Bitcoin and Altcoins In Slow and Steady Uptrend

  • Bitcoin price remained supported above USD 6,400 with positive moves.
  • Ethereum and ripple are trading in a bullish zone and both eyeing more gains.
    • Many altcoins like cortex, VET, NPXS, nano, ONT and WTC posted more than 30% gains.
      LIONBITBitcoin started a slow and steady rise after testing the USD 6,250 support area. BTC/USD is trading with positive signs above USD 6,400 and it seems like the price could accelerate above the USD 6,500 resistance in the near term. Similarly, ethereum, ripple, bitcoin cash, litecoin and neo traded higher with bullish moves. The current market sentiment is signaling more upsides as long as bitcoin price is trading above the USD 6,250 support.

      Bitcoin
      Bitcoin price remained in an uptrend from the USD 6,000 swing low and it recently settled above USD 6,250. BTC/USD is currently up around 1% with the immediate resistance at USD 6,500 (UTC 08:20 AM). Above this, the price is likely to climb towards the USD 6,700 and USD 6,800 resistance levels.

      On the other hand, if there is a downside correction, the USD 6,250 support zone could act as a strong barrier for sellers. Below this, the price will most likely retest the USD 6,000 support area.

      TIP

      Ethereum
      Ethereum is currently up more than 3% and is trading near the USD 300 – USD 305 resistance zone. If ETH/USD settles above the stated resistance zone, it could continue to rise towards the USD 330 level.

      On the downside, an initial support is at USD 290 followed by USD 284. Below this last, the price may perhaps test the USD 260 support level.

      Bitcoin cash and ripple
      Bitcoin cash is slowly rising towards the USD 540 resistance. If BCH/USD clears the USD 540 resistance, it might accelerate above USD 550 to test the USD 565 resistance. On the downside, there are decent supports near the USD 520 and USD 505 levels.

      Ripple price surging above the USD 0.300 resistance and it is currently up more than 7%. The next resistance for XRP/USD buyers is near the USD 0.325 level, above which, the price could test USD 0.340.

      Other altcoins market today
      Many small cap altcoins rallied today by more than 20%, including cortex, VET, NPXS, nano, ONT, WTC, PPT, kin, verge, bitcoin private and AION. Out of these, cortex and VET were the best performers with 54% and 46% gains respectively.

      Overall, bitcoin is trading with many positive signs above USD 6,250. A successful close above USD 6,500 will most likely trigger more upsides in BTC/USD and altcoins in the coming sessions.



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      Author: Aayush Jindal
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