Bitcoin and Altcoins Staging Solid Comeback
- Bitcoin price held the USD 9,200 support, recovered, and later started trading in a range.
- Ethereum and bitcoin cash bounced back to register intraday gains.
- Bytecoin (BCN) surged by more than 100% after it was listed on Binance.
After a substantial downside correction, bitcoin and other major cryptocurrencies found support. BTC/USD buyers successfully defended the USD 9,200 support, and ethereum stayed above the USD 700 handle. Later, the crypto market sentiment improved and prices recovered above key resistance levels. Technically, it seems like a correction wave is complete and prices may resume its uptrend.
Bitcoin price is currently trading 0.45% up to USD 9,400 (around GMT 9:00 AM). To gain upside momentum, BTC/USD has to move above the USD 9,600 resistance level. Should buyers succeed in clearing the USD 9,600 resistance, the next stop could be the all-important USD 10,000.
On the flip side, if the price moves down once again, the USD 9,200 support may perhaps prevent losses. Below this the price might test the USD 9,000 level.
In the short-term, the price may trade in a range below USD 9,600 before making the next move.
Ethereum bounced back sharply from the USD 700 barrier. ETH/USD traded above the USD 750 resistance and is currently trading 1.78% higher to USD 758.
The price is facing resistance near the USD 770 level. A successful break above the stated resistance will most likely push the price above USD 800. On the downside, supports are visible near USD 750 and USD 740.
Bitcoin Cash and Ripple
Bitcoin cash was well bid around the USD 1,550 support. BCH/USD recovered nicely and moved above the USD 1,600 resistance. On the upside, a break above the USD 1,680 resistance is required for a push towards the USD 1,750 level.
Ripple stayed above the USD 0.82 support and is currently up 1% to USD 0.8320. XRP/USD is facing a tough resistance at USD 0.85, which prevented gains on many occasions earlier. Above USD 0.85, the price could retest the USD 0.90 level.
Other Altcoins Market Today
Today, Bytecoin got heavily bid after it was listed on one of the major cryptocurrency exchange, Binance. BCN price jumped by more than 100% and traded above USD 0.014.
A few other small cap altcoins such as 0x, ZIL, Ethos, Loom Network, Holo, Pundi X and Cortex gained more than 10% today. Overall, there are many positive signs in the market, but a break above USD 9,600 is needed in bitcoin for bullish continuation.