Bitcoin and Altcoins Facing Uphill Task, XRP Outperforms
Bitcoin price recovered above USD 10,550. Ethereum tested the USD 355 resistance, XRP rallied by 8%. ZIL is up around 10% today.
Bitcoin price found support above USD 10,350 and the bulls managed to avert a sharp decline below the USD 10,250 support. BTC started a sharp increase above USD 10,550, but it failed to surpass USD 10,800. The price is currently (08:30 UTC) trading near USD 10,700 and it might correct lower towards USD 10,550.
Besides, there was a decent upward move in most major altcoins, including ethereum, XRP, litecoin, bitcoin cash, EOS, ADA, TRX, BNB, and XLM. ETH/USD broke the USD 350 resistance, but it is facing a major hurdle near USD 355. XRP/USD outperformed BTC and ETH, with a strong move above the USD 0.245 resistance.
Total market capitalization
After finding strong bids near USD 10,350, bitcoin price started a steady increase. BTC surpassed the USD 10,550 resistance level to move into a short-term bearish zone. The first key resistance for the bulls is near the USD 10,800 level. The main weekly resistance is still near the USD 10,950 and USD 11,000 levels.
As long as bitcoin is trading below USD 10,800 and USD 11,000, there is a risk of a fresh decline. A downside break below the USD 10,550 support level might start a fresh decline towards USD 10,350 or even USD 10,250.
Ethereum price is up around 2% and it surpassed the USD 350 pivot level. However, ETH is facing an uphill task near the USD 355 level. A close above USD 355 and then a break above USD 363 is a must for upside continuation in the near term.
On the downside, the price might find bids near the USD 345 level. The main weekly support is now forming near the USD 335 level.
Bitcoin cash, chainlink and XRP price
Bitcoin cash price failed to follow other altcoins and it struggled to clear the USD 220 resistance level. The next major resistance above USD 220 is near the USD 230 level. If there is no upside break, BCH could decline towards the USD 205 and USD 200 support levels in the next 2-3 sessions.
Chainlink (LINK) recovered above the USD 9.10 and USD 9.20 levels. It is now struggling to clear the USD 9.50 resistance level. A successful close above the USD 9.50 level might increase the chances of a steady rise towards the USD 10.20 and USD 10.50 resistance levels. The main support seems to be forming near USD 8.80.
XRP price rallied 8% and it broke many important hurdles near USD 0.242 and USD 0.245. The price even spiked above the USD 0.250 resistance, but it faced a heavy resistance near USD 0.255. XRP is currently correcting lower, but the previous resistance near USD 0.245 might provide support.
Other altcoins market today
In the past three sessions, a few altcoins gained over 5%, including ZIL, PMA, STORJ, ADA, ATOM, and XEM. Conversely, SUSHI, HEDG, EGLD, UMA, UNI, EWT, and LRX are down over 5%.
Overall, bitcoin price managed to avoid a breakdown below USD 10,250. BTC is currently showing a few positive signs above USD 10,550. Having said that, the bulls still need to gain strength for a sustained push above USD 10,800 and USD 11,000.