Bitcoin and Altcoins Remains Attractive to Buyers
- Bitcoin price is trading with a bullish bias above key support levels.
- Ethereum price seems to be preparing for an upside break above USD 600.
- IOTA, VERI, HT, Ontology and BNB are trading higher with solid gains.
Bitcoin price stayed above the USD 7,400 support area during the past three sessions and it mostly consolidated in a range. However, BTC/USD seems to be facing a tough challenge near the USD 7,600 and USD 7,650 resistance levels. On the other hand, altcoins are slowly moving higher and many major cryptocurrencies are poised to break key resistance levels, including Ethereum and ADA.
Bitcoin price remained confined in a range below the USD 7,600 and USD 7,650 resistance levels (GMT 09:00). A successful break and close above USD 7,620 - USD 7,650 is needed for additional gains towards USD 8,000 in the near term.
On the downside, the USD 7,400 level is a crucial support. As long as BTC/USD is above USD 7,400, the pair remains in an uptrend. Should there be a downside break below USD 7,400, the price may move back in a bearish zone to test the USD 7,250 and USD 7,000 support levels.
Ethereum is grinding higher and is currently up around 2.8% to USD 585. It seems like the ETH/USD pair may continue to move higher and it could accelerate gains above the USD 600 barrier.
On the flip side, if there is no upside break above USD 600, the price could correct lower. Supports on the downside are seen near USD 560 and USD 550.
Bitcoin Cash and Ripple
Bitcoin cash is flirting with the USD 1,000 handle. The BCH/USD pair struggled to move above the USD 1,040 resistance, but at the same time, it held the USD 960 support. It seems like the pair might trade in a range for a few more hours before the next break either above USD 1,040 or below USD 960.
Ripple price is gaining upside momentum and is currently up 1.5% to USD 0.615. On the upside, XRP/USD is facing resistances near USD 0.62 and USD 0.625. A break above these could push the price towards USD 0.64.
Other Altcoins Market Today
The overall altcoins market is trading in the green zone and if sentiment improves further, there could be more gains. Today, coins such as IOTA, VERI, HT, Ontology, BNB, Bitcoin Private, KNC and NAS gained bullish traction and moved higher between 8-15%.
To sum up, bitcoin is placed nicely in a bullish zone, but it must break the USD 7,600 barrier to continue moving higher.