Bitcoin and Ripple Could Resume Bullish Moves
After forming a decent support near the USD 6,300 level, bitcoin price traded higher. BTC/USD broke the USD 6,350 level and traded close to the USD 6,450 resistance recently. Similarly, ethereum price traded close to the USD 204 level and it is currently consolidating. Ripple remained in a bullish zone and traded above the USD 0.455 level. It seems the market sentiment is slowly improving (UTC 08:30 AM) and sellers are exhausted. Therefore, if buyers gain momentum, there could be more bullish moves in bitcoin above USD 6,450 and 6,500 in the coming sessions.
Total market capitalization
There were positive moves in bitcoin price above the USD 6,350 level recently. BTC/USD traded above the USD 6,400 resistance to enter a bullish zone. However, the price failed to clear the USD 6,450 level and later it started a downside correction.
The price is currently consolidating near the USD 6,450 level and it seems like it could climb higher once again. If it corrects further lower, buyers might appear near the USD 6,390 and USD 6,350 levels. On the upside, a break above the USD 6,450 resistance could push the price towards the USD 6,500 hurdle.
Ethereum price also moved higher and broke the USD 197 and USD 199 resistances. ETH/USD also spiked towards the USD 204 level before retreating back to USD 200.
The price is currently testing the USD 200 level, below which it could test the USD 198 level. If there are further declines, sellers are likely to take control for a push towards the USD 190 level in the near term.
Bitcoin cash and ripple price
Bitcoin cash price is slowly moving higher, but it is still struggling to clear the USD 430 resistance. BCH/USD may gain traction if there is a break above the USD 430 and USD 440 resistance levels. The main supports on the downside are USD 420 and USD 410.
Ripple price remained in a bullish zone and moved above the USD 0.455 resistance. XRP/USD traded close to the USD 0.460 level and it is currently consolidating gains. If there is a break above the USD 0.460 resistance, the price may climb towards USD 0.475.
Other altcoins market today
A few small cap coins traded higher today and gained between 5%-12%, including RVN, BAT, ZRX, WAX, SRAT and CNX. Out of these, RVN gained around 10% and BAT is up roughly 7%.
Overall, bitcoin is slowly recovering and if there is a strong move above the USD 6,450 resistance, buyers are likely to take control. On the other hand, if BTC/USD fails to stay above USD 6,400, it could decline back towards USD 6,300. Major altcoins like ethereum and ripple are also trading with a bullish angle and they might trade steadily higher.
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