Bitcoin and Altcoins Signaling Bullish Continuation
- Bitcoin price formed a key bottom above USD 6,400 and jumped sharply.
- Ethereum, Ripple and other major altcoins moved into the green zone.
- FCT, ETC, SYS, Tron, ONT and many other coins registered decent gains.
Bitcoin price was able to form a base around the USD 6,400 pivot level for an upward move. BTC/USD climbed higher and broke a few hurdles such as USD 6,550 and USD 6,600. Similarly, Ethereum broke the USD 500 resistance to move into a positive zone. Many altcoins staged a comeback and moved higher between 5%-10% during the past three sessions. It seems like the market is preparing for a decent recovery and looks set for more upsides.
Bitcoin price climbed above the USD 6,750 level recently before correcting to USD 6,700. BTC/USD is trading higher by more than 3% with bullish moves. On the upside, the price is facing a crucial resistance just below USD 6,800.
Therefore, a successful push above the USD 6,800 hurdle is needed for an upside acceleration. The next resistances are USD 6,880 and USD 7,000. Supports on the downside are at USD 6,600 and USD 6,550.
Ethereum price followed bitcoin and jumped above a major resistance at USD 500. It opened the doors for more gains and ETH/USD traded a few points above the USD 520 level.
At the outset, the price is trading nicely above the USD 500 - USD 510 zone. To the topside, a break above USD 530 could accelerate gains in the near term towards USD 560.
Bitcoin Cash and Ripple
Bitcoin cash price attempted a close above the USD 900 barrier. It failed, but the current market sentiment for BCH/USD is positive with gains more than 5%. The pair may perhaps break the USD 900 resistance soon to stage a decent upward move towards USD 940 and USD 950.
Ripple price traded higher and tested the USD 0.55 resistance before retreating back to USD 0.54. XRP/USD is trading with a bullish sentiment and it will most likely surpass USD 0.55 to gain momentum.
Other Altcoins Market Today
Today, many altcoins moved higher including FCT, ETC, SYS, Tron, ONT, MKR, BAT and QASH. Out of these, Ethereum Classic is performing really well and it seems like ETC/USD may perhaps trade past USD 16.00 resistance during the coming sessions.
To sum up, the market is showing a lot of recovery signs. Having said that, bitcoin must break the USD 7,000 hurdle to confirm a short-term bottom. Similarly, ETH/USD needs to clear the USD 530 resistance.