Bulls Push Bitcoin and Altcoins into Autumn
The past three days were very positive since bitcoin price was able to gain traction above the USD 6,800 resistance. BTC/USD even settled above the USD 7,000 barrier and it recently traded close to the USD 7,350 resistance. Major altcoins also performed well, especially bitcoin cash, as it broke the USD 580 and USD 600 resistance levels. Overall, the current price action suggests that bitcoin is back in a bullish trend.
Total market capitalization:
Bitcoin price gained momentum above the USD 7,000 level and it recently traded above the USD 7,300 level. BTC/USD traded close to the USD 7,350 resistance and later started consolidating gains above USD 7,200.
The price is currently (UTC 08:30 AM) trading flat near the USD 7,250 level with an immediate resistance at USD 7.290, above which bitcoin buyers could make an attempt to surpass the USD 7,350 resistance. The next weekly hurdles are aligned near the USD 7,500 and USD 7,600 levels. Weekly supports are USD 7,000 and USD 6,800 (the previous resistance).
Ethereum buyers succeeded in defending more losses below the USD 270 and USD 275 supports. ETH/USD climbed higher and broke the USD 280 and USD 296 resistance levels.
The price also spiked above USD 300 and it is currently down near 3% to USD 290. On the downside, weekly important supports are at USD 280 and USD 270. On the upside, a close above USD 300 and USD 308 is needed for further gains.
Bitcoin cash and ripple
Bitcoin cash price was one of the best performers as it climbed more than 20% and broke the USD 580 and USD 600 resistances. BCH/USD even traded above the USD 650 resistance before retreating back to USD 620. It is currently down 3% to USD 630 with key supports near USD 600 and USD 580.
Ripple price moved slowly and it is currently trading above the USD 0.330 support. On the upside, XRP/USD is facing crucial resistances near the USD 0.350 and USD 0.355 levels.
Other altcoins market today
Many small cap altcoins gained traction this past week and they are currently consolidating gains. Some altcoins to watch out in the coming sessions are holo, ETC, XIN, BNB, XMR, EOS and BCD.
Overall, bitcoin is back with bullish moves above USD 7,000. Should buyers remain in action, there are high possibilities of more gains towards USD 7,500 level. Similarly, ethereum and bitcoin cash may slowly continue to rise if BTC/USD gains traction.
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