Bitcoin and Altcoins Are Cautiously Bullish
This past week, we saw how bitcoin buyers defended losses below the USD 6,250 support. Later, BTC/USD traded higher and broke the USD 6,400 and USD 6,600 resistance levels to move into a bullish zone. On the other hand, ethereum, ripple, bitcoin cash, litecoin and eos mostly traded in a tight range, but they all remained above key supports. Going forward, if bitcoin price accelerates above the USD 6,800 and USD 7,000 resistance levels, there could be a solid rise in buying sentiment for BTC and altcoins.
Total market capitalization
Bitcoin price formed a strong support near the USD 6,250 level this past week. BTC/USD climbed higher and settled above the USD 6,400 pivot level, which is a positive sign. On the upside, there is a crucial resistance near the USD 6,800 – USD 6,850 zone.
If buyers succeed in clearing the USD 6,800 resistance zone, the next weekly resistance awaits at USD 7,000. Above this, the next major hurdle is at USD 7,500. On the downside, an initial support is at USD 6,400, while the weekly support is at USD 6,250.
Ethereum price stayed above the USD 250 and USD 260 support levels. However, ETH/USD struggled to gain bullish momentum above the USD 285 and USD 290 resistance levels.
Above USD 290, the most important barrier for buyers is near the USD 300 level, above which, the price is likely to move into a bullish zone towards USD 330. On the flip side, a break below the USD 260 weekly support may perhaps trigger a bearish reaction towards USD 250 and USD 225.
Bitcoin cash and ripple
Bitcoin cash price remained above the USD 500 weekly support and is currently trading above the USD 520 support. On the upside, BCH/USD must clear the USD 540 resistance to move into a bullish zone. The next weekly resistances are USD 580 and USD 600. On the downside, a break below USD 500 could push the price towards USD 460.
Ripple price settled above the USD 0.300 support and it is currently (UTC 08:30 AM) trading above USD 0.320 support. XRP/USD might continue to move higher towards the USD 0.350 level this week as long as it is above USD 0.300.
Other altcoins market today
Many small cap altcoins surged higher today, including ICON, WAN, LOOM, IOTA, WTC, NPXS, LRC, AOA, STRAT and polymath. Out of these ICON gained around 25% and WAN climbed more than 23%.
To sum up, the current price action indicates a positive bias and it seems like bitcoin could break the USD 6,800 resistance. If buyers succeed in clearing weekly resistances, there could be more gains in BTC/USD and altcoins in the coming days.
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