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Bitcoin Targets Additional Gains

  • Bitcoin price is gaining momentum above the USD 7,600 resistance.
  • Ethereum is struggling to break an important resistance near USD 465 - USD 470.
  • Holo, bitcoin diamond and augur gained heavily during the past three sessions.

This past week, there were decent gains in bitcoin. BTC/USD formed a solid support above the USD 7,200 level and remained in an uptrend. Recently, it broke a major resistance near USD 7,600 and the 100-day simple moving average, opening the doors for more gains. The next targets for buyers could be USD 8,000, USD 8,240 and USD 8,400 in the coming days. On the other hand, major altcoins like ethereum and ripple struggled to move higher and are currently trading near key resistance levels.

Bitcoin price chart:

Bitcoin Targets Additional Gains 101
Source: coinmarketcap.com

Total market capitalization (excluding Bitcoin):

Bitcoin Targets Additional Gains 102
Source: coinmarketcap.com

Bitcoin price is gaining bullish momentum and it recently spiked above the USD 7,750 level. BTC/USD is now positioned well in a bullish zone and it will most likely accelerate gains towards USD 8,000 and USD 8,400. Above this last, the next major weekly resistance is at USD 8,800.
On the other hand, if the price corrects lower, it could find support near USD 7,600 and USD 7,500. Below this last, the next key weekly support is at USD 7,200.

Ethereum declined this past week below the USD 485 and USD 470 support levels. ETH/USD even traded below the USD 450 support before stating a recovery.
However, the price is currently (UTC 08:30 AM) facing a tough resistance near USD 465 - USD 470. A break above this is required for a move towards USD 500. The next hurdle for buyers above USD 500 is at USD 515.

Bitcoin Cash and Ripple
Bitcoin cash performed better than ethereum and ripple. BCH/USD is currently trading up by more than 3% and is placed nicely above the USD 800 level. On the upside, weekly resistances are at USD 850 and 900. Supports on the downside are at USD 800, USD 785 and USD 750.
Ripple price settled below the USD 0.500 and USD 0.475 support levels. XRP/USD is currently trading in a range and is likely preparing for the next move either above USD 0.475 or below USD 0.460.

Other Altcoins Market Today
Recently, many small cap altcoins performed well, including holo, bitcoin diamond, augur, dropil, nuls, MITH, VERI, KIN and digibyte. Out of these, holo and bitcoin diamond were the best performers with 34% and 30% gains respectively.

Overall, the market sentiment improved lately and bitcoin price charts are showing many positive signs. A successful close above USD 8,000 could accelerate gains towards USD 8,400 or even 8,800 during this week.

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