Yesterday, bitcoin gained bullish momentum and traded above the USD 6,500 resistance zone. BTC/USD even moved above the USD 6,600 level, but it failed to retain momentum above USD 6,500 and declined back to USD 6,250. Similarly, there were strong bullish moves in major altcoins like ethereum, ripple, bitcoin cash, EOS, neo and litecoin. It seems like the market sentiment improved lately, which may result in more gains in BTC and altcoins in the coming sessions.
Bitcoin price found resistance near the USD 6,640 level, resulting in a sharp pullback below USD 6,300. However, BTC/USD found support near the USD 6,250 level and is currently (UTC 08:20 AM) trading flat near the USD 6,400 level. On the upside, an initial resistance is USD 6,500, above which, the price is likely to accelerate above the USD 6,600 level.
On the downside, the USD 6,250 support holds a lot of importance. Should bitcoin sellers succeed in pushing the price below USD 6,250, the price may well move back in a bearish zone.
Ethereum gained more than 10% yesterday and traded above the USD 285 and USD 300 resistances. However, ETH/USD also was unsuccessful in retaining gains above USD 300 and declined back to USD 275.
The price is currently trading with positive moves above USD 280, and it seems like it may break the USD 300 resistance.
Other altcoins market today
Many small cap altcoins moved into the green zone, including Vechain, ONT, ETC, FUN, LISK, ELA, nano, PPT and ETP. Out of these ETC is gaining momentum above USD 14.00 and it could trade above USD 15.00 and USD 15.50 in the near term.
To sum up, the recent moves in bitcoin, ethereum, ripple and other altcoins are bullish. Going forward, if BTC/USD settles above USD 6,500 and USD 6,600, it might extend gains towards USD 7,000.
By: Aayush Jindal, https://cryptonews.com/
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