The largest cryptocurrency by market capitalization, Bitcoin has breached the resistance at $8,000 for the first time since May. The bullish trend is however inclined to selected coins and altcoins. Besides, the majority of the altcoins are correcting slightly higher but the trend is still bearish. Most of the top ten cryptos have engaged forward gears thereby showing considerable gains on the day.
Bitcoin (BTC) Price Analysis
Bitcoin has not only overcome the critical resistance at $8,000, it has also traded above $8,200. Moreover, the cryptocurrency appears to be virtually unstoppable and is psychologically eyeing $8,400. BTC/USD rose above the resistance in the market and broke past the key resistance that had become stubborn for a few days at $7,500.
The trading session on Monday saw Bitcoin price reclaim $7,700, although the upside was limited around $7,750. The bullish momentum today resulted in an engulfing candle breaking key barriers at $7,800, $8,000 as well as $8,200.
Bitcoin price is currently trading at $8,820 while testing the resistance at the 61.8% Fib level between the highs of 9,884.55 and $5,781.85 marginally above $8,300. However, the buyers have their eyes psychologically glued on $8,400 in the medium term.
Consequently, the trend is bearish at the time of writing, with the price reacting lower after the tremendous gains on the day. The RSI is bending downwards although still in the overbought levels. But the buyers still have buying power and could hold ground above $8,100 in the short-term.
Litecoin (LTC) price Analysis
Litecoin is among the strongest daily gainers today, although its gains have been capped at $88.00. The price is reacting lower after failing to break the resistance at the level. $88.00 is a breakout point, which is likely to open the door to upper supply zones at $90.000, $92.00 and eventually the coveted $100.00 in the long-term.
LTC/USD is changing hands at $87.1 at the time of writing, similarly, it is flirting with the 50% Fib retracement level with the last high leg of $101.3 and a low of $72.92. The 200 SMA on the 2-hour chart has been the anchor at $81.5 supporting the engulfing bullish candle that spiked during the session on Tuesday 24.
The former resistance level at $84.00 (38.2% Fib) is now working as the immediate support. The 50 SMA will halt declines above the stronger support at $81.5 (200 SMA) in case declines continue.
Bitcoin Cash (BCH) price Analysis
Bitcoin Cash is the biggest gainer among the top ten cryptocurrencies surging over 10% on the day. The crypto has, however, lost momentum short of $870 following the reaction to a double-top pattern spotted on the 2-hour chart.
On Friday last week, BCH/USD declines had it test the support at $760. The price traded higher highs and higher lows over the weekend. The gains were also limited around $820 on Monday. However, another bear reaction saw Bitcoin Cash plunge below $800, although the downside was supported by the 50% Fib level close to $780.
The bullish trend led by Bitcoin (BTC) on Tuesday smashed through key resistance zones at $800, $820, and $860. Bitcoin Cash trend is bearish, but the buyers are seeking higher consolidation. The RSI is currently ranging at 69.1% while the 50 SMA is still above the 200 SMA to show that buying power is still available. A support above $860 is good enough, but another support is highlighted at $840 as well as the other former resistance levels which will come in handy in the event of a trend reversal.