Bitcoin Consolidates as Altcoins Extends Gains
After a convincing upside move, bitcoin, ethereum, ripple, bitcoin cash and litecoin started consolidating gains. However, many small altcoins started a decent upside move and gained between 15-30% today. Overall, it seems like the market sentiment is improving and the technical price structure is turning bullish.
Bitcoin price traded above the USD 9,000 level recently and formed a high at USD 9,177. BTC/USD could not accelerate further and started trading in a range around the USD 9,000 level.
It is currently trading flat at USD 8,980, with an immediate support at USD 8,800. Below the mentioned USD 8,800 support, the price may perhaps retest the previous resistance turned supports at USD 8,400 and USD 8,500.
On the upside, a break above the USD 9,150 and USD 9,200 is needed to complete the current consolidation phase for a move toward USD 9,500.
Ethereum is steady above the USD 550 and 560 support levels. Having said that, it seems like the ETH/USD pair is losing momentum and it remains at a risk of a downside move below USD 550.
If the pair succeeds in holding the USD 550 support, it could move up toward the USD 575 resistance. Above USD 575, the main hurdle for buyers is at USD 600.
Bitcoin Cash and Ripple
Bitcoin cash is struggling to hold the USD 1,040 support. If BCH/USD breaks the stated USD 1,040 support, there could be a downside push to USD 1,000 which is a crucial support. On the upside, the USD 1,080 and USD 1,100 levels are important resistances.
Ripple is showing a few tiny bearish signs since there was no close above the USD 0.72 level. XRP/USD must stay above a major support at USD 0.65 to avoid a fresh bearish wave.
Other Altcoins Market Today
As mentioned, there were many altcoins which gained upside momentum today such as STORM, EOS, Polymath, BNB, Request Network and ICON.
STORM was the front runner and gained by more than 45% to trade above the USD 0.03 level. UPBIT exchange listed the STORM token, which increased buying sentiment and pushed the price above USD 0.03.
Overall, the market sentiment is bullish for low-cap altcoins, but a few large cap coins such as ethereum, bitcoin cash and ripple are struggling to hold key support levels.