Bitcoin and Altcoins Remain Supported for More Gains
This past week, there were steady gains in bitcoin and altcoins. BTC/USD broke the key USD 8,500 and USD 8,800 resistance levels. As a result, there were further gains above USD 9,000 and USD 9,200. The price traded close to USD 9,350 and it remains well supported for more gains in the coming days. Many altcoins also gained traction, including ethereum, ripple, bitcoin cash and EOS. ETH/USD broke the USD 270 resistance and recently traded close to USD 280. Ripple price broke the key USD 0.400 and USD 0.422 resistance levels. XRP/USD is now positioned well above USD 0.422 and it could continue to rise in the near term.
Total market capitalization
There were sharp gains in bitcoin price above the key USD 8,800 resistance. BTC/USD even settled above the USD 9,000 level and it recently traded above the USD 9,300 level. It traded close to USD 9,350 and is currently (08:10 UTC) consolidating gains. An immediate support is near the USD 9,100 level, below which the next key support is at USD 9,000.
The main weekly support is near the USD 8,800 level. On the upside, an initial hurdles are USD 9,300 and USD 9,350, above which the price could test USD 9,500.
Ethereum price followed bitcoin and climbed above the key USD 265 and USD 270 resistance levels. ETH/USD even traded close to the USD 280 level and recently corrected lower. An immediate support is at USD 265, followed by USD 260.
The main weekly support on the downside is at USD 250, and on the upside, the key barrier for the bulls is at USD 280. If there is a break above USD 280, the price might test the USD 300 handle.
Bitcoin cash, eos and ripple price
Bitcoin cash price settled above the USD 400 and USD 420 levels. BCH/USD traded towards the USD 440 level and it is currently consolidating gains above the USD 425 support. The next major support is at USD 420, below which the price could test USD 400. On the upside, the key hurdles are USD 440 and USD 450.
EOS rallied after it broke the USD 6.65 and USD 6.80 resistance levels. The price even broke the USD 7.00 and USD 7.10 level to trade towards the USD 7.20 level. It is now trading above USD 7.00, with chances of more gains above USD 7.20.
Ripple price started a strong upward move above the USD 0.400 resistance level. XRP/USD broke the USD 0.422 and USD 0.430 resistance levels. It traded towards the USD 0.445 level and is currently consolidating above USD 0.422 and USD 0.426. On the upside, the main targets for the bulls could be USD 0.450 and USD 0.465.
Other altcoins market today
In the past three sessions, a few small cap altcoins gained more than 6%, including MXM, GRIN, BTM, MONA, ZIL, BAT, BCN and LRC. Out of these, MXM is up around 15% and GRIN gained nearly 14%.
To sum up, bitcoin price is currently trading in a strong uptrend above USD 9,000. There are many positive signs, suggesting more gains in BTC/USD.
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