This past week, we saw a bearish reaction in bitcoin and altcoins. BTC/USD broke the USD 8,500 and USD 8,250 support levels and moved towards USD 8,000. However, downsides were limited and bitcoin price consolidated above USD 8,000 to stage a solid recovery. It bounced back and moved above the broken USD 8,250 support level. Other major cryptocurrencies followed bitcoin and gained bullish traction. Going forward, if bitcoin breaks the USD 8,700 resistance, prices may continue to move higher.
Bitcoin
Bitcoin price is currently up roughly 2.5% at USD 8,520 (GMT 9:10 AM) and is showing positive signs. On the upside, an immediate resistance is at USD 8,550. However, weekly hurdles for buyers are at USD 8,700 and USD 9,000. Above this last, BTC/USD may well zoom towards the USD 10,000 resistance.
On the downside, an initial support is at USD 8,250, which is also a pivot level. Should there be a break below USD 8,250, the price may accelerate declines towards the next weekly supports at USD 8,000 and USD 7,600.
Ethereum
Ethereum formed a strong base near USD 650 and started an upward move. ETH/USD climbed higher and moved above the USD 680 and USD 700 resistance levels, opening the doors for more upsides.
The pair is currently up 1% to USD 718 and it seems like buyers are in control. Resistances on the upside are at USD 725 and USD 738. A push above the last barrier at USD 738 will most likely call for a test of USD 800 this week.
Bitcoin Cash and RippleBitcoin cash price declined heavily this past week and almost tested the USD 1,100 level. However, buyers protected losses below USD 1,125 and the price recovered above USD 1,200. BCH/USD is up 3% today to USD 1,270, with weekly resistances at USD 1,300 and USD 1,360.
Ripple declined below the USD 0.70 support this past week, and it is currently still above the stated level. However, the current price action suggests that XRP/USD could break USD 0.70 and rise further towards the next weekly resistances at USD 0.72 and USD 0.75.
Other Altcoins Market Today
Today, TRON caught the market attention and TRX price climbed around 15% to break the USD 0.08 resistance. It seems like Tron’s mainnet launch on May 31st (GMT +8) is the main driver for the current bullish wave. If the current momentum stays intact, the price may well test the USD 0.10 level.
A few other altcoins to watch out this week are XRP, Neo, RChain, DigiByte, WTC, WAN and Loom Network. Overall, the crypto market opened in the green zone this week, and further gains depend on whether bitcoin succeeds in clearing the USD 8,700 hurdle or not.