Yesterday, there was a short-term downward correction in bitcoin and major altcoins. However, losses were limited since cryptocurrencies such as bitcoin, ethereum, ripple, bitcoin cash and litecoin held important supports levels. Later, a fresh bullish wave was initiated and the market moved back into the green zone.
Bitcoin price is currently trading flat above the USD 8,000 support level. BTC/USD seems to be facing a tough resistance near USD 8,250 – USD 8,300. A break above the USD 8,300 could push the price towards the USD 8,500 level in the near term.
On the flip side, if the price slides again, the USD 8,000 support must hold losses. A break below the stated USD 8,000 support may increase short-term bearish pressures on BTC.
In the medium term, the technical structure is now bullish with crucial supports at USD 7,600 and USD 7,500.
Ethereum also corrected lower and moved a few points below the USD 500 level. Later, ETH/USD found support, moved higher, and settled above USD 500.
The pair is currently trading 0.3% higher to USD 518, with resistances on the upside at USD 525 and USD 535. A break above the USD 535 level is required for further gains. On the downside, the USD 500 support holds a lot of importance.
Bitcoin Cash and Ripple
Bitcoin cash is performing well and is currently trading 1.2% up from today’s low. BCH/USD is about to break the USD 780 level, which will most likely open the doors for an upside acceleration above the USD 800 level. Supports on the downside are at USD 750 and USD 740.
Ripple is trading 1.9% higher to USD 0.67. XRP/USD is facing a major hurdle near the USD 0.70 level. A successful break above the stated USD 0.70 resistance could push the price towards USD 0.75.
Other Altcoins Market Today
There are many altcoins in the green zone and some coins are trading more than 50% higher. Pundi X, Dentacoin and Populous are up 84%, 71% and 56% respectively. Verge is also performing well and gained 35% to USD 0.11.
To sum up, the market is trading with a positive bias and if bitcoin gains momentum above USD 8,300, there could be further upsides in the near term.