28 Aug 2018 · 2 min read

Bitcoin Rally Boosts Market Sentiment

Bitcoin price climbed higher and broke the USD 6,800 and USD 6,900 resistances. Ethereum, ripple, eos and bitcoin cash also gained between 4%-6%. Dash, GBYTE and IOTA surged more than 15% today.

Bitcoin buyers finally had the upper hand as they succeeded in pushing the price above the USD 6,600 and USD 6,800 resistance levels. BTC/USD gained more than 3% and traded above the USD 6,900 level. Similarly, major altcoins like ethereum, ripple, bitcoin cash and eos also traded higher and moved into the green zone. It seems like the market sentiment improved to favor buyers and once bitcoin price breaks USD 7,000, there could be additional gains in the near term. Technically, most indicators on the 2-hour and 4-hour charts turned positive, indicating more upsides in BTC/USD and altcoins.

Total market capitalization:

Source: coinmarketcap.com

Bitcoin price gained bullish momentum after it broke the USD 6,600 resistance and surged above the USD 6,800 resistance. BTC/USD traded close to the USD 6,950 level and is currently (UTC 08:30 AM) trading in a tiny range above USD 6,850.
The current price action is super bullish and it seems like the price may perhaps continue to move higher above the recent high and USD 6,950. The next major resistance is at USD 7,000, above which the price is likely to accelerate towards the USD 7,200 level. Supports on the downside are at USD 6,800 and USD 6,750.

Ethereum price also followed bitcoin price and traded up around 4%. ETH/USD broke the USD 280 and USD 285 resistances to move into a short-term positive zone.
On the upside, the next key resistance for buyers is near the USD 300 level. If buyers succeed in clearing USD 300, the price is likely to accelerate towards USD 325 and USD 335.

Bitcoin cash and ripple
Bitcoin cash price was able to move above an important resistance at USD 540. BCH/USD is currently up around 3.6% and it is facing a strong sell zone near the USD 550 level. An hourly close above USD 550 may possibly push the price above the USD 570 level. Supports on the downside are at USD 520 and USD 500.
Ripple price performed well and climbed above the USD 0.342 level. The next resistance for XRP/USD is USD 0.350, above which the pair may break the USD 0.365 resistance.

Other altcoins market today
Many small cap altcoins rallied recently and registered gains more than 10%, including dash, GBYTE, IOTA, gas, RDD, DGB, 0x, ETP, VET, neo, bitcoin private, ZEC and monero.

To sum up, the recent rally in bitcoin above the USD 6,800 resistance has boosted the market sentiment. Going forward, if BTC/USD breaks the USD 7,000 barrier, it could really encourage buyers to push the price further higher. Technically, ripple and bitcoin cash are set to follow bitcoin more aggressively than ethereum.

Find the best price to buy/sell some of the top cryptocurrencies: