20 Oct 2020 · 2 min read

Bitcoin and Altcoins Start Fresh Increase

Bitcoin price is gaining traction and it settled above the USD 11,550 resistance. Ethereum tested the USD 380 resistance, XRP is approaching USD 0.250. DASH and NANO gained more than 8% today.

Bitcoin price started a decent upward move above the USD 11,500 and USD 11,550 resistance levels. BTC was able to settle above USD 11,550 and it even spiked to test the USD 11,800 resistance. The price is currently (05:00 UTC) consolidating above USD 11,700 and it might continue to rise in the near term.

Similarly, most major altcoins started a fresh increase, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD was able to settle above USD 375 and it even tested the USD 380 resistance. XRP/USD is showing positive signs and it might accelerate higher towards USD 0.250 and USD 0.252.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After a proper close above USD 11,550, bitcoin price extended its upward move above the USD 11,750 level. BTC even spiked above USD 11,800, and it is currently consolidating gains. If there is a downside correction, the USD 11,650 level might provide support. The main support is now forming near the USD 11,550 and USD 11,500 levels.
On the upside, the USD 11,800 presents a short-term hurdle. A clear close above the USD 11,800 level might increase the chances of a push above the USD 12,000 resistance.

Ethereum price

Ethereum price settled above the USD 375 level. ETH surpassed the USD 378 resistance, but it is still struggling to clear the USD 380 resistance. If there are more gains, there are chances of a run towards the USD 388 and USD 390 levels.
On the downside, the USD 375 level is a decent support, below which the bulls could protect the USD 370 zone in the coming sessions.

Bitcoin cash price is trading above the USD 245 level and it is currently attempting an upside break above the USD 250 resistance. If there is a close above the USD 250 level, BCH might start another increase towards the USD 260 level. The next major resistance is seen near the USD 265 level. On the downside, the USD 240 level is a strong support.
Chainlink (LINK) made an attempt to rise above the USD 11.00 resistance, but it failed. The price is currently stuck near USD 10.80 and it might make another attempt. If it succeeds, there could be a sharp upward move towards USD 11.50 and USD 11.60. If not, the price might decline below the USD 10.50 support and continue lower.
XRP price is up over 3% and it is trading above the USD 0.245 level. The price is showing positive signs near USD 0.248 and it seems like the bulls are aiming for an upside break above the USD 0.250 resistance. The next immediate resistance is near USD 0.252, above which the price might test the USD 0.255 resistance.

Other altcoins market today

In the past few hours, a few altcoins climbed over 5%, including DASH, NANO, FIL, ZIL, XLM, ZB, CVT, and NEO. Conversely, ABBC, AAVE, MANA, CRO, YFI, UMA, SNX, and OCEAN are down more than 5%.

Overall, bitcoin price is gaining momentum above the USD 11,550 resistance. If BTC settles above the USD 11,800 resistance, it could rise above USD 12,000 and USD 12,200 in the near term.

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