Bitcoin Bulls In Control, Dips Remain Attractive
- Bitcoin price surged above the USD 8,400 resistance and traded to a new monthly high.
- Ethereum recovered slightly and moved above the USD 475 resistance.
- Many altcoins like IOST and pundi x registered solid gains recently.
Bitcoin price chart:
Bitcoin price extended gains once it settled above the USD 8,000 resistance. BTC/USD traded above the USD 8,250 resistance and even broke the USD 8,400 hurdle. It traded near USD 8,490 and is currently correcting lower. More importantly, there was an upward move in most major altcoins like ethereum, ripple, BCH, litecoin, IOTA and EOS.
Bitcoin price remained in a bullish trend and broke the USD 8,400 barrier. BTC/USD is currently correcting lower (UTC 08:30 AM), but dips remain well supported on the downside. An initial support is at USD 8,250, below which, the price could test the USD 8,100 level.
On the upside, it won’t be easy for buyers to surpass the USD 8,480 - USD 8,500 resistance area. Above this, the price will most likely start a fresh rally toward the USD 9,000 level.
Ethereum price finally gained buyers and recovered above the USD 475 resistance. ETH/USD traded above the USD 485 level before retreating to USD 475.
The pair is showing a few positive signs, but it must gain strength to retain upsides above the USD 480 and USD 500 resistance levels. Supports on the downside are at USD 470 and USD 460.
Bitcoin Cash and Ripple
Bitcoin cash price extended gains above the USD 850 level. It traded towards the USD 875 level before retreating back to USD 850. An initial support on the downside is at USD 840, followed by USD 830. On the upside, a break above the USD 860 level could push the price towards USD 880 and USD 900.
Ripple price is showing a few signs of life above the USD 0.450 level. However, XRP/USD seems to be struggling to move past the USD 0.470 resistance, which is a major barrier for more gains.
Other Altcoins Market Today
Many small cap altcoins rallied recently like IOST, pundi x, zencash, polymath, ardor, ELF, LOOM and binance coin. Out of these, IOST and pundi x gained 34% and 20% respectively.
To sum up, upsides in bitcoin were impressive, but technical indicators are signaling a short-term downward correction. However, dips remain attractive to buyers near the USD 8,250 and USD 8,100 levels. Once a correction phase is complete, BTC/USD will most likely resume its upside towards USD 8,500 and USD 8,800.