Bitcoin and Altcoins Respond To Key Uptrend Support
- Bitcoin price is consolidating above the USD 16,500 support.
- Ethereum is holding the USD 500 and USD 480 support levels, XRP is trading well above USD 0.500.
- SUSHI, YFI, and XLM gained over 10%.
Bitcoin price failed to recover above the USD 17,350 and USD 17,500 resistance levels. BTC is showing a few negative signs, but it is still well above the USD 16,500 and USD 16,250 support levels. The price is currently (13:00 UTC) trading around USD 17,000 and attempting upside towards USD 17,350.
There was a minor decline in most major altcoins toward key supports, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD is trading above USD 500, but it is facing hurdles near USD 525 and USD 530. XRP/USD retested the USD 0.500 support level and bounced back above USD 0.540.
Total market capitalization
After a rejection near the USD 17,350 level, bitcoin price declined again. There was a break below the USD 17,000 level. However, the bulls were able to protect the USD 16,500 support zone. The price bounced back and it is trading near USD 17,000. On the upside, an initial resistance is at USD 17,200. The first major resistance for the bulls is near USD 17,350.
An initial support on the downside is near the USD 16,800 level. The first major support is near the USD 16,500 level, below which it could challenge the key USD 16,250 support.
Ethereum price is facing a major resistance near the USD 530 level and it might struggle to gain momentum. If ETH clears the USD 530 resistance, it could rise steadily towards the USD 550 and USD 555 resistance levels in the coming sessions.
Conversely, there is a risk of a fresh break below the USD 502 and USD 500 support levels. The main support is near the USD 480 level, below which the price could dive towards the USD 450 level.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is trading above the USD 260 support level. An immediate resistance is near the USD 270 level. To start a decent upward move, BCH must surpass the USD 275 and USD 280 resistance levels. If not, the price might continue lower below USD 250 and USD 240.
Litecoin (LTC) failed to surpass the USD 75.00 level and declined below USD 70.00. On the downside, the USD 65.00 level is acting as a strong support. The next major buy zone sits near the USD 62.00 and USD 60.00 levels. On the upside, the price must gain bullish momentum above USD 75.00 to start a strong bullish wave.
XRP price saw a few swing moves, but it remained stable above the USD 0.500 level. The price is now trading above USD 0.540 and it is facing resistance near USD 0.565. A clear break above USD 0.565 might lead XRP towards the USD 0.592 and USD 0.600 resistance levels.
Other altcoins market today
In the past few hours, a few altcoins climbed over 5%, including SUSHI, YFI, XLM, NANO, CEL, KSM, WAVES, NEXO, STX, and VET. Conversely, SC, ZEN, EWT, ZIL, EOS, BSV, and CRO are down over 5%.
To sum up, bitcoin price is consolidating in a broad range above the USD 16,500 support. BTC could continue to move in a range before the next move either above USD 17,500 or towards USD 15,800 in the next 2-3 days.