with a few negative signs. If there is a bearish break below USD 0.475, the price may well revisit the USD 0.450 level.
Other Altcoins Market Today
Many small cap altcoins registered decent gains, including ETHOS, ETN, GAS, MITH, SMART, ZRX, ZIL, SNT and KNC. Neo also performed very well during the past two days as the price successfully moved above the USD 40.00 resistance.
Overall, the current market sentiment is neutral-to-bullish. If bitcoin price gains momentum above USD 6,700 and USD 6,800, there could be solid gains in BTC and altcoins.