Bitcoin Holds Key Supports, Altcoins Consolidate

Bitcoin price is holding a few key supports above the USD 6,250 level.
Ethereum, ripple, eos and bitcoin cash are consolidating above weekly lows.
THETA and CMT rose sharply today by 51% and 38% respectively.

Bitcoin stayed above the USD 6,250 support despite massive negative sentiment after yesterday’s US Securities and Exchange Commission (SEC) rejection news. BTC/USD declined, but it stayed above the USD 6,250 support and is currently correcting higher above the USD 6,400 level. Similarly, there was a decent support base formed for major altcoins like ethereum, ripple, EOS and bitcoin cash. If bitcoin price continues to hold the USD 6,400 and USD 6,250 supports, it could stage a solid rise in the coming days.

Bitcoin price stayed above the USD 6,250 support level and is currently (UTC 08:30 AM) rebounding. BTC/USD has already moved above the USD 6.400 resistance, which is a positive sign. Going forward, a break and close above the USD 6,600 level is likely to clear the path for more gains in the near term.

Above USD 6,600, the price may perhaps surge above the 6,800 level. On the downside, the USD 6,250 support holds a lot of significance, below which, the price might test USD 6,050.

Ethereum price tested the USD 260 level and is currently correcting higher above the USD 270 level. If ETH/USD moves above the USD 280 – USD 285 zone, there could be a solid rise towards USD 300 and USD 310.

On the downside, an initial support is near the USD 260 level, below which, the price may well test the USD 250 low in the near term.
Bitcoin cash and ripple
Bitcoin cash price is currently consolidating above the USD 520 level and it seems to be preparing for an upside move. BCH/USD has to move above the USD 540 and USD 550 resistance levels to climb further higher towards the USD 580 level. Supports are seen near USD 520 and USD 500.

Ripple price is slightly struggling and is currently trading near the USD 0.3220 level. A break above the USD 0.3350 level is needed for buyers to gain momentum above the USD 0.35 level.

Other altcoins market today
Two small cap altcoins, THETA and CMT rallied today by 51% and 38%. Moreover, other coins like BCD, EMC, nano, PIVX and AION also gained more than 10%.
Overall, the current market sentiment is positive for bitcoin above the USD 6,250 support area. If the price continues to move higher above USD 6,600, there could be solid bullish moves in BTC and altcoins in the coming days.

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Author: Aayush Jindal
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