Bitcoin and Altcoins Target Additional Gains, Ripple Jumps 14%
- Bitcoin price is consolidating near USD 6,450 with a bullish bias.
- Ripple price rallied more than 14% and broke the USD 0.520 resistance.
- Ethereum price is holding gains above the USD 208 support.
During the past three sessions, there were mostly positive moves in bitcoin. BTC/USD traded in a tight range near the USD 6,450 support and it seems like it is preparing for the next upward move. On the other hand, ripple jumped sharply and traded above the USD 0.475, USD 0.500 and USD 0.520 resistance levels. Ethereum is slowly rebounding and it is currently (UTC 08:30 AM) placed above the USD 208 support area. Overall, technical indicators are signaling additional gains in bitcoin and altcoins as long as BTC/USD is above the USD 6,400 support.
Total market capitalization
After trading above the USD 6,500 level, bitcoin price started a downside correction. BTC/USD corrected below the USD 6,480 and USD 6,450 support levels. Later, the price bounced back above USD 6,450 and it is currently consolidating. On the upside, an immediate resistance is at USD 6,500, above which the price will most likely rally to a new weekly high in the short term.
On the downside, an initial support is at USD 6,450, below which the price may revisit the USD 6,420 and USD 6,405 support levels.
Ethereum price is placed nicely above the USD 208 support level. ETH/USD is slowly grinding higher and it seems like the price may trade above the USD 215 and USD 200 resistance levels.
Above USD 220, buyers may perhaps find a strong selling interest near the USD 225 level. On the downside, an initial support is at USD 208, below which the price is likely to test the USD 204 support.
Bitcoin cash and ripple price
Bitcoin cash price held the USD 550 support and it is currently consolidating recent gains. BCH/USD could resume its upward move above the USD 575 level and it may even break the USD 600 hurdle if buyers remain in action. On the downside, the main support is at USD 550, below which the price is likely to decline to USD 500.
Ripple price rallied recently and broke many resistance levels such as USD 0.465, and USD 0.520. XRP/USD is placed in a solid uptrend and it seems like it could continue to climb towards the USD 0.550 and USD 0.560 levels.
Other altcoins market today
A few small cap coins traded higher today and registered gains more than 5%, including WAX, MAID, XLM and ETP. A few losers were POLY, RVN, LINK, WTC and RRK, which are down between 5%-7%.
To sum up, bitcoin seems to be preparing for a fresh upward move above USD 6,500. If BTC/USD gains pace above USD 6,500, there are chances of a push towards USD 6,600 or even USD 6,750. Similarly, Ethereum, ripple and a few other major altcoins are placed nicely in an uptrend and they are likely to climb higher in the near term. In other news, the chairman of Deltec Bank & Trust says a widely scrutinized letter about stablecoin issuer Tether's account at the Bahamas-based institution is "authentic," Coindesk reported.