Bitcoin and Altcoins Near Make-or-Break Levels
Bitcoin price is still struggling to gain bullish momentum above USD 19,500. Ethereum is holding the key USD 600 support, XRP is consolidating above USD 0.600. XMR, XEM, VET, and AAVE are up more than 5%.
Yesterday, bitcoin price made a failed attempt to gain strength above the USD 19,500 resistance. BTC bulls struggled to keep the momentum going, resulting in a short-term downside correction below USD 19,350. The price is currently (05:00 UTC) trading well above USD 19,000 and it seems to be preparing for the next crucial move.
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 USD 625, but it is still holding the USD 600 support. XRP/USD failed to surpass USD 0.635, but it might remain stable above USD 0.600.
Total market capitalization
There was a spike in bitcoin price above the USD 19,500 resistance level. BTC failed to extend gains and corrected below USD 19,400. An initial support on the downside is near the USD 19,200 zone. The main support is forming near the USD 19,000 level, below which there is a risk of a larger decline towards the USD 18,500 and USD 18,200 levels.
On the upside, the USD 19,500 and USD 19,520 levels are important breakout zones. A close above USD 19,520 could increase the chances of a move towards the key USD 20,000 barrier.
Ethereum price climbed above the USD 612 and USD 615 levels before it faced sellers near the USD 625 level. ETH corrected lower below the USD 612 level. However, the bulls are protecting the key USD 600 support zone.
If there is a downside break below the USD 600 support, there is a risk of a move towards the USD 580 and USD 575 levels. Conversely, the price could remain stable above USD 600 and it might start a fresh increase towards the USD 620 level.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is moving lower and it recently traded below the USD 290 support. It has opened the doors for more losses and BCH could even visit the USD 280 support level. The next key support sits near the USD 270 level. If there is a fresh increase, the bears might remain active near USD 298 and USD 300.
Litecoin (LTC) is struggling to clear the USD 90.00 and USD 91.00 resistance levels. LTC is slowly moving lower and it is trading below USD 88.50. An immediate support is at USD 86.50, below which the price might decline towards the USD 83.20 support.
XRP price failed to surpass the USD 0.635 resistance and it declined below the USD 0.620 support. The price is moving lower and it could retest the USD 0.605 level. The main breakdown support is still near the USD 0.600 level, below which the bulls might face strong selling pressure.
Other altcoins market today
In the past few hours, there was no major move in any altcoin except XEM, ZIL, XMR, VET, AAVE, BAND, and QNT, which are showing positive signs. Out of these, XEM is up over 7% and it is trading above the USD 0.220 level.
Overall, bitcoin price might be preparing for the next major move either above USD 19,500 or below USD 19,000. If BTC continues to face rejections near USD 19,500 and USD 19,800, there are chances of a sharp decline in the near term.