Bitcoin and Altcoins Defies Gravity, More Gains Possible
Bitcoin price declined yesterday below the USD 6,700 level after Bithumb’s hack news. However, downsides were limited and BTC/USD was able to hold a key support at USD 6,600. Similarly, most altcoins found support, started an upward move, and are currently trading in the green zone. It seems like the market ignored yesterday’s bearish reaction, which could result in further recoveries.
Bitcoin price found strong bids around the USD 6,600 support and recovered back above USD 6,700. BTC/USD is currently (GMT 9:00) trading with a positive bias near the USD 6,720 level. On the upside, resistances are seen near the USD 6,750 and USD 6,800 levels. Above this last, the price may perhaps test USD 7,000.
On the downside, there are many supports above the USD 6,600 level. Should there be a downside break below USD 6,600, the price could revisit the USD 6,400 support.
Ethereum price traded with a bullish bias above the USD 520 level. ETH/USD made another attempt to surpass the USD 545 – USD 550 barrier, but sellers had the upper hand.
The price is currently consolidating around the USD 530 level, with supports at USD 520 and USD 510. A successful close above the USD 550 level is needed for ETH buyers to gain traction in the near term.
Bitcoin Cash and Ripple
Bitcoin cash price is still consolidating below the USD 900 resistance zone. It seems like the BCH/USD pair may soon surpass the stated resistance and spike towards the USD 1,000 level. Supports on the downside are at USD 860 and USD 580.
Ripple price did not move much and remained in a range above the USD 0.5300 level. XRP/USD buyers are waiting for a catalyst to push the price above the USD 0.55 resistance. Supports are at USD 0.525 and USD 0.520.
Other Altcoins Market Today
Many small cap altcoins staged a recovery and climbed higher. There were many coins with bullish moves, including Enigma, BAT, ETC, THETA, Nano, Ark, VERI and ReddCoin.
Overall, the market sentiment is stable with a few positive signs. Having said that, bitcoin price must break the USD 6,800 barrier soon, if not, there is a risk of a downside reaction during the coming sessions.