Bitcoin Price Eyes Major Comeback, More Gains Possible
Bitcoin price is gaining bullish momentum and moved above the USD 8,000 resistance. Ethereum, Bitcoin cash and other major altcoins followed the bullish trend and moved higher. However, the third largest cryptocurrency, Ripple failed to capitalize and traded lower by roughly 3%.
Today’s best performer so far is bitcoin cash since it is up by around 21% and is currently trading above USD 1,200. During the upside move, BCH/USD broke an important resistance at USD 1,000 to set the pace for more gains.
The past two sessions were bullish on bitcoin as the cryptocurrency started a fresh upside move after correcting lower towards the USD 7,500 support. During the recent upside move, the price broke the USD 8,000 and 8,200 resistance levels to set the pace for more gains.
Technically, bitcoin was up more than 4% and is currently trading above USD 8,500. If it continues to move higher, it could easily move past USD 8,800. Above USD 8,900, the price will most likely break the USD 9,000 resistance.
On the downside, support sits at USD 8,000. A break below the stated USD 8,000 support may call for a new downside wave towards the USD 7,600 and USD 7,400 levels.
Ethereum posted minor gains and traded higher by 1.6% to USD 843. It seems like ETH/USD is finding hard to pierce the USD 850 and 865 resistance levels. A push above the mentioned levels may perhaps call for a test of USD 1,000.
Ripple price was down today by roughly 3% to USD 0.7600. XRP/USD has to move above USD 0.8000 to continue higher, otherwise, there is a risk of a downside reaction in the near term.
LTC/USD was down 1% to USD 150 and it seems like litecoin price is struggling to maintain upward bias.