Bitcoin and Altcoins Market Update: Growing Bullish Bias
The market sentiment improved during the past few hours as bitcoin, Ethereum, litecoin, ripple and bitcoin cash rose intraday. It seems like the market completed a technical correction, which was initiated yesterday. Prices are stable and in the green zone, but upsides could be capped considering the lack of bullish momentum.
Bitcoin climbed from the USD 8,350 low and moved above the USD 8,800 resistance. It traded as high as USD 8,888 before retreating. It is currently trading 4.5% higher with a positive bias.
On the upside, the price has to settle above the USD 8,800 level to challenge the USD 9,000 resistance. It seems like the USD 8,800-9000 region is a crucial barrier for more gains in BTC/USD. Once buyers succeed in pushing the price above USD 9,000, BTC could retest USD 10,000. On the downside, supports are at USD 8,700 and 8,500.
Ethereum also followed a bullish structure and moved above the USD 850 resistance. It traded as high as USD 870 before retreating to USD 860. The current bias is positive with supports at USD 850 and 830.
A break above USD 870 could trigger a breach of the USD 900 resistance. Above USD 900, there are chances of ETH/USD testing USD 1,000.
Bitcoin Cash and Ripple
Ripple has settled above the USD 1.00 level and is currently trading 4% higher from today’s low. However, it seems like XRP/USD is struggling to gain upside momentum above USD 1.05 and 1.10.
Bitcoin cash is hovering near the USD 1,250 level. It has to move above the USD 1,280 level to trade further higher. The next major resistance is at USD 1,300 followed by USD 1,320. Supports are seen at USD 1,210 and 1,180.
Other Altcoins Market Today
Today’s best performer was ZClassic as it moved up by more than 40% to USD 168. The announcement of the Hard Fork with the snapshot date as March 2nd, 2018 has caught the market attention. Traders bought the coin aggressively, and the price may continue to rise in the short term.
Furthermore, Litecoin price also rose sharply and is currently trading higher by around 18%. There are rumors of implementation of the Lightning network, which increased buying pressure on LTC/USD.