BTC/USD has broken above $11,000 and has been moving towards the next important barrier of $12,000 on Monday. The first digital asset has gained over 10% in recent 24 hours, while its market share increased to 68.0% for the first time since the beginning of April 2017. While the coin is overbought on the intraday charts, there are no signals of reversal as of yet.
Bitcoin confluence levels
There is not much in terms of technical barriers above the current price. The trip to the North looks like the path of least resistance. Some strong support zones below the current price imply that the potential downside correction may be limited.
Ripple hovers above $0.32 following a correction from highs around $0.3232. A formidable move propelled Ripple price from the weekend lows around $0.3094 initially stepping above the 50 Simple Moving Average (SMA) 1-hour chart. Continuing gains made above the longer-term 100 SMA further encouraging the buyers to increase their positions.
The price cleared the resistance at $0.3180 giving the bulls the momentum to successfully assault $0.3200. As mentioned, $0.33 remains unconquered but a momentum us building above $0.3200.
The weekend sessions showed love for the cryptocurrency market. The hibernating bulls made a swing to the upside recording impressive gains across the board. Bitcoin Cash did not lag as it soared to August new highs.
The hourly chart shows $300 level in the rear view as BCH scales the levels above $340. A high formed at $350 before retracement took effect. At press time, Bitcoin Cash is trading at $343 while holding onto the 2.1% gains on the day.