Market Weekly Outlook: BTC Primed for Gains, Altcoins' Share Grows
- Bitcoin price traded in a positive zone above USD 8,500 and it may continue to rise during the coming days.
- Ethereum and bitcoin cash could accelerate higher towards USD 750 and USD 1,500 respectively.
- Altcoins increased their market share the most and
This past week, there was a downside correction in bitcoin and other major cryptocurrencies. However, losses were limited and prices recovered from important support levels. More importantly, small cap altcoins extended gains and increased their market share. Overall, it seems like the crypto market is positioned nicely for more gains during the coming days.
Bitcoin price started a downside correction from well above USD 9,500 and traded below USD 9,000. However, the USD 8,600 support zone acted as a strong barrier for sellers. BTC/USD bounced back and closed the week above USD 9,000.
It is currently trading near USD 9,200 and is positioned nicely in a positive zone with weekly supports at USD 9,000 and USD 8,600. Only a break and close below USD 8,600 could increase bearish pressures in the near term.
On the flip side, the price is facing a major resistance at USD 9,500. A push above the stated USD 9,500 may perhaps clear the path for a test of USD 10,000.
Ethereum gained traction recently and its price increased steadily towards the USD 700 level. However, ETH/USD seems to be struggling to move past the USD 700 resistance. Above USD 700, the price may jump towards the USD 750 level.
On the downside, weekly supports are at USD 660 and USD 640. Should there be a break below USD 640, the price could retest the USD 600 zone.
Bitcoin Cash and Ripple
Bitcoin cash is currently consolidating below the USD 1,400 level. BCH/USD must clear a strong sell zone near USD 1,400 - USD 1,420 to start yet another upside wave towards USD 1,500. Support are at USD 1,320 and USD 1,250.
Ripple is holding gains above the USD 0.80 level. XRP/USD must extend gains above the USD 0.85 level to accelerate towards the USD 1.00 level.
Other Altcoins Market TodayMost small cap altcoins traded with a bullish angle this past week, and they will most likely extend gains this week. A few coins to watch out are Neo, Enigma, Nano, Bytom, Qtum, ReddCoin, Tron and VeChain.
Overall, the current market sentiment is bullish and if bitcoin price breaks the USD 9,500 barrier, there could be further upsides.