Bitcoin and Altcoins Recover, Bulls Eyeing Upside Break
Bitcoin price is up 3% and it is attempting a crucial break above USD 11,000. Ethereum recovered 5% and broke the USD 350 resistance, XRP is gaining momentum. YFI, UNI, UMA, SUSHI, and TMTG are up over 20% today.
Bitcoin price held the key breakdown support at USD 10,550, and recently started a fresh increase. BTC broke the USD 10,700 level and it is currently (08:30 UTC) trading above the USD 10,800 resistance. To continue higher, the price must surpass the USD 10,950 and USD 11,000 resistance levels.
Similarly, most major altcoins recovered and are showing positive signs, including ethereum, XRP, litecoin, bitcoin cash, EOS, XLM, LINK, BNB, TRX, and ADA. ETH/USD gained pace above USD 345 and it even spiked above the USD 350 resistance. XRP/USD is rising and it might accelerate higher if there is a clear break above USD 0.252.
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Bitcoin price
There was a strong bullish wave from the USD 10,550 support, and bitcoin price climbed above USD 10,650 and USD 10,700. The price settled above the USD 10,800 resistance, and it may soon attempt a crucial bullish break above the main USD 10,950 and USD 11,000 resistance levels.
If the bulls succeed, the price could rally 5%-10%. Conversely, there could be a fresh bearish wave below the USD 10,800 and USD 10,700 levels. The main support on the downside is still USD 10,550.
Ethereum price
Ethereum price gained 5% and it surpassed the USD 345 and USD 350 resistance levels. However, ETH is still facing a significant resistance near USD 355. A successful close above USD 355 might open the doors for a larger increase towards USD 370 or USD 375.
If there is no upside break above USD 355, the price may perhaps retreat and decline below USD 345. The key support is forming near the USD 335 level.
Bitcoin cash, chainlink and XRP price
Bitcoin cash price jumped 5% and it surpassed the USD 230 resistance level. BCH is testing the USD 235 level and it might test the USD 240 resistance. The next key resistance for the bulls is near the USD 250 level. On the downside, the previous hurdle near USD 220 might act as a strong support.
Chainlink (LINK) seems to be forming a double bottom pattern near the USD 8.50 support. There was a sharp increase above the USD 8.80 and USD 9.00 levels. The price is now struggling to clear the USD 9.50 resistance, above which the bulls could attempt to clear the main hurdle at USD 10.00.
XRP price is up 3% and it climbed above the USD 0.245 and USD 0.248 resistance levels. The price is consolidating gains near USD 0.250 and it might struggle to clear the USD 0.252 level. A clear break above USD 0.252 could open the doors for a push above the USD 0.255 resistance in the near term.
Other altcoins market today
In the past three sessions, many altcoins climbed over 10%, including YFI, UNI, UMA, SUSHI, TMTG, SOL, SXP, AVAX, KSM, BAND, EGLD, DOT, and EWT. Out of these, YFI rallied 35% and surpassed the USD 17,000 level.
Overall, bitcoin price is showing positive signs above the USD 10,800 level. Having said that, BTC is still facing a daunting task near USD 10,950 and USD 11,000. It could either rally above USD 11,000 or restart its decline towards USD 10,550 in the coming sessions.
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