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Bitcoin and Altcoins Hesitate, But Further Gains Seem Likely

  • Bitcoin price is trading close to the USD 12,000 resistance zone.
  • Ethereum is holding the USD 420 support, XRP is stuck near the USD 0.300 pivot.
  • OMG rallied 50% and OCEAN is up over 30% today.

In the past few sessions, bitcoin price mostly traded in a range above the USD 11,650 support. Currently (08:30 UTC), BTC seems to be facing a strong resistance near the USD 12,000 level. A successful close above USD 12,000 may perhaps start a steady rise towards USD 12,400 or even USD 12,500.

Similarly, most major altcoins are setting up for the next break, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, ADA, and XLM. TRX is already up over 10% and it seems like bulls are aiming a test of the USD 0.0300 level. ETH/USD corrected lower recently, but it is holding the USD 420 support. XRP/USD is trading in a positive zone near USD 0.300 and it might continue to rise towards USD 0.312.

Total market capitalization

total crypto market capitalization
Source: www.tradingview.com

Bitcoin price

After a short-term downside correction, bitcoin price climbed back above USD 11,500 and USD 11,650. BTC even broke the USD 11,800 level, but it seems to be struggling near the main USD 12,000 weekly resistance. If there is a clear break above USD 12,000, the price might surge towards the USD 12,400 and USD 12,500.

If there is another downside correction, the previous resistance near USD 11,650 might act as a strong support. The main weekly support is now forming near the USD 11,550 level, below which the price might turn negative in the short-term.

Ethereum price

Ethereum price corrected from well above the USD 435 level. ETH declined below USD 425, but it remained well bid above the USD 420 level. It is currently trading in a range, with an immediate resistance near USD 430. The main weekly resistance is near the USD 435 level.

On the downside, there is a decent support near USD 420. Any further losses may perhaps lead the price towards the USD 400 level.

Bitcoin cash price is trading above the USD 300 and USD 305 support levels. BCH is currently facing a major hurdle near the USD 320 level, above which the bulls are likely to aim a test of the USD 345 and USD 350 levels. Conversely, a close below the USD 300 support could lead the price towards USD 285.

Chainlink (LINK) surged towards the USD 20.00 level and traded to a new all-time high. It is currently consolidating near USD 18.80, with supports near USD 18.50 and USD 18.20. On the upside, the USD 20.00 level is a key breakout zone for the next surge.

XRP price is slowly rising and it is flirting with the USD 0.300 pivot level. The first major resistance is near USD 0.305 and USD 0.306. A clear break above USD 0.306 could lead the price towards USD 0.312 and USD 0.315. The main support seems to be forming near the USD 0.292 level.

Other altcoins market today

In the past three sessions, many small-cap altcoins surged more than 12%, including OMG, OCEAN, WAVES, REN, BAT, ZRX, LEND, TRX, RSR, QTUM, and BTT. Out of these, OMG jumped 50% and it cleared the USD 3.000 resistance.

To sum up, the bitcoin price is trading nicely above the USD 11,550 and USD 11,650 support levels. If BTC surpasses the USD 12,000 barrier, it could start a fresh rally. If not, the price could correct lower towards the USD 11,550 level.

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Bitcoin and Altcoins Hesitate, But Further Gains Seem Likely 101

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