Bitcoin and Ethereum Target Fresh Highs
- Bitcoin price is holding ground above USD 9,000 and seems to be preparing for an upside break.
- Ethereum bounced back and formed a bullish pattern on the daily chart.
- Loom Network zoomed more than 40% after LOOM was listed on Binance.
There was a strong recovery in bitcoin, ethereum and other major cryptocurrencies. Bitcoin price moved back above USD 9,000 and ETH/USD bounced back sharply to trade close USD 680. The technical structure suggests that BTC and ETH are likely to surge higher and trade to fresh monthly highs during the coming sessions.
Bitcoin price recovered and traded above the USD 9,000 pivot level. BTC/USD is currently trading 0.5% up to USD 9,090 and it seems like the price may accelerate higher.
On the upside, there are two important resistances – USD 9,200 and USD 9,250. A close above the USD 9,250 resistance could open the doors for a push towards the USD 9,500 level in the near term.
If there is a downside correction, the price may find bids near USD 9,000, followed by the USD 8,800 swing low.
Ethereum performed really well and recovered above the USD 650 and USD 670 resistance levels. More importantly, the ETH/USD pair formed a solid bullish pattern on the daily chart, signaling a rejection from the USD 625 level.
On the upside, the price is facing resistance near USD 680. Should the price clear the stated USD 780, it could accelerate above the USD 700 level.
Bitcoin Cash and Ripple
Bitcoin cash is up around 2.1% to USD 1,352. BCH/USD is showing positive signs above the USD 1,320 support, but it has to break the USD 1,380 and USD 1,400 resistance levels to remain in a positive zone. A proper close above USD 1,400 may perhaps push the price towards USD 1,500.
Ripple moved up by more than 2.5% and broke the USD 0.85 resistance. It seems like the XRP/USD pair continue to move higher towards the next hurdle at USD 0.90 in the near term.
Other Altcoins Market Today
Today, Loom Network surged by more than 40% and traded above USD 0.40. A major cryptocurrency exchange, Binance listed LOOM, which ignited a rally.
Moreover, there were many small cap coins, which registered more than 10% gains today, such as ReddCoin, Stratis, BAT, Syscoin, Fusion and NXT. The overall market sentiment is back in the green zone, signaling more upsides in bitcoin and altcoins.