Bitcoin and Altcoins Consolidate Above Key Uptrend Supports
Bitcoin price is consolidating this week’s rally above the USD 10,800 support. Ethereum is holding the USD 310 support zone, while XRP is extending its rise above USD 0.242. AVA gained over 20%, AMPL crashed by 50%.
Bitcoin price remained below the USD 11,250 and USD 11,400 resistance levels. BTC is currently (08:30 UTC) correcting lower and it is struggling to stay above USD 11,000. It seems like the price might continue to move down and it could even retest the USD 10,550 support zone.
Similarly, most major altcoins are losing bullish momentum, including ethereum, litecoin, bitcoin cash, BNB, EOS, TRX, XLM, and ADA. ETH/USD is trading below USD 325, but it is holding the USD 310 support. On the other hand, XRP/USD is resuming its upside and it is currently trading above USD 0.242.
Total market capitalization
After another failed attempt to clear USD 11,250, bitcoin price started a downside correction. BTC traded below the USD 11,050 level and it is now trading below USD 11,000. An initial support is near the USD 10,800 level. The main uptrend support is near the USD 10,550 and USD 10,500 levels, below which the price might turn negative in the short term.
On the upside, the price could face a short-term resistance near USD 11,050. The major hurdle is still near USD 11,250, above which the price might start a fresh rally.
Ethereum price is struggling to climb back above the USD 325 resistance. On the downside, there are many supports, starting with USD 315. The first major support is near the USD 310 level, below which the price might retest USD 300.
To start a fresh rally, the bulls need to gain strength above USD 325. In this case, the price may perhaps rise towards the USD 335 and USD 340 levels.
Bitcoin cash, ADA and XRP price
Bitcoin cash price spiked towards the USD 300 resistance area before correcting lower. BCH is down around 2% and it is approaching the USD 280 support. If there are more losses, the bears might test the USD 265 support. On the upside, the bulls are facing many barriers near USD 288 and USD 295.
ADA is consolidating below the USD 0.140 and USD 0.142 resistance levels. The main resistance is still near USD 0.145, above which the price might revisit the USD 0.150 and USD 0.155 levels. Conversely, there is a risk of a bearish wave towards the USD 0.130 support zone in the coming sessions.
XRP price is outperforming most major altcoins and it is currently up over 2%. The price is now trading above the USD 0.242 level and it could continue to rise towards USD 0.245. The key breakout zone is forming near USD 0.250. On the downside, the previous hurdles near USD 0.240 and USD 0.238 are important supports.
Other altcoins market today
In the past three sessions, a few small altcoins gained over 5%, including AVA, LEND, RUNE, DGTX, SNX, MKR, and MIOTA. Conversely, AMPL nosedived around 50% and KAVA is down around 10%.
Overall, bitcoin price is consolidating above the USD 10,800 and USD 10,550 support levels. There could be more range moves in BTC before it makes the next major move either above USD 11,250 or towards USD 10,000 in the near future.