Market Weekly Outlook: Bitcoin Basing for Next Move
Bitcoin price found support near USD 8,250 after a sharp bearish move this past week. Ethereum is struggling to hold gains above a crucial support at USD 700. Kin, Bytecoin, Nuls, Ark and Fusion are gaining bullish momentum with positive signs.
This past week, there was a strong downward move in bitcoin, ethereum, ripple, bitcoin cash, litecoin and other major cryptocurrencies. BTC/USD pair even broke the USD 9,000 support and tested the next support at USD 8,250. Later, it formed a base and is currently consolidating losses below USD 9,000. It may perhaps continue to trade in a range before it makes the next move. Altcoins also followed bitcoin and declined, but they are now trading in a positive zone.
Bitcoin price is currently (GMT 9:00 AM) trading flat near USD 8,400, with an immediate support at USD 8,320 followed by the all-important USD 8,250 support. BTC/USD recently traded higher, but it could not surpass a key resistance zone near USD 8,650 - USD 8,700.
The price may continue to trade in a range above USD 8,250 in the short term before the decisive move. There could be two scenarios – first, the price breaks the USD 8,250 support, drops below USD 8,000 and starts a fresh upside wave. Alternatively, the price could move higher and break the USD 8,650 - USD 8,700 resistance.
Weekly resistances are at USD 8,700 and USD 9,000. Supports are at USD 8,250, USD 8,000 and USD 7,500.
Ethereum followed bitcoin this past week and tumbled sharply below USD 700 and USD 650. ETH/USD traded towards the USD 625 support before finding strong bids for a recovery.
The pair recovered and is currently up 4.10% to USD 708. It must stay above the USD 700 pivot level to continue moving higher. If buyers fail to keep the price above USD 700, it could retest the USD 650 support during the coming sessions.
Bitcoin Cash and Ripple
Bitcoin cash price moved into a bearish zone below USD 1,500 this past week. BCH/USD is currently flirting with the USD 1,400 level and is down roughly 2.2%. It may rise in the short term towards USD 1,440, but a break above USD 1,500 is required for a substantial recovery this week.
Ripple is back above USD 0.70 after a major decline. XRP/USD is currently up more than 6.5% to USD 0.7240. The price is currently trading with a positive bias above USD 0.70, and it may climb further towards USD 0.80 and 0.85 during the coming days.
Other Altcoins Market Today
Today, a few small cap altcoins such as Kin, Bytecoin, Nuls, Ark and Fusion climbed higher and gained between 15-40%. The overall technical structure is positive and it seems like the crypto market could gain bullish traction if bitcoin price succeeds in trading above the USD 8,700 and USD 9,000 resistance levels this week.