16 Dec 2020 · 2 min read

Bitcoin and Altcoins Attempt Upside Break, XRP Dives 10%

Bitcoin price is seemingly preparing to gain momentum above USD 19,500. Ethereum is facing a major hurdle near USD 595, XRP declined towards the USD 0.435 support. XLM, AAVE, and ADA dropped, DOT and SUSHI are moving up.

In the past few sessions, bitcoin price traded in a range below the main USD 19,500 resistance level. On the downside, BTC remained well bid near the USD 19,000 level. The price is currently (05:00 UTC) rising and it could make another attempt to gain bullish momentum above USD 19,500.

Similarly, most major altcoins are approaching important hurdles, including ethereum, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD might rally if there is a clear break above USD 595 and USD 600. On the other hand, XRP/USD declined over 10% and it even traded close to the USD 0.435 support.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

There was a fresh increase in bitcoin price above the USD 19,200 resistance. BTC retested the USD 19,500 resistance zone and it is now consolidating near the USD 19,400 level. If there is a downside break below the USD 19,320 and USD 19,240 levels, the price could revisit the USD 19,000 range support.
On the upside, the bulls need to gain strength above the USD 19,500 level. A successful 4-hours close above the USD 19,500 level may perhaps ignite a sharp upward move towards USD 20,000 or even higher.

Ethereum price

Ethereum price also made another attempt to clear the USD 595 resistance, but it failed. ETH is now trading above the USD 580 support level. The next major support is near the USD 575 level. Any more losses could lead the price towards the USD 555 level.
If there is a fresh increase, the price could face hurdles near USD 595. A clear break above USD 595 and USD 600 is needed for a strong rally.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price is gaining momentum above the USD 280 resistance. BCH is up over 5% and it is rising towards the USD 290 level. The main resistance on the upside is near the USD 295 and USD 300 levels. A clear break above the USD 300 barrier could accelerate gains towards the USD 320 level.
Litecoin (LTC) is consolidating near the USD 80.00 support level. If there is a downside break below the USD 80.00 level, it could set the pace for a push towards the USD 76.50 support level. Conversely, a clear move above the USD 81.20 and USD 82.20 levels might lead the price towards the USD 85.00 level.
XRP price underperformed and it declined over 10%. The price traded below many key supports near USD 0.485 and USD 0.465. It even spiked below the USD 0.450 level and traded close to the USD 0.435 level. It is currently recovering, but the bulls could struggle near USD 0.468 and USD 0.475.

Other altcoins market today

In the past few hours, several altcoins turned bearish, including XLM, AAVE, ADA, OMG, XEM, UNI, RSR, EWT, and MKR. Conversely, DOT and SUSHI are rising and are up over 4%.

Overall, bitcoin price might make another attempt to clear the USD 19,500 barrier. If BTC succeeds, there could be a sharp upward move. If not, the price could correct lower towards USD 19,000 or even USD 18,800 in the near term.

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