Bitcoin and Altcoins Overcome Hurdles
- Bitcoin price settled above USD 11,550 and is showing positive signs.
- Ethereum rallied 5% to USD 430, XRP is aiming an upside break above USD 0.282.
- CVT rallied more than 50% to move into the top 100 by market cap.
After a couple of failures, bitcoin managed to surpass the USD 11,500 and USD 11,550 resistance levels. BTC even climbed above USD 11,700 and it is currently (08:30 UTC) consolidating above USD 11,600. The next major resistance for the bulls could be near USD 12,000.
Similarly, most major altcoins are showing positive signs and recovering higher, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, ADA, TRX, and XLM. ETH/USD is up 5% and it recently surpassed the USD 425 resistance level. XRP is also gaining momentum, but it must break the USD 0.282 and USD 0.284 resistance levels.
Total market capitalization
After a successful break above USD 11,500, bitcoin price started a steady recovery wave. BTC surpassed the USD 11,550 and USD 11,650 levels. It even spiked above USD 11,700 and currently correcting lower. On the downside, the first major support is near the USD 11,550 level.
The main weekly support is now forming near the USD 11,150 level, below which the price might turn bearish in the near term. On the upside, the USD 11,800 level is a short-term resistance, but the main resistance for more gains is near the USD 12,000 level.
Ethereum price performed well and it gained more than 5% after a successful close above the USD 400 level. ETH even surpassed the USD 420 resistance and tested the USD 430 level. It is currently correcting lower, but the USD 418 and USD 415 levels might provide support.
The main support on the downside is near USD 400. On the upside, the bulls might push the price towards the USD 450 resistance.
Bitcoin cash, chainlink and XRP price
Bitcoin cash price is consolidating above the USD 270 level and it is facing a lot of hurdles. The first key resistance is near the USD 280 level. The weekly hurdle is near USD 285, above which it could revisit USD 300. Conversely, a bearish break below USD 265 might call for a move towards the USD 250 level.
Chainlink (LINK) broke to the upside after it cleared the USD 16.00 resistance. It traded towards USD 17.80 and currently correcting lower. The previous breakout zone near the USD 16.00 level might act as a strong support. As long as the price is above USD 16.00, it might climb higher towards USD 17.00 and USD 18.00.
XRP price is up around 2% and it is trading above the USD 0.275 level. The bulls are now facing resistance near USD 0.282 and USD 0.284. A clear break above USD 0.284 may perhaps open the doors for a push towards the USD 0.300 level. Conversely, the price might resume its decline towards USD 0.262.
Other altcoins market today
In the past three sessions, a few small-capitalization altcoins jumped more than 10%, including CVT, UMA, BZRX, FXC, RSR, ZIL, REN, and ANT. Conversely, YFI, GNT, XEM, NEO, SXP, SNT, THETA, and HEDG are down over 5%.
Overall, bitcoin is showing positive signs above the USD 11,500 support zone. However, BTC must gain bullish momentum above USD 11,800 and USD 12,000 to continue higher in the coming sessions.