Bitcoin and Altcoins Rally Could Extend Further

Bitcoin price surged higher and broke the USD 7,250 and USD 7,400 resistances. Almost all altcoins rallied, including ethereum, ripple, bitcoin cash and ADA. BCN, THETA, 0x, MITH, Augur, ICON, Kin and GXS registered gains more than 15%.

Yesterday, we discussed that bitcoin and altcoins are trading near crucial support levels. BTC/USD formed a key bottom above the USD 7,000 level and surged higher by more than USD 400. Similarly, other major cryptocurrencies such as Ethereum, ripple and bitcoin cash bounced back sharply and are currently trading in a bullish zone. The current market sentiment is positive, signaling more gains in the short term.

Bitcoin
Bitcoin price surged higher and broke the USD 7,250 and USD 7,400 resistance levels. BTC/USD is currently up by 5.2% to USD 7,500 (GMT 9:00 AM), with an immediate resistance at USD 7,540. Above this, the price must break the USD 7,600 barrier for more gains in the near term.
On the downside, the broken supports at USD 7,400 and USD 7,250 are likely to act as supports if the price corrects lower. Below USD 7,250, the price could move back in the bearish zone towards USD 7,000.

Ethereum
Ethereum price also formed a solid support near USD 500 and started an upward move. It traded up by more than USD 50 and tested the USD 570 resistance.
ETH/USD is currently up by 7.5% to USD 560, with an immediate resistance at USD 570. A break above this could open the doors for a push towards the all-important USD 600 resistance.

Bitcoin Cash and Ripple
Bitcoin cash moved back above the USD 1,000 level and it is currently up by 11.2%. If BCH/USD manages to hold the USD 1,000 level, there may well be more upsides towards the USD 1,050 level. On the downside, supports are at USD 960 and USD 940.
Ripple price rallied and moved above the USD 0.60 hurdle. XRP/USD is up by 9.5% to USD 0.609 and it looks set to extend the current rally towards the USD 0.62 and USD 0.65 in the near term.

Other Altcoins Market Today
Many small cap coins rallied during the past three sessions, including BCN, THETA, 0x, MITH, Augur, ICON, Kin, Golem, IOTA, Fusion and GXS. BCN performed very well and gained more than 25%.

The current price action suggests that bitcoin and many altcoins bounced back from key supports. Should BTC/USD accelerate above USD 7,550, there may perhaps be an extended rally towards USD 8,000.