The market is bullish today, accept for a few coins like Ethereum (ETH), Bitcoin Cash (BCH) an Monero (XMR) which are making subtle lower corrections after failing to break above critical barriers. The total market capitalization is also witnessing a slight but steady growth after a drop below $210 billion this month. The market is at $228 billion at the time writing up from $218 billion recorded yesterday according to the data on CoinMarketCap. Bitcoin dominance is still more than half of the total market capitalization (at 53%).
Bitcoin (BTC) price analysis: $7,100 is Within Reach
Bitcoin has continued to surprise many in the market with its steady growth from the primary support at $5,800. Initially the US SEC decisions regarding Bitcoin exchange-traded funds (ETF) massively affected the price. However, Bitcoin seems to have grown a thick skin and is acting independent of the authority’s decisions.
Bitcoin price made little progress over the last weekend in addition to sliding slightly below $6,600. However, the price did not stay down for long as a recovery followed pulling BTC/USD back above $6,600. There was significant resistance at $6,700 but the buyers, intent on retracing higher cleared the resistance at this level. They also broke out of the month-long contracting triangle pattern resistance at $6,746.43.
This paved the way for a spike above the key resistance at $6,800. The engulfing candle pulled up above $6,900. The sellers entered during the Asian trading hours and Bitcoin dropped briefly below $6,900 but buyers were not done yet. A break above the resistance at $6,930 opened the door for another jump above $7,000 for the first since the declines at the beginning of August. Bitcoin is currently trading at $7,035 while seeking support above $7,000. The next rendezvous for the bulls is at $7,100. The trend is still very bullish, besides technical indicators are sending positive signals.
NEO Price Analysis: Ignores Double-top Pattern
Just like Bitcoin, NEO has also broken above a significant resistance zone. For at least one week the crypto was trading sideways above support at $16.00 while the upside was limited below $19.00. The weekend trading was nothing but mundane. However, this week began with NEO breaking the trendline resistance as seen on the one hour chart.
The upward movement continued during the Asian and European trading hours where NEO/USD retraced steps above $20.00 with ease. The price formed a double top pattern at $20.66. There were slight lower reactions to the pattern but the bullish trend ignored for the most part spiking above $21.00. At the moment, NEO/USD is trading at $21.3 but the focus is on $22.00 and eventually $25.00 in the medium-term. A couple of support zones exist at $20.00 and $16.00 in the event a trend reversal occurs and declines are extended.
Zcash (ZEC) Price Analysis: Uptrend Revamped
Zcash has recovered to trade at the highs recorded on August 18. Fresh declines occurred after the spike on August 18 cancelling the gains that had been made since the previous dip to $124.39 (lows) on August 14. In the past one week ZEC/USD has been trading lock-step below the trendline resistance.
Zcash buyers intensified their attack on the barriers at $132 and $136. This culminated in a breakout above the trendline resistance at $137.87. ZEC/USD revamped the uptrend above $140 and eventually traded above $150 critical level. At moment, the price is trading a double top pattern on the hourly chart. However, it is likely that the trend will ignore reaction heading towards the next resistance target at $156.00.
Further up, $160 is in sight but a support above $153 is very important. If the buyers lose the grip above $150, there is another anchor at $148. Both the 50 SMA and the 100SMA will prevent declines above the stronger support at $136.