Bitcoin and Altcoins Consolidate Gains, Bitcoin Cash Rallies
Bitcoin consolidates gains in a range above USD 11,250. Ethereum is stuck below USD 392, XRP is eyeing an upside break above USD 0.260. ABBC is up 12% today.
Bitcoin price started a seemingly short-term pullback after trading just above the USD 11,700 level. BTC/USD tested the USD 11,300 zone and it is currently (05:00 UTC) trading above USD 11,400. However, the price must gain bullish momentum above USD 11,550 for another sustained move higher.
Similarly, there were minor dips and range moves in most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, and ADA. ETH/USD is holding the USD 380 support, but it is facing hurdles near USD 390 and USD 392. XRP/USD is consolidating above the USD 0.255 support, but struggling to clear the USD 0.260 resistance. Bitcoin cash rallied above the USD 245 and USD 250 levels.
Total market capitalization
After forming a new weekly high just above USD 11,700, bitcoin price corrected lower. BTC traded below the USD 11,550 and USD 11,500 levels, but the bulls were able to protect the key USD 11,250 support level. The price seems to be trading in a broad range above the USD 11,250 and USD 11,200 support levels.
On the upside, the price must settle above USD 11,550 to increase the chances of a fresh run towards USD 11,700. The next major resistance sits at USD 11,800, above which bitcoin test USD 12,000.
Ethereum price tested the USD 395 resistance level and corrected a few points lower. ETH is now consolidating above the USD 380 support. If there is a downside break and close below USD 380, the price could test the USD 365 support level in the near term.
On the upside, the price is facing a strong selling interest near USD 390 and USD 392 ahead of the all-important test of the USD 400 hurdle.
Bitcoin cash, chainlink and XRP price
Bitcoin cash price outperformed BTC and ETH, and it rallied over 5%. BCH broke the USD 245 and USD 250 resistance levels. It even spiked above the USD 255 level. On the upside, the next major resistance is near the USD 265 level. If there is a downside correction, the USD 245 level might provide support.
Chainlink (LINK) started a steady downside correction from the USD 11.80 resistance level. It broke the USD 11.20 support and even spiked below USD 11.00. The bulls protected the USD 10.50 support and the price recovered above USD 11.00. On the upside, the USD 11.20 and USD 11.50 levels are now key hurdles for the bulls.
XRP price is facing a strong resistance near the USD 0.259 and USD 0.260 levels. If there is a clear break above the USD 0.260 resistance, the price could rally 5%-9% in the coming sessions. Conversely, the price might start a major downside correction below the USD 0.252 support.
Other altcoins market today
In the past few hours, a few altcoins climbed over 5%, including ABBC, UNI, ZRX, QNT, HYN, and RSR. Conversely, BAND, TMTG, CVT, YFI, UMA, ENJ, and CRO are down more than 4%.
Overall, bitcoin price is consolidating above the USD 11,250 and USD 11,200 support levels. To start a fresh increase, BTC must gain strength above the USD 11,550 resistance level.