Bitcoin Consolidates While Altcoins Zoom Higher
- Bitcoin price is setting up for an ultimate finale with a breakout resistance at USD 8,300.
- Altcoins are rallying which is a good bullish signal for the current bullish trend.
- Monaco, Pundi X and BAT are best performers today so far.
The past few hours were very bullish as most altcoins rallied sharply and gained between 15-50%. This indicates that the market sentiment is bullish and there could be more upsides in the near term. On the other hand, bitcoin, ethereum and ripple consolidated in a tight range above key supports in the bullish zone. Once these major cryptocurrencies stage an upside breakout, the market could accelerate higher.
Bitcoin price is slowly gaining momentum above the USD 8,000 support. However, BTC/USD must clear a strong sell wall near the USD 8,250 - USD 8,300 zone.
A successful close above the USD 8,300 resistance may perhaps start a fresh bullish wave toward the USD 8,700 and USD 9,000 levels. The price is waiting for a catalyst for a bullish breakout.
On the downside, supports are near the USD 8,000 and USD 7,800 levels.
Ethereum is showing signs of an upside break above the USD 530 level. ETH/USD may soon extend gains above the USD 535 and 540 levels. If buyers gain momentum, the price could even break the USD 550 level.
If there is a downside correction, the USD 520 and USD 510 levels are likely to act as decent supports.
Bitcoin Cash and Ripple
Bitcoin cash once again performed really well among the top five cryptocurrencies. BCH/USD tested the USD 900 level and is currently trading 6.1% higher at USD 888. Above the USD 900 resistance, the price could make an attempt to test the USD 1,000 level.
Ripple is trading nicely above the USD 0.70 level. XRP/USD traded close to the USD 0.74 level before starting a downside correction. It seems like the price may continue to grind higher toward the USD 0.78 level in the near term.
Other Altcoins Market Today
Many small cap altcoins rallied sharply today, including Monaco, Pundi X, BAT, Mithril, WAX, Augur, ReddCoin, TenX, Bitcoin Private and SmartCash. The current market sentiment is super bullish, suggesting further gains during the upcoming sessions.
Bitcoin traders should keep a close watch on the USD 8,300 resistance for an upside break towards the USD 9,000 level.