Crypto Market Weekly Outlook: Bitcoin Gaining Momentum
- Bitcoin price found a strong support near the USD 6,400 level and recovered higher.
- Ethereum and Neo gained solid bullish momentum and gained around 10%.
- Most altcoins opened the week on a positive note and gained between 5-15%.
This past week was mostly bearish as bitcoin price declined below the USD 7,000 support. However, BTC/USD found a strong buying interest near the USD 6,500 level. Furthermore, most altcoins reached crucial support levels and moved into the oversold zone. As a result, a decent upside wave started in bitcoin and altcoins during the past few sessions.
Bitcoin price traded towards the USD 6,400 level this past week, which acted as a key support. BTC/USD consolidated for a few sessions and started this week in the green zone.
The price is currently up 2.8% and is trading above the USD 7,000 level. On the upside, the price must clear the USD 7,200 and USD 7,500 hurdles to set the pace for more upsides during the upcoming days.
On the downside, weekly supports are near USD 7,000, USD 6,500 and USD 6,400. A break below the USD 6,400 support could start a fresh bearish wave in the near term.
This past week, Ethereum traded towards the USD 350 level, which acted as a significant support. ETH/USD started a recovery and is currently trading 8.5% higher from the USD 390 low.
The pair is placed nicely above the USD 400 level, with the next resistances near the USD 440 and 450 levels. If the price corrects lower this week, it could find supports near the USD 390 and USD 365 levels.
Bitcoin Cash and Ripple
Bitcoin cash declined below USD 600 this past week and traded as low as USD 578. Later, BCH/USD gained bullish strength, moved higher, and it was successful in breaking the USD 600 resistance. The pair is currently trading 4.5% higher and it looks set for a test of the USD 700 level. On the downside, weekly supports are USD 625 and USD 600.
Ripple struggled a lot, but it finally managed to move back above the USD 0.50 level. However, XRP/USD must break the USD 0.60 resistance to continue the current positive momentum.
Other Altcoins Market Today
The crypto market is trading in the green zone today and most altcoins such as Neo, Verge, Gas, ChainLink, DigiByte, Lisk and Power Ledger registered gains between 10-15%.
The current market sentiment is positive and it seems like there could be more gains this week. More importantly, if bitcoin price breaks the USD 7,500 resistance, there may perhaps be a solid upward wave.