Cryptocurrency Market Update: Bitcoin and cryptos breaking out, Bitcoin Cash consistently rising

PlanB S2FX model suggests that Bitcoin is on the verge of breaking out towards the coveted $10,000 level.
Bitcoin Cash spike tests $225 resistance ahead of possible triangle pattern breakout.
ETH/USD trading pair is at the point of no return; gains towards 0.0300 anticipated.

Cryptocurrencies could be finally waking up following an extended period of consolidation. Bitcoin, for instance, has been trading in a wide range between $9,000 and $10,000. However, the latest Bitcoin Stock-to-Flow Asset Model (A2FX) shared by PlanB shows that the price is on the verge of a breakout. The red dot on the S2F model places Bitcoin near term price above $10,000.

ETH/USD pair starts to breakout

The ETH/USD trading pair is more than often used to signal incoming rally in the cryptocurrency market. At the time of writing, the price is trying to break above the long term symmetrical triangle resistance. Such a breakout could easily place BTC/USD on a trajectory towards 0.0300. Some hurdles expected along the way include April high at 0.0260 and 0.0270.

Bitcoin Cash market update

Bitcoin Cash has been on a consistent rise since the European session started. While other cryptos are struggling with detangling from the bearish traps that have held them hostage throughout June, BCH/USD has shown that gains are possible in a generally bearish market.

At the moment, BCH is teetering at $224 following over 1% in gains on the day. An intraday high has also been traded at $225 (marking a key resistance area). Further correction towards $230 would lead to a breakout above a rising triangle as observed on the chart below.

Bitcoin price update

Bitcoin is also in the green, although slightly. Buyers have tried to take down every inch of the ground heading to $9,200, however, an intraday high has been formed at $9,190.31. BTC/USD has since adjusted to $9,170 (prevailing market value). The factors holding the bulls back include the bearish dominance, low volatility and low trading volume. However, according to the S2F model above, it is only a matter of time before Bitcoin resumes the journey towards $10,000.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.