Bitcoin Settles Above USD 7,000, Altcoins Consolidate Gains

Bitcoin remained in an uptrend and extended gains above the USD 7,000 barrier. BTC/USD even moved above the USD 7,100 resistance and traded close to USD 7,150. Later, the price started consolidating gains and is currently placed above USD 7,000. Similarly, there were decent gains in major altcoins like ethereum, ripple, bitcoin cash, EOS, IOTA and litecoin. The current market sentiment is stable, but prices may correct lower in the short term before a fresh upward move.LIONBIT

Bitcoin price accelerated higher and surged towards the USD 7,150 level. BTC/USD closed above the USD 7,000 level, which is a positive sign and indicating a bullish trend. If there is a downside correction, the broken resistances at USD 7,000 and USD 6,900 are likely to act as supports.

On the upside, an initial resistance is USD 7,100, above which the price is likely to trade towards USD 7,200 and USD 7,220 during the coming sessions. On the other hand, a push below the USD 6,900 support could send the price towards the USD 6,750 support.

Ethereum price moved slowly above the USD 290 resistance. However, gains in ETH/USD were limited and the pair even failed to test the USD 300 resistance.
The price is currently trading in a range above the USD 285 level, below which it might test the USD 278 support. On the upside, there are many resistances near the USD 296, USD 298 and USD 300 levels for buyers.

Bitcoin cash and ripple
Bitcoin cash price tested the USD 570 resistance before retreating back to USD 550. BCH/USD is currently holding the USD 550 support and it is likely to trade higher towards USD 560 and USD 570. On the downside, the most important support is USD 540 (the previous key resistance).

Ripple price traded above the USD 0.350 resistance and almost tested USD 0.360. XRP/USD is currently trading flat near the USD 0.343 level with key supports on the downside at USD 0.335 and USD 0.330.

Other altcoins market today
Many small cap altcoins remained in the green zone, including HOT, ETP, MAID, dash, TTU, GNT and BCN. Out of these, HOT and ETP performed well with gains around 20% and 12% respectively.

Overall, the recent rise in bitcoin price is encouraging, but it seems like BTC/USD could correct lower in the short term towards the USD 6,900 and USD 6,750 support levels. However, declines may well be limited and the price is likely to bounce back towards USD 7,150 and USD 7,220.

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Author: Aayush Jindal
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