Bitcoin Inches Closer to USD 10,000 Mark, Altcoins Move Up
Bitcoin price is approaching the USD 10,000 resistance level. Ethereum and ripple gained momentum and moved towards USD 800 and USD 0.90 respectively. Loom, Decred, ETN, Nano and Augur posted decent gains.
Bitcoin and other major cryptocurrencies traded higher during the past few sessions and registered solid gains. BTC/USD cleared a major resistance at USD 9,500 to move further in the bullish zone. Similarly, Ethereum cleared the USD 780 - USD 800 barrier to register more than 10% gains. Overall, the current technical structure is bullish, which could result in more upsides in bitcoin and altcoins.
Bitcoin price is rising steadily and is up around 6.4% to USD 9,820 (~GMT 9:00 AM). BTC/USD settled above a major resistance at USD 9,500, opening the doors for a test of USD 10,000. Should buyers succeed in clearing the USD 10,000 hurdle, the price could accelerate gains in the near term. The next resistance is close to the USD 10,800 level.
If there is a correction from the current or higher levels, the previous resistance at USD 9,500 is likely to act as a support. Below the stated USD 9,500, the next major support is at USD 9,200.
Ethereum gained more than 10% today and is currently flirting with the USD 800 resistance. A successful close above the stated resistance may perhaps call for further upsides towards the USD 840 level.
On the downside, there are many support for ETH/USD, starting with USD 780 and up to USD 750. The pair remains well supported on dips and it seems like buyers are in control above USD 780.
Bitcoin Cash and Ripple
Bitcoin cash is struggling to catch up and is currently up around 2.8% to USD 1,520. BCH/USD broke the USD 1,500 resistance, which is a positive sign. However, the price has to gain momentum to continue towards USD 1,540. On the downside, the USD 1,500 and USD 1,480 are support levels.
Ripple traded higher and broke the USD 0.90 resistance. XRP/USD is now back in a bullish zone and it could continue to rise towards the USD 1.00 level during the following sessions.
Other Altcoins Market Today
Many small cap altcoins traded higher today, including Loom, Decred, ETN, Nano, KCS, Komodo and Augur.
The current market sentiment is bullish for bitcoin and altcoins. If BTC succeeds in clearing the USD 10,000 hurdle today, there could be heavy gains in the crypto market.