Bitcoin surged briefly yesterday towards $8,300 after breaking key resistance at $8,000 and $8,100 as reported by FXStreet. According to the chief technician at Fundstrat, Rob Sluymer the recent performance of Bitcoin has open the way for another boost that could send the price to the levels around $9,000. Moreover, according to reports by Bloomberg, most of the altcoins whose price is correlated with Bitcoin price actions will follow in the footsteps.
Bitcoin is trading at $8,120 after correcting from the new weekly highs around $8,275. Short-term support has been established at $8,100 with the 50 SMA offering support at $8,000 while the 100 SMA at $7,919. Bitcoin needs to correct above $8,200 and clear $8,300 in order to reignite the momentum towards $9,000.
Ethereum (ETH) has hit $264 high during early Asian hours before retreating to $259 by the time of writing. The second largest cryptocurrency with the current market capitalization of $27.5 billion has gained over 4% in recent 24 hours and lost 1.2% since the beginning of Tuesday. An average daily trading volume for ETH is registered at $8.7 billion, which is higher from the long-term figures.
Looking technically, ETH/USD is now supported by $255. This barrier is created by a confluence of the middle line of 1-day Bollinger Band and SMA100 (Simple Moving Average) 4-hour. Once it is cleared, the sell-off may be extended towards $245.00 (SMA200, 4-hour) and the lower boundary of 4-hour Bollinger Band. A sustainable move below this handle will trigger more selling and push the price down to $217 (SMA50 – Simple Moving Average, daily chart) and psychological $200.00.
Ripple’s XRP, the third largest coin by market value, is changing hands at $0.4040. It has gained 2.4% on a daily basis and stayed unchanged since the beginning of the Asian trading on Thursday. The coin managed to climb above the critical $0.40 handle; however, the further upside may be limited at this stage. Ripple’s market value has settled at $17.1 billion, while the trading volumes settled at $1.2 billion.
A sustainable move above $0.40 improved the short-term technical picture for the coin. However, the next barrier comes at $0.41, created by the Asian high. A sustainable move above this handle will open up the way towards the next bullish aim of $0.4185 (SMA100 – Simple Moving Average – on 4-hour chart and 23.6% Fibo retracement located on approach.) followed by psychological $0.42