Bitcoin and Altcoins Preparing For Next Breakout
Bitcoin price is consolidating above the USD 11,200 and USD 11,250 support levels. Ethereum settled below USD 380 and tested USD 370, XRP extended its decline. ABBC outperformed with a 50% move above the USD 0.70 resistance.
Bitcoin price mostly remained in a tiny range below the USD 11,500 and USD 11,550 resistance levels. BTC seems to be consolidating above the USD 11,250 support and it seems to be preparing for the next move. The price is currently (13:00 UTC) trading well above USD 11,250 and it must clear USD 11,550 for a steady increase.
Conversely, there was a downside extension in most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, and ADA. ETH/USD traded below the USD 380 support and it tested the USD 370 level. XRP/USD extended its decline below USD 0.248 and it even spiked below the main USD 0.245 support. Bitcoin cash price is still trading in a positive zone and testing the USD 260 resistance.
Total market capitalization
In the past two sessions, bitcoin price mostly traded in a range above the USD 11,250 and USD 11,200 support levels. BTC is moving higher towards USD 11,400, but it might face a strong resistance near the USD 11,500 and USD 11,550 levels.
On the downside, the 11,250 and USD 11,200 levels are important. A clear break below USD 11,200 could open the doors for a sharp decrease and an extended correction.
Ethereum price started a downside correction below USD 380 and it even extended its decline below USD 375. ETH tested the USD 370 level and it is showing a few bearish signs. The main support on the downside is forming near the USD 365 level.
On the upside, the recent range support near USD 380 might act as a resistance. A clear break above the USD 380 level might lead the price towards the USD 392 resistance.
Bitcoin cash, chainlink and XRP price
Bitcoin cash price is up 2% and it is trading near the USD 260 level. An immediate key hurdle for BCH is near USD 265, above which the price might continue to rise towards the USD 280 level. If there is a downside correction, the price might find support near the USD 250 level.
Chainlink (LINK) is moving lower and it even spiked below the USD 10.50 support level. It seems like the bears are aiming for a test of the USD 10.00 support level. An intermediate support is seen near the USD 10.20 level. To start a fresh increase, the price must gain pace above USD 10.95 and USD 11.00.
XRP price extended its decline after it settled below the USD 0.250 level. The bulls also struggled to protect the USD 0.245 support, but downsides were limited. Any further losses may perhaps lead the price towards the USD 0.242 level. If there is a fresh increase, the USD 0.250 might act as a hurdle for the bulls.
Other altcoins market today
In the past few hours, a few altcoins gained traction and are up over 5%, including ABBC, NEAR, WAVES, BTT, REN, RSR, and QNT. Conversely, UNI, DIA, AAVE, STORJ, GNT, CVT, UMA, ANT, ZRX, and BAND are down more than 5%.
To sum up, bitcoin price might be preparing for the next major move either above USD 11,550 or below USD 11,200. The current price action indicates the chances of an upside break in BTC above USD 11,550.