Bitcoin Rallies Above Key Resistance

28th September 2018

- Bitcoin price surged above the USD 6,600 and USD 6,700 resistance levels.
- Bitcoin cash, ripple and ethereum extended upward move above key resistances.
- XET and GAS rallied more than 50% today.

Bitcoin price remained elevated above the USD 6,400 support level. BTC/USD started a fresh upward move and buyers were able to push the pair above the USD 6,600 and USD 6,700 resistance levels. Similarly, there were decent gains in altcoins like neo, litecoin, QTUM, ADA, tron, ethereum, IOTA and bitcoin cash. The current market sentiment is positive and if bitcoin clears the USD 6,800 resistance, there could be more gains in the near term.

Bitcoin price formed a solid technical structure above the USD 6,400 support and started climbing towards USD 6,700. BTC/USD gained traction, broke the USD 6,700 resistance, and registered gains more than 4%.
On the upside, there is a significant resistance near the USD 6,800 level. Above this, bitcoin buyers will most likely attempt to surpass the USD 7,000 hurdle. On the downside, the previous resistances near USD 6,600 and USD 6,500 are likely to act as supports if the price corrects lower.

Ethereum price finally managed to gain strength above the USD 215 resistance. ETH/USD gained more than 8% and tested the next resistance at USD 230. Above this, the price may climb towards the USD 240 level.
If there is a downside correction, the broken resistance at USD 215 could act as a strong support for buyers in the near term.

Bitcoin cash price traded further higher above yesterday’s high and climbed above the USD 575 level. BCH/USD is currently (UTC 08:30 AM) correcting lower towards the USD 540 support. Below this, the USD 520 level could stop the downside correction. On the upside, the USD 560 and USD 575 levels are immediate hurdles for buyers.
Ripple price recovered and moved back above the USD 0.520 level. XRP/USD seems to be facing a lot of hurdles near the USD 0.540 and USD 0.550 resistances. Above these, the price could rally towards the USD 0.620 level.

Many altcoins gained traction recently, GAS, XET, ETN, BCN, GXS, PPT, ARDR, BTG, GNT, NEO, LTC and THETA. Out of these, GAS and XET rallied 68% and 53% respectively.

Overall, there are many bullish signs emerging on charts of bitcoin. If BTC/USD gains strength above USD 6,800, the price could move further into the green zone. It could also help altcoins like ethereum and ripple to climb higher in the coming sessions.

By Aayush Jindal, https://cryptonews.com/

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