Bitcoin and Altcoins Showing Signs of Upside Continuation
- Bitcoin price spiked above the USD 11,000 resistance and it is consolidating gains.
- Ethereum is up 5% to USD 380, XRP climbed above USD 0.252.
- SNX and STX are up close to 10% and showing positive signs.
Bitcoin price is gaining momentum and it even spiked above the USD 11,000 resistance zone. BTC is currently (08:30 UTC) correcting lower, but the previous resistances near USD 10,800 and USD 10,650 might provide support in the coming sessions.
Similarly, most major altcoins stayed above key supports and recovered higher, including ethereum, XRP, litecoin, bitcoin cash, EOS, XLM, LINK, BNB, TRX, and ADA. ETH/USD is up over 5% and it tested the USD 385 level. XRP/USD overcame selling interest and it surpassed the USD 0.252 and USD 0.255 resistance levels before correcting lower.
Total market capitalization
After a close above USD 10,550, bitcoin price extended its rise above the USD 10,800 resistance levels. BTC even spiked above USD 11,000 before starting a downside correction. On the downside, the USD 10,800 level is a decent support, followed by the USD 10,650 zone.
The main support is now forming near USD 10,550, below which the price could decline sharply. On the upside, the bulls might gain strength if there is a successful close above USD 11,000.
Ethereum price performed well and it surpassed the USD 370 and USD 375 resistance levels. ETH climbed more than 5% and it tested the USD 385 level. The next major resistance on the upside is near USD 390, followed by the USD 400 handle.
On the downside, an initial support is near the USD 375 level, but the previous hurdle near USD 370 is now a major support zone.
Bitcoin cash, chainlink and XRP price
Bitcoin cash price is holding ground above the USD 230 level. BCH is trading with a positive bias, but it must gain pace above USD 235 and USD 240 to continue higher. The next key resistance is near the USD 250 level. Conversely, a downside break below USD 230 might push the price towards the USD 220 support.
Chainlink (LINK) is holding the USD 10.50 support level and it seems like the price is forming a support base for a fresh increase. An initial hurdle for the bulls is near the USD 11.50 level, above which there are real chances of a sustained upward move above the USD 12.00 resistance. Conversely, the price could decline sharply below USD 10.00.
XRP price remained well bid above the USD 0.242 support and it climbed above the USD 0.250 resistance. The price even spiked above USD 0.255 and it is currently trading near USD 0.252. If there is a fresh increase, the price might accelerate higher above the USD 0.255 resistance. On the downside, there are many supports near USD 0.248 and USD 0.245.
Other altcoins market today
In the past three sessions, a few altcoins climbed more than 4%, including SNX, STX, KSM, DGB, ABBC, HEDG, OCEAN, and LEO. Conversely, SUSHI, HYN, ZB, UMA, and LUNA are down over 8%.
To sum up, bitcoin price is showing positive signs, but a successful close above the USD 11,000 resistance is needed for a sustained upward move in BTC. If not, the price could correct lower towards the USD 10,550 support zone in the near term.