Bitcoin, Ethereum and Ripple Rebound Sharply
Bitcoin found a strong support near the USD 6,000 level once again and rebounded sharply. BTC/USD traded higher and broke the key resistance at USD 6,250 to test USD 6,500. Similarly, ripple, ethereum and bitcoin cash corrected higher and moved into a short-term bullish zone. Going forward, bitcoin must break USD 6,500 and ethereum needs to settle above USD 300 to retain gains. If not, the market could trim gains and move back into a bearish zone in the coming sessions.
Total market capitalization:
Bitcoin price formed a base near the USD 6,000 level and rallied more than 6%. BTC/USD broke the USD 6,250 and USD 6,400 resistance levels to test the next barrier at USD 6,500. However, the price was rejected from the USD 6,500 zone and is currently (UTC 08:20 AM) trading near USD 6,420.
Should bitcoin buyers succeed in pushing the price above the USD 6,500 and USD 6,600 resistance levels, there could be more upsides towards USD 7,000. On the flip side, a failure may perhaps ignite bearish moves below USD 6,300.
Ethereum was rejected from the USD 250 support as it climbed more than 5% to trade above the USD 275 and USD 280 resistance levels. ETH/USD must break and settle above the USD 300 resistance to retain gains.
On the downside, supports are visible near the USD 275 and USD 268 levels, below which, the price may possibly retest the USD 250 level.
Bitcoin cash and ripple
Bitcoin cash was a slow mover, but it still managed to move past the USD 500 resistance. BCH/USD now has to clear the USD 520 and USD 540 resistance levels to gain bullish momentum in the near term.
Ripple price was one of the best performing major cryptocurrencies as it rallied more than 10% and broke the USD 0.270 and USD 0.285 resistance levels. XRP/USD buyers are now attempting to clear the next barrier at USD 0.30, above which, the price could rally to USD 0.315.
Other altcoins market today
Many small cap altcoins rallied today, including tenx, ETP, BTCP, nano, zcoin, qtum, bitcoin gold, ardor, NPXS, BAT, WAX, POWR and IOTA. Tenx and BTCP were the highest movers with 27% and 21% gains respectively.
Overall, the recent bounce in bitcoin and altcoins is a positive sign, but BTC/USD must move past the USD 6,500 resistance to keep the rally going toward USD 6,600, USD 6,800 and USD 7,000 in the near term.
Find the best price to buy/sell some of the top cryptocurrencies at the biggest crypto exchanges: