Bitcoin Continues to Gain, Altcoins Struggle to Catch Up
Bitcoin extended gains during the past three sessions and broke many important resistance levels. However, Ethereum, bitcoin cash and ripple were not able to gain strength. The overall price action is positive in the cryptocurrency market and there are possibilities of more upsides in bitcoin. Ethereum Classic was the highlight so far as it moved above the USD 40.00 level. The main driver is probably the Callisto project, which will be launched on March 5, 2018.
Bitcoin surged higher during the past two sessions and extended gains above the USD 11,000 level. BTC/USD broke the USD 11,200 and 11,400 resistance levels to gain upside momentum.
It even traded above USD 11,500 and formed a high at USD 11,650 before starting a downside correction. The pair is currently trading 5% higher from today’s low of USD 10,733. On the downside, supports are at USD 11,200 and 11,000.
On the upside, the price has to gather pace above the USD 11,500 resistance to test the next major barrier near USD 12,000.
Ethereum continues to consolidate above the USD 920 level. It seems like ETH/USD is finding it really hard to break the USD 950 resistance.
The pair may perhaps continue to trade in a range above the USD 920 level before climbing higher above the USD 950 resistance. Above USD 950, the price will most likely test the USD 1,000 level.
Bitcoin Cash and Ripple
Bitcoin cash is currently trading flat near the USD 1,500 level. BCH/USD seems to be preparing for the next move, with supports on the downside at USD 1,450 and 1,420.
On the other hand, Ripple is struggling to move higher. XRP/USD is placed above the USD 1.00 level, but the pair is not able to gain upside momentum above the USD 1.10 level, which presents a risk of a downside move.
Other Altcoins Market Today
Today’s best performer was ReddCoin, which gained roughly 29.2% to trade near USD 0.010. There was no specific reason for the recent rise and it mostly seems to be a technical move.
VeChain also started a fresh upside move today and traded above the USD 6.50 resistance. It is currently trading 19.5% higher and it may soon break the USD 7.00 resistance.