Bitcoin and Altcoins Buyers In The Driver’s Seat
Bitcoin price consolidated above the key USD 3,600 support level. Later, BTC/USD started a slow and steady rise above the USD 3,630 level. It seems like buyers are currently (UTC 08:10 AM) in action and they could succeed in pushing the price above the USD 3,650 and USD 3,660 resistance levels. Conversely, there were bullish moves in ethereum and ripple. ETH/USD climbed above the USD 125 level and it seems like it could test the USD 130 level. XRP/USD stayed above the USD 0.300 support and traded higher towards the USD 0.310 resistance.
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There is a strong support base formed near USD 3,600 in bitcoin price . BTC/USD is slowly moving higher and it could break the USD 3,650 resistance level. Once buyers gain momentum above USD 3,650, the price is likely to accelerate higher towards the USD 3,700 and USD 3,750 resistance levels.
If there is no upside break above the USD 3,650 level, there is a risk of a short term downside reaction. A break below the USD 3,600 support may perhaps spark bearish moves towards the USD 3,570 and USD 3,550 support levels.
Ethereum price is gaining momentum and buyers seem to be in control above the USD 124. ETH/USD spiked above USD 125 and it could make another attempt to surpass the USD 128 and USD 130 resistance levels.
On the other hand, if there is a downside correction, an initial support is near the USD 122 level, below which the price might test the key USD 120 support.
Bitcoin cash, eos and ripple price
Bitcoin cash price is up more than 2% and it is currently trading above USD 124. If BCH/USD climbs above the USD 125 resistance, there are chances of an upside break towards the USD 130 and USD 132 resistance levels. On the downside, supports are aligned near USD 122 and USD 120.
EOS is gaining strength above USD 2.90 and it is currently up more than 6%. An immediate resistance is at USD 3.00, above which there are chances of a run towards the USD 3.15 level.
Ripple price formed a decent support base near the USD 0.300 level. XRP/USD started an upside correction and traded above the USD 0.304 and USD 0.305 resistance levels. The price is currently trading near USD 0.308 and it could test the USD 0.312 resistance in the near term.
Other altcoins market today
In the past few hours, a few altcoins traded higher and posted gains between 7%-20%, including MOAC, ARK, NANO, XIN, QNT, ZEC, MKR and KMD. Out of these, MOAC rallied around 20% and ARK is up around 11%.
The current price action is positive and it seems like bitcoin price might clear the USD 3,650 hurdle sooner or later. Once there is a proper break above USD 3,650, BTC/USD could gain strength, which will most likely spark more upsides in ethereum, ripple, eos, litecoin, bitcoin cash and other altcoins in the near term.
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