By: Aayush Jindal
Bitcoin price rocketed above key resistances like USD 6,600 and USD 6,700.
Ethereum price is climbing towards the USD 500 resistance.
TenX, POWR, LOOM and dogecoin surged higher during the past two sessions.
Bitcoin price registered healthy gains and climbed above a few important resistance levels such as USD 6,600 and USD 6,700. BTC/USD is now placed in a solid uptrend and the current price action is signaling more gains in the near term. Altcoins also followed bitcoin and traded higher between 5-30%. Ethereum performed well and it seems like ETH/USD may perhaps trade towards USD 500 in the near term.
Bitcoin
Bitcoin price started a major upward move this week and gained traction above the USD 6,500 pivot level. BTC/USD climbed more than 5% and traded towards the USD 6,750 level. The price is currently trading in a range with an immediate support at USD 6,680.
Below the USD 6,680 support, the price may well test the USD 6,600 support. On the upside, a break above the USD 6,750 high is likely to push the price towards the USD 6,850 resistance. Above this last, the price may possibly test the USD 7,000 level.
Ethereum
Ethereum price followed bitcoin’s price action and surged above the USD 450 and USD 460 resistance levels. ETH/USD even broke the USD 475 resistance and tested the USD 480 level.
The current price action indicates that ETH/USD could continue to move higher with supports at USD 465 and USD 460. On the upside, a break above the USD 480 level is likely to set the pace for a test of USD 500.
Bitcoin Cash and Ripple
Bitcoin cash price performed really well and surged by more than 10% to climb above the USD 800 resistance. BCH/USD is now placed nicely in an uptrend above USD 750 and it may trade towards USD 850 in the coming days.
Ripple price finally broke a crucial resistance at USD 0.45, opening the doors for more gains. XRP/USD is currently trading above the USD 0.475 level with an immediate resistance at USD 0.48 and USD 0.49.
Other Altcoins Market Today
Many small cap altcoins registered gains during the past few hours, including tenx, POWR, LOOM, dogecoin, LRC, decred, WAX and enigma. Out of these, tenX posted 39% gains, and POWR broke the USD 0.35 resistance to climb 23%.
Overall, bitcoin and altcoins gained significantly and if the current market sentiment remains intact, there could be more upsides. BTC/USD possibly will move above USD 6,800, ETH/USD is likely to test USD 500 and BCH may perhaps accelerate towards USD 850.