Bitcoin Gains Momentum While Altcoins Correct Lower
- Bitcoin price extended gains and traded to a new weekly high above USD 8,300.
- Ethereum corrected lower and tested USD 250, and ripple price is back below USD 0.400.
- LINK rallied close to 35% and NRG is up around 26% today.
In the past three days, there was a steady rise in bitcoin price above the USD 8,000 and USD 8,100 resistance levels. BTC/USD gained bullish momentum above USD 8,100 and recently broke the USD 8,220 resistance level. It tested the USD 8,300 level and remains in strong uptrend. Conversely, there was a pullback in altcoins such as ethereum, ripple, litecoin and EOS. ETH/USD tested the USD 250-USD 250 support area and it is currently trading near USD 255. Ripple price trimmed gains and it is now trading below the key USD 0.400 pivot level.
Total market capitalization
There were further upsides in bitcoin price above the USD 8,200 resistance level. BTC/USD even broke the USD 8,300 level to trade to a new weekly high. The price corrected lower, but it remained well bid above the USD 8,150 level. It is currently (08:00 UTC) moving higher towards USD 8,280 and USD 8,300, above which there are chances of more gains above USD 8,350.
On the downside, there is an initial support at USD 8,200, below which the price could test USD 8,150. If there are more downsides, the price might revisit USD 8,000.
Ethereum price failed to stay above the USD 260 level and recently corrected below the USD 255 support. ETH/USD tested the USD 250 support area and it is currently moving higher.
An initial resistance is near the USD 260 level, above which the bulls may attempt to push the price above the USD 262 and USD 265 resistance levels. On the downside, a break below USD 250 could spark more losses.
Bitcoin cash, eos and ripple price
Bitcoin cash price corrected lower after testing the USD 422 level. However, BCH/USD managed to stay above the USD 400 level and it is currently up around 2.5%. On the upside, an immediate hurdle is at USD 410. A clear break above USD 410 could trigger sharp gains in the coming sessions. On the downside, the main supports are USD 400 and USD 395.
EOS failed to move above USD 6.60 and corrected lower. It tested the USD 6.40 support level and it is currently consolidating. As long as EOS/USD is above USD 6.40, there are chances of a fresh increase above the USD 6.50 and USD 6.60.
Ripple price declined and broke the USD 0.402 and 0.400 support levels. XRP/USD even tested the USD 0.392 support and it is currently moving back towards the USD 0.400 level. A successful close above USD 0.400 might trigger a strong upward move.
Other altcoins market today
In the past three sessions, a few small cap altcoins moved up and gained more than 6%, including LINK, NRG, HC, BTM, NULS, QTUM, XIN and MXM. Out of these, LINK is up around 35% and NRG gained nearly 26%.
Overall, bitcoin price is gaining momentum and there are chances of more upsides above USD 8,300 in the near term. BTC/USD is likely to remain well bid, and it could even drag altcoins higher in the coming sessions.