13 Oct 2020 · 2 min read

Bitcoin and Altcoins Extended Gains

Bitcoin price climbed above USD 11,500, but struggled to test the USD 11,800 resistance. Ethereum jumped almost 5%, XRP is consolidating gains near USD 0.255. OCEAN rallied over 15% today.

Bitcoin price was able to clear the 11,500 resistance, resulting in more upsides. BTC extended its rise above the USD 11,650 level, but there was no test of the USD 11,800 resistance. The price is currently (13:00 UTC) correcting lower from USD 11,720, but it might find support above USD 11,200.

Also, there were mostly bullish moves in many major altcoins, including ethereum, XRP, litecoin, bitcoin cash, EOS, XLM, LINK, BNB, TRX, and ADA. ETH/USD surged above the USD 375 and USD 380 resistance levels. XRP/USD is showing positive signs and it is consolidating near the USD 0.255 level.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After a test of the USD 11,200 support, bitcoin price started a fresh increase. BTC was able to clear the USD 11,400 and USD 11,500 levels. BTC traded to a new weekly high above USD 11,700 before starting a downside correction. The price is now trading below USD 11,500, but there are many supports on the downside.
The first support is near the USD 11,300 level, but the main support is seemingly forming near USD 11,200. On the upside, the bulls might test the USD 11,800 resistance in the short-term.

Ethereum price

Ethereum price performed well and it surged above the USD 380 resistance. ETH gained nearly 5% and it tested the USD 395 resistance level. Ether is currently correcting gains, but the USD 380 level might act as a support.
The main support is now forming near the USD 372 and USD 370 levels. On the upside, the price might continue to face a strong selling interest near USD 392, USD 395, and USD 400.

Bitcoin cash price remained well bid above the USD 230 support level. As a result, BCH started a fresh increase above USD 235 and it settled above the USD 240 level. The next key resistance for the bulls is near the USD 250 level. Any further gains could open the doors for a larger increase towards the USD 265 level.
Chainlink (LINK) gained bullish momentum above the USD 11.00 and USD 11.20 resistance levels. The price even broke the USD 11.50 resistance and tested the USD 11.80. It is correcting gains below USD 11.50, but the USD 11.00 level might act as a strong support for the bulls.
XRP price remained well bid above the USD 0.250 support level. The price is currently trading near the USD 0.255 level, and facing hurdles near USD 0.258. The main resistance is now near USD 0.260, above which the bulls might aim for a larger increase towards the USD 0.272 level.

Other altcoins market today

In the past few hours, many altcoins gained traction and jumped over 5%, including OCEAN, CVT, AAVE, AVAX, SNX, BNB, NXM, BAND, GNT, UMA, ALGO, and ICX. Out of these, OCEAN gained 18% and traded above the USD 0.365 level.

To sum up, bitcoin price is signaling an extended upward move above USD 11,200. As long as BTC is above the USD 11,200 support level, there are chances of more upsides above the USD 11,700 and USD 11,800 levels.

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