Bitcoin and Altcoins Continue To Fail Near Major Range Highs
Bitcoin price failed to surpass USD 11,000 and corrected lower. Ethereum is consolidating above USD 350, XRP is facing strong resistance near USD 0.250. OMG, ABBC, and STORJ rallied over 10% today.
Bitcoin price recovered above USD 10,800, but it struggled to continue higher above USD 10,950 and USD 11,000. BTC corrected lower below USD 10,800, and it is currently (08:30 UTC) showing a few bearish signs. On the downside, the USD 10,550 support holds the key for the next move in the coming sessions.
Similarly, most major altcoins are stuck in a broad range and struggling to gain strength, including ethereum, XRP, litecoin, bitcoin cash, EOS, XLM, LINK, BNB, TRX, and ADA. ETH/USD climbed above USD 355, but it faced a heavy resistance near USD 370. Similarly, XRP struggled to clear the USD 0.255 range high and it is currently consolidating above USD 0.240.
Total market capitalization
Yesterday, bitcoin price climbed above the USD 10,800 resistance level. However, BTC failed to accelerate above the key USD 11,000 resistance zone. As a result, there was a bearish reaction below USD 10,800 and the price tested the USD 10,650 support. The next major support on the downside is near USD 10,550, below which the bears might take charge.
To continue higher, the price must reclaim USD 10,800, and then surpass the USD 11,000 resistance zone in the coming sessions.
Ethereum price started a downside correction after trading close to USD 370. ETH traded below the USD 360 and it is currently holding the USD 350 support level. If there is a downside break below USD 350, the price might continue to slide towards USD 335.
On the upside, the price might face hurdles near the USD 362 and USD 365 levels. The next major hurdle is near the USD 380 level.
Bitcoin cash, chainlink and XRP price
Bitcoin cash price is struggling to gain bullish momentum above USD 230 and it remained well below the USD 235 resistance. On the downside, the USD 220 support is a key zone. A clear break below USD 220 may perhaps start another drop towards the USD 205 and USD 200 support levels.
Chainlink (LINK) topped near the USD 11.00 resistance and recently started a downside correction. It traded below the USD 10.50 support and it could continue to move down towards the USD 10.20 support level. Any further losses might lead the price towards the USD 9.20 support.
XRP price spiked higher, but it failed to gain traction above the USD 0.250 resistance. The price is trading below USD 0.245 and seems to be consolidating above the USD 0.240 support. A downside break below USD 0.240 could start a sustained downward move towards USD 0.230. On the upside, the main hurdle for the bulls is still near USD 0.250.
Other altcoins market today
In the past three sessions, a few altcoins gained over 5%, including OMG, ABBC, STORJ, TMTG, AR, SC, LUNA, ENJ, QNT, LRC, MIOTA, and MANA. Out of these, OMG outperformed and rallied 20% to surpass the USD 4.25 level.
To sum up, bitcoin is showing a few bearish signs below USD 10,800. However, BTC might bounce back as long as it is above the USD 10,550 support. If not, the price might dive below the USD 10,500 and USD 10,400 support levels.