Cryptocurrency Market Update: Bitcoin and its peers storming ahead
- Bitcoin holding decent gains of some 7% in the session, as the bulls regain strong momentum.
- Ethereum up over 8% with XRP running in the green by 6.5%.
The Bitcoin price is now holding chunky gains of some 7% on the day. Momentum really picked up pace following the brief consolidation at the $8000 price mark. Bulls managed to use this territory as a launchpad for further moves to the north.
A significant daily resistance barrier was noted at $8500, which so far at the time of writing is subject to a daily closure above. Ethereum is holding on to decent gains of some 9%, as the price springs off the $150 mark, which was prior acting resistance, the bulls must now firmly break down $155.
Elsewhere, XRP/USD is trading up some 6.5%, following a brief retest of the $0.2000 late last week. A decent barrier was noted at $0.2180-0.2200, which the bulls are on course for closing above via the daily view.
BTC/USD 60-minute chart
ETH/USD 60-minute chart
XRP/USD 60-minute chart
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
