Bitcoin and Altcoins Remain Buy On Dips, BCH Rallies 15%
- Bitcoin price extended gains and tested the USD 6,600 resistance area.
- Bitcoin cash price resumed its uptrend and rallied above USD 600.
- Ethereum and ripple remain well supported for more upsides in the near term
Yesterday, we discussed chances of more upsides in bitcoin above the USD 6,500 resistance. BTC/USD did trade higher and broke the USD 6,500 and USD 6,550 resistance levels. The price traded to a new monthly high above USD 6,600 before starting a short term correction. Bitcoin cash rallied close to 15%, and surpassed the USD 600 barrier. Similarly, ethereum and ripple also extended gains and both remain well supported for upsides in the coming sessions.
Total market capitalization
There was an upward move in bitcoin price above the USD 6,500 resistance. BTC/USD gained momentum and traded above the USD 6,550 and USD 6,600 resistance levels. The price is currently (UTC 08:20 AM) consolidating with corrective moves near USD 6,580. An initial support is at USD 6,550, below which the USD 6,500 level could act as a strong support.
On the upside, the price is likely to climb above USD 6,600 once again and it seems like buyers might attempt to push the price above USD 6,650 or USD 6,700 in the near term.
Ethereum price continued to trade higher and it recently broke the USD 220 resistance. ETH/USD is showing a lot of positive signs and it seems like the price may accelerate towards the USD 225 and USD 230 levels in the near term.
If there is a downside correction, the USD 215 - USD 216 zone is likely to act as a solid support. Below the stated zone, the next key support is at USD 210, which was a resistance earlier.
Bitcoin cash and ripple price
Bitcoin cash price started a fresh rally and surged above the USD 575 and USD 600 resistance levels. BCH/USD is up around 15% and it seems like the price is preparing for a test of the USD 650 resistance. The main supports on the downside are aligned near the USD 620 and USD 620 levels.
Ripple price mostly remained flat and it is slowly correcting lower below USD 0.540. It seems like XRP/USD could extend the current correction and test the USD 0.525 support area where buyers are likely to emerge.
Other altcoins market today
Many small cap altcoins gained traction recently and traded up more than 5%, including AOA, QTUM, ZEC, BTM, GXS and ZEN. Out of these QTUM is performing really well as buyers pushed the price above the USD 4.00 resistance.
Overall, bitcoin buyers are gaining pace and it seems like the price is likely to climb higher towards USD 6,650 and USD 6,700 levels in the coming sessions. If BTC/USD breaks the USD 6,700 barrier, it could boost the market sentiment and altcoins like ethereum, ripple, bitcoin cash, neo, litecoin, icon, wan and binance coin possibly might gain upside momentum.