Bitcoin and Altcoins Continue to Fail Near Major Range Highs
Bitcoin price is struggling to surpass the USD 11,400 and USD 11,450 levels. Ethereum failed to clear the USD 400 resistance, XRP is back below the USD 0.300 support. RUNE rallied more than 20% and BAND is up 17% today.
Bitcoin price is holding the USD 11,000 and USD 11,050 support levels. BTC is currently (08:30 UTC) trading above USD 11,200, but it is facing many hurdles near USD 11,400 and USD 11,450. A clear break above USD 11,400, followed by a close above USD 11,500 could open the doors for more gains.
Similarly, most major altcoins are trading in a broad range below key hurdles, including ethereum, XRP, litecoin, bitcoin cash, EOS, TRX, XLM, and ADA. BNB and LINK are gaining traction and performing well. ETH/USD is still below the USD 400 resistance, above which the pair could rally again. XRP/USD is down more than 3% and it seems to be struggling to settle above USD 0.300 and USD 0.302.
Total market capitalization
In the past few days, bitcoin price remained stable above the USD 11,000 support area. BTC is currently trading near USD 11,300 and it could make another attempt to clear the USD 11,400 resistance zone. The main hurdle is still near USD 11,500, above which the price might accelerate higher towards the USD 11,800 level.
On the downside, an initial support is near the USD 11,080 and USD 11,050 levels. The main support is seemingly forming near USD 11,000 level, followed by the USD 10,800 pivot level.
Ethereum price is stuck between the USD 380 support and the USD 400 resistance. If ETH clears the USD 400 resistance, it might continue higher. The next major resistance is seen near the USD 415 level, above which the bulls might target a new multi-month high above USD 420.
Conversely, the price might decline below the USD 380 support zone. A proper close below USD 380 could lead the price toward the USD 362 and USD 360 support levels.
Bitcoin cash, ADA and XRP price
Bitcoin cash price is also stuck in a range between the USD 280 support and the USD 300 resistance. A clear break on either side could initiate the next major move. The main resistance above the USD 300 level is near the USD 320 level. On the other hand, the price could retest USD 260 if it settles below USD 280.
ADA is slowly gaining pace above the USD 0.140 resistance. It seems like the bulls are expecting a successful close above the USD 0.145 level. If they succeed, the price could continue to rise towards the USD 0.150 and USD 0.155 levels. The main supports on the downside are now near USD 0.140 and USD 0.138.
XRP price is down close to 4% and it is now trading below USD 0.300. If there are more downsides, the price could test the USD 0.295 support. The next major support is near the USD 0.292 level. On the upside, the USD 0.302 level is an immediate hurdle, followed by the USD 0.305 level.
Other altcoins market today
In the past three sessions, a few small altcoins climbed more than 5%, including BAND, KNC, VET, KAVA, OCEAN, ENJ, BNT, RVN, ALGO, SNX, LUNA, and ZRX. Conversely, SXP, FXC, REN, HEDG, and MCO are down over 5%.
To sum up, bitcoin is still trading in a positive zone above USD 11,000. However, BTC must surpass the USD 11,400 and USD 11,450 resistance levels for a sustained upward move in the coming sessions.