05 Nov 2018 · 2 min read

Bitcoin and Major Altcoins Start This Week in Green

Bitcoin price traded higher and settled above the USD 6,450 resistance. Ethereum price broke the USD 205 and USD 208 resistance levels. Bitcoin cash rallied more than USD 100 on positive news.

In the previous analysis, we discussed that bitcoin and ripple could resume bullish moves. BTC/USD did move higher in the past few sessions and broke the USD 6,450 resistance level. Ethereum price also gained bullish momentum and broke the USD 205 and USD 208 resistance levels. Also, bitcoin cash rallied after the cryptocurrency exchange, Binance announced support for the upcoming Bitcoin Cash hard fork. BCH/USD traded above the USD 500 resistance to move into a bullish zone. The current sentiment (UTC 08:30 AM) in the market is positive.

Total market capitalization

Source: coinmarketcap.com

Bitcoin price

After forming a base above the USD 6,300 level, bitcoin price started an upward move. BTC/USD traded above the USD 6,400 and USD 6,450 resistance levels. The price even broke the USD 6,500, but buyers failed to hold gains. As a result, there was a downside correction and the price tested the USD 6,450 support.
BTC/USD is currently up 1.3% to USD 6,475 and it seems like it could make another attempt to surpass the USD 6,500 resistance. On the downside, the main weekly supports are visible near the USD 6,450 and USD 6,400 levels.

Ethereum price

Ethereum price also followed bitcoin and gained bullish momentum above the key USD 200 barrier. ETH/USD traded above the USD 205 and USD 208 resistance levels to place itself in a bullish zone.
On the upside, an immediate resistance is at USD 210 followed by the weekly hurdle at USD 225. On the downside, the broken resistance at USD 200 is likely to act as a strong weekly support for buyers this week.

Bitcoin cash and ripple price

Bitcoin cash price rallied above the USD 500 barrier and spiked towards the USD 600 handle. Later, BCH/USD corrected lower and tested the USD 550 support. The price is currently up more than 5%, with an immediate resistance at USD 580. On the downside, the key supports are at USD 550 and USD 520.
Ripple price is up more than 2% and it is currently trading near the USD 0.467 level. On the upside, XRP/USD buyers are facing important resistances near the USD 0.475 and USD 0.485 levels. Above these, the weekly resistance is at USD 0.500.

Other altcoins market today

Most altcoins gained more than 5% today, including DCN, BTG, DASH, VERI, WAX, MKR, DROP, MIOTA, MITH and BCN. While BAT showed strong growth on listing news.

Overall, bitcoin price is trading in a positive zone above the USD 6,400 weekly support. The current price action is positive, and if buyers clears the USD 6,500 hurdle, there could be continuous gains in BTC/USD and altcoins in the coming days. If not, bitcoin could correct gains and revisit the USD 6,400 support level in the near term.

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