Crypto Market Weekly Outlook: Bitcoin Targets USD 10,000
- Bitcoin price could accelerate further this week towards the USD 10,000 level.
- Bitcoin cash price is the main attraction and it will most likely grind higher.
- Altcoins rally is likely to extend and coins to watch are EOS, Neo, Tron and VeChain.
There was a decent uptrend initiated this past week as bitcoin gained traction and moved above a major resistance at USD 8,300. Other major cryptocurrencies also gained bullish momentum, but bitcoin cash outperformed ethereum, ripple, bitcoin, ADA and EOS. Other altcoins (small cap) remained in the green zone and the market sentiment is likely to improve further this week.
Bitcoin price jumped recently and moved above the USD 8,300 and USD 8,500 resistance levels. BTC/USD even spiked above USD 9,000 and traded as high as USD 9,020 before starting a downside correction.
The price is currently trading flat near the USD 8,920 level, with resistances on the upside at USD 8,980 and USD 9,000. A successful close above this could open the doors for a push towards the next major pivot level at USD 10,000.
On the downside, weekly supports are at USD 8,800, USD 8,500 and USD 8,250. A push below the USD 8,250 support may clear the path for an extended correction towards USD 7,500.
Ethereum settled above the USD 600 level. ETH/USD traded as high as USD 643 and it currently trading 3.2% higher. On the upside, an immediate resistance is at USD 650. A successful break above USD 650 may perhaps call for a test of USD 700.
On the downside, supports are at USD 600 and USD 580. A daily close below USD 580 might ignite a trend reversal in the near term.
Bitcoin Cash and Ripple
Bitcoin cash enjoyed an amazing week and traded above the USD 1,000 level. BCH/USD opened this week on a much better note and traded above USD 1,400. It is currently trading 19% higher to USD 1,391. Resistances are at USD 1,450 and USD 1,500.
Ripple is stable above the USD 0.85 level. It seems like XRP/USD is facing a strong resistance near 0.90. Therefore, once there is a close above USD 0.90, the price may reach USD 1.00.
Other Altcoins Market Today
Today, Bytom, Golem and VERI climbed by more than 20% and traded with a lot of strength. The current market sentiment is very positive, suggesting more gains in altcoins this week.
To sum up, this could be another green week. However, it would be interesting to see how bitcoin price reacts if it reaches the USD 10,000 barrier.