Bitcoin and Altcoins Show Recovery Signs But Facing Roadblocks
Bitcoin price is facing a strong hurdle near USD 11,500 and USD 11,550. Ethereum could struggle near USD 395 and USD 400, XRP is showing bearish signs below USD 0.280. CELO rallied 40% and SRM gained over 20% today.
Bitcoin price is still holding the USD 11,100 and USD 11,000 support levels. BTC is currently (08:30 UTC) recovering higher, but it is facing a strong hurdle near USD 11,500 and USD 11,550. If there is no upside break above USD 11,550, the price could resume its decline.
Similarly, most major altcoins are still in a bearish zone and facing many roadblocks, including ethereum, XRP, litecoin, bitcoin cash, EOS, TRX, XLM, LINK and ADA. ETH/USD is now trading well below USD 400 and it is consolidating near USD 385. XRP/USD is trading flat near USD 0.275, with no major recovery sign.
Total market capitalization
After trading close to USD 11,100, bitcoin price started an upside correction. BTC recovered above USD 11,300, but it is facing a lot of hurdles on the upside. The first major resistance is near the USD 11,500 and USD 11,550 levels (the recent breakdown zone). If the price settles above USD 11,550, there are real chances of a strong recovery towards USD 12,000.
If there is no upside break, the price is likely to revisit the USD 11,100 and USD 11,000 levels. Any further losses may perhaps spark another bearish wave towards USD 10,500.
Ethereum price is holding the USD 380 support level and slowly moving higher. The first key resistance is near the USD 395 level. The main resistance is near USD 400, above which ETH is likely to accelerate higher.
Conversely, the price could resume its decline below USD 380 and USD 375. A bearish close below USD 375 is likely to put the bulls on the back foot in the near term.
Bitcoin cash, chainlink and XRP price
Bitcoin cash price is now trading well below USD 280. It seems like BCH might continue to move down towards the USD 265 and USD 262 levels. To start a fresh increase, the price must break the USD 285 resistance to revisit the main USD 300 resistance level.
Chainlink (LINK) is currently consolidating above the USD 15.00 support level. It seems like the bulls are facing a huge barrier near USD 16.00. A clear break above the USD 16.00 resistance may perhaps open the doors for a fresh surge. In the stated case, the price might climb further higher towards USD 16.80 and USD 17.00.
XRP price is trading in the red zone below the USD 0.280 resistance. On the downside, there are supports near USD 0.272 and USD 0.270. A downside break below the USD 0.270 support is likely to clear the path for a push towards the USD 0.260 level. On the other hand, the price must settle above USD 0.280 to increase the chances of a steady increase.
Other altcoins market today
In the past three sessions, a few small altcoins gained over 5%, including CELO, SRM, BAND, ANT, FXC, YFI, REN, SC, CKB, BAL, UMA, SOL, OCEAN, REP and MANA. Conversely, TMTG, ATOM, RSR, RUNE, KSM, AMPL, MONA and DGB are down over 5%.
To sum up, bitcoin must surpass the USD 11,500 and USD 11,550 resistance levels to start a strong recovery wave. If it continues to struggle, there is a risk of more losses below USD 11,000 in the next few sessions.