Bitcoin And Altcoins Still Capped by Key Hurdles
- Bitcoin is facing a strong resistance near USD 15,600.
- Ethereum is struggling to gain momentum above USD 450, XRP could decline below USD 0.250.
- CVC rallied 65%.
Recently, there was a downside correction below USD 15,350 and USD 15,200. BTC even tested the USD 15,000 support zone before correcting higher. The price is currently (05:30 UTC) trading above USD 15,350, but it facing a strong hurdle near USD 15,600.
Similarly, most major altcoins are struggling to gain bullish momentum, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD is trading near USD 450, and facing hurdles near USD 455 and USD 460. XRP/USD is still consolidating well below the USD 0.255 resistance.
Total market capitalization
After a short-term downside correction, bitcoin price recovered above USD 15,200 and USD 15,350. BTC is now facing a couple of key barriers near USD 15,500 and USD 15,600. A successful break and close above USD 15,600 is needed to start another strong increase. The next key resistance is near USD 15,880 and USD 16,000.
If the price fails to clear the USD 15,600 resistance, there is a risk of another decline. An initial support on the downside is near the USD 15,350 level, below which the price might revisit the USD 15,000 support.
Ethereum price showing positive signs above the USD 440 and USD 448 levels. ETH is trading above USD 450, but it seems like the bulls are struggling to gain strength. An initial hurdle is near USD 455. The main resistance is near USD 460, above which the bears might lose control.
On the downside, the USD 448 level is a short-term support. If there are more losses, the bears might aim for a test of the USD 440 support.
Bitcoin cash, chainlink and XRP price
Bitcoin cash price recovered above the USD 260 and USD 262 levels. BCH is trading close to USD 265 and it seems like there might be a test of the USD 270 level. If the bulls remain in action, there are real chances of a sustained upward move towards the USD 280 resistance zone.
Chainlink (LINK) is following a bullish path above the USD 12.00 and USD 12.20 support levels. It even settled above USD 12.80 level and it is eyeing more gains above the USD 13.00 level. The next stop for the bulls could be USD 13.60, above which the price might test the USD 14.00 resistance zone.
XRP price is still well below the USD 0.255 resistance level. The price is currently consolidating above USD 0.250. If there is a downside break below USD 0.250, the bears might take over. The next support is near USD 0.245, followed by USD 0.242. Conversely, a close above USD 0.255 is needed for a sustained upward move.
Other altcoins market today
In the past few hours, many altcoins gained over 10%, including CVC, GNT, MANA, YFI, SNT, OCEAN, BAND, REN, WAVES, ZIL, and ATOM. Out of these, CVC gained 65% and it surged above the USD 0.10 resistance.
Overall, bitcoin price is holding the USD 15,350 and USD 15,200 support levels. Having said that, BTC must gain momentum above USD 15,500 and USD 15,600 to restart the rally. If not, it could dive below USD 15,200 and USD 15,000.