Bitcoin and Altcoins Recover But Facing Strong Resistance
- Bitcoin price started an upside correction above USD 13,400 and USD 13,500.
- Ethereum corrected towards the USD 380 resistance, XRP could face hurdles near USD 0.240.
- TMTG and NMR gained over 5%.
After a strong decline, bitcoin price remained stable above USD 13,200. BTC started an upside correction and traded above the USD 13,500 level. The price is currently (13:00 UTC) consolidating and it might face a solid resistance near the USD 13,650 level.
Similarly, there was a minor upward move in most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD recovered above USD 375, but it struggling to gain strength above USD 380. XRP/USD is back above USD 0.235 and it could revisit the USD 0.240 resistance level.
Total market capitalization
After a sharp decline, bitcoin price started an upside correction above USD 13,400. BTC even climbed above USD 13,500, but it is facing a short-term hurdle near USD 13,550. The main resistance is near the USD 13,650, above which the price might gain strength towards the USD 13,800 and USD 14,000 levels.
If there is a fresh decline, the USD 13,350 level might act as a decent support. The main support seems to be forming near the USD 13,200 level.
Ethereum price tested the USD 372 support level and started an upside correction. ETH climbed above USD 375, but it facing a strong resistance near the USD 380 and USD 382 levels. A proper close above USD 382 is needed to start a strong increase.
On the downside, the USD 375 level is a short-term support. The key support is still near the USD 372 level, below which the price might drop towards the USD 365 level.
Bitcoin cash, chainlink and XRP price
Bitcoin cash price is attempting an upside correction and trading just above the USD 240 level. BCH could continue to rise, but it might struggle above USD 245. The first major resistance for the bulls is near the USD 250 level. If there is a fresh decline, the price might find bids near USD 235 or USD 232.
Chainlink (LINK) spiked below USD 10.20 and USD 10.00 before it started an upside correction. The price is back above USD 10.20 and it might face sellers near the USD 10.45 and USD 10.50 levels. On the downside, the USD 10.00 level is a crucial support for the bulls.
XRP price recovered above the USD 0.232 and USD 0.235 levels. The price is back above the USD 0.237 level and testing the USD 0.238 resistance. The main resistance is near USD 0.240, above which the price might move into a positive zone. If there is a fresh decline, the USD 0.235 zone could provide support.
Other altcoins market today
In the past few hours, many altcoins declined over 8%, including OCEAN, RSR, SUSHI, EWT, NXM, HT, YFI, AAVE, AVAX, COMP, CRO, and ALGO. Conversely, TMTG gained 8% and it climbed above the USD 0.0188 level.
To sum up, bitcoin price is recovering and trading above USD 13,500, However, BTC must gain strength for a push above USD 13,550 and USD 13,650 to start a steady increase in the coming sessions. If not, the price could decline towards the USD 13,200 support.