Bitcoin and Altcoins Poised to Gain Further
The cryptocurrency market is showing a lot of bullish signs as all major cryptos such as bitcoin, Ethereum, ripple, bitcoin cash and litecoin gained upside momentum during the past few hours.
Bitcoin was up 8.9% to USD 8,800. During the upward move, the price broke a major resistance level at USD 8,500. It has opened the doors for more gains toward the USD 9,000 level.
Above USD 9,000, BTC/USD could attempt an upside move towards the USD 10,000 level. If the price corrects lower from the current levels, the broken resistance at USD 8,500 is likely to act as a support. Below USD 8,500, the next major support is at USD 8,200.
The second largest cryptocurrency by market capitalization, Ethereum gained roughly 7.5% and moved above the USD 850 resistance. It seems like ETH/USD is likely to extend gains and it could even break the USD 900 level.
On the downside, supports are at USD 850, 820 and 800. The current bias is bullish as long as the price stays above the USD 800 support.
Bitcoin Cash and Ripple
Ripple was among the top performer in the top 4 cryptocurrencies. It moved up by around 11% and traded above the USD 1.00 resistance. XRP/USD is now trading in the positive zone above USD 1.00, with next resistances at USD 1.10 and 1.20.
Bitcoin cash was a slow mover today and traded higher by 4.2% to USD 1,290. It seems like the USD 1,290-1300 zone is acting as a major resistance. On the downside, supports are at USD 1,250 and 1,220.
Altcoins Market Today
Today’s best performing cryptocurrency was U.CASH. It surged by more than 800% to trade above USD 0.1400. The second best performer was E-coin as it gained 51% to trade near USD 35.00.
Surprisingly, there was no digital currency that declined today so far. The worst performing cryptocurrency was KIN, which traded higher by 2.16%. Overall, the market is trading with positive signs and bitcoin price may attempt an upside break above USD 9,000.