Bitcoin Is In Slow and Steady Uptrend
- Bitcoin price is slowly moving higher towards the USD 9,500 and USD 10,000 resistance levels.
- Bitcoin’s daily trading range is now the lowest since December 2017.
- Golem and Hshare gained more than 40% today and moved above USD 0.80 and 16 respectively.
The crypto market has recovered slowly and steady during the past five weeks. Bitcoin price broke the USD 8,000 and USD 8,500 resistance levels to settle above USD 9,000. However, volatility dipped sharply during the past few months. Per Bloomberg, Bitcoin’s daily trading range fell from USD 4,700 in December 2017 to USD 124 in April 2018. Such narrow ranges were seen during mid-2017 before BTC/USD jumped from USD 2,000 towards USD 20,000.
The current technical structure, narrow range trading, candlestick patterns on the daily chart and multiple rejection patterns from the lows indicates that bitcoin price is heading towards a major break. It could surge higher if buyers succeed in pushing the price above the USD 10,000 resistance level. Therefore, the next few weeks may perhaps play a crucial role.
Considering intraday price action, bitcoin price was successful in surpassing the USD 9,250 resistance. It has opened the doors for more gains, which means BTC/USD could accelerate higher towards USD 9,500 and USD 9,600 during the following sessions.
On the downside, supports are seen at USD 9,100, USD 9,050 and USD 9,000. Any further declines could be limited considering the current positive bias.
Ethereum once again performed well and broke the USD 700 resistance. ETH/USD traded to a new monthly high above USD 730, and it seems like the pair is likely to continue its upside move.
If there is a downside correction, the broken resistance levels at USD 700 and USD 690 are likely to act as supports in the near term.
Bitcoin Cash and Ripple
Bitcoin cash broke a crucial resistance at USD 1,400, which opened the doors for a push above USD 1,500. BCH/USD traded as high as USD 1,540 today before correcting to USD 1,480. On the downside, supports are at USD 1,450 and USD 1,400.
Ripple is trading flat near the USD 0.85 level. XRP/USD is facing a lot of hurdles on the upside, and it is struggling to move above the USD 0.90 resistance zone.
Other Altcoins Market Today
Today, two small cap altcoins, Golem and Hshare registered heavy gains. Both are trading higher by more than 40% to USD 0.80 and 16 respectively. GNT price is showing a bullish formation and it could test the USD 1.00 resistance.
A few other coins, such as Bytecoin, Fusion, Loom Network, VERI and 0x registered around 20% gains. Overall, the current market sentiment is bullish, which could lead to more upsides in bitcoin and altcoins.