Bitcoin and Altcoins Correcting Gains But Holding Key Supports
Bitcoin price is trading above the USD 13,000 and USD 12,750 support levels. Ethereum is consolidating gains above USD 400, XRP is struggling to gain pace. FIL and QNT outperformed with gains over 5%.
Recently, there was an upside extension in bitcoin price above the USD 13,200 level. BTC traded to a new multi-week high near USD 13,350 before it started a downside correction. The price remained well supported above USD 12,750 and it is currently (05:00 UTC) trading above USD 13,000.
Similarly, there was a minor downside correction in most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD corrected lower from the USD 420 high, but it is holding the USD 400 support. On the other hand, it seems like XRP/USD is facing a heavy resistance near the USD 0.260 and USD 0.262 levels.
Total market capitalization
After a short-term downside correction, bitcoin price found support just above USD 12,800. BTC started a fresh increase and climbed back above USD 13,000. An initial resistance on the upside is near the USD 13,200 level. The first major resistance is near the USD 13,350, above which the bulls might aim for a break above the USD 13,500 level.
On the downside, an initial support is near the USD 13,000 level. The main weekly support seems to be forming near the USD 12,750 level.
Ethereum price started a downside correction from the USD 420 resistance. ETH/USD is currently trading with a positive bias above the USD 400 and USD 405 levels. An immediate resistance is near the USD 412 level, but the main resistance for upside continuation is near the USD 420 level.
If there is another downside correction, the USD 400 support holds the key. A clear break below USD 400 could push the price towards the USD 385 weekly support zone.
Bitcoin cash, chainlink and XRP price
Bitcoin cash price climbed higher above the USD 270 and USD 275 levels, but it failed to test the USD 280 resistance. BCH is currently consolidating near the USD 270 level and it might correct a few points. The first major support is near the USD 265 level, below which the USD 260 zone could provide a strong support.
Chainlink (LINK) rallied above the USD 11.00 and USD 12.00 levels. It traded to a new monthly high at USD 12.95 before starting a downside correction. The price is now trading near USD 12.35, with a strong support near USD 12.20 and USD 12.00. On the upside, the bulls might struggle to clear USD 13.00.
XRP price corrected lower, but it remained well bid above the USD 0.250 and USD 0.252 levels. The price is now rising and trading above USD 0.255. However, the bulls need to gain strength above the weekly hurdles at USD 0.260 and USD 0.262 to start another major increase.
Other altcoins market today
In the past few hours, many altcoins gained over 5%, including FIL, QNT, NEAR, RSR, HEDG, DOGE, EGLD, XMR, BAL, BSV, and AR. Conversely, ABBC, EWT, OCEAN, UMA, ATOM, and AMLP are down over 5%.
Overall, bitcoin price is showing a lot of positive signs above USD 12,750 and USD 13,000. There could be more range moves in BTC, but there are high chances of an upside break above USD 13,200 and USD 13,350 in the near term.