Bitcoin and Altcoins Stuck In a Crucial Range
Bitcoin price is trading in a crucial range between USD 10,550 and USD 11,000. Ethereum is facing resistance near USD 362, XRP is struggling to stay above USD 0.240. TMTG, ZIL, and EWT gained over 10% today.
Bitcoin price is still struggling to clear the USD 10,950 and USD 11,000 resistance levels. It seems like BTC is stuck in a crucial range above the USD 10,550 support. The price is currently (08:30 UTC) well above the USD 10,550 and it might make another attempt to surpass USD 11,000 in the coming sessions.
Similarly, most major altcoins are trading in a range above important supports, including ethereum, XRP, litecoin, bitcoin cash, EOS, XLM, LINK, BNB, TRX, and ADA. ETH/USD is holding the USD 350 support, but it is facing a major hurdle near USD 362 and USD 365. XRP/USD is trading near USD 0.240, below which it could slide towards USD 0.232 and USD 0.230.
Total market capitalization
In the past few hours, bitcoin price traded mostly in a tiny range above the USD 10,650 support. The main support on the downside is still near USD 10,550, below which there is a risk of a sharp decline. The next major support is near USD 10,200 level.
On the upside, an initial resistance is near the USD 10,800 level. The main hurdle is still near USD 10,950 and USD 11,000, above which the price might surge higher.
Ethereum price is facing an uphill task near the USD 362 and USD 365 resistance levels. A clear break above USD 365 could open the doors for a sustained upward move in the near term. The next stop for the bulls might be USD 380.
On the downside, the main support is near the USD 350 level. A bearish close below USD 350 might lead the price towards the USD 335 support level.
Bitcoin cash, chainlink and XRP price
Bitcoin cash price is recovering higher and approaching the USD 230 resistance. A close above USD 230 might increase the chances of an upside break above the USD 235 resistance zone. Conversely, the price could retreat lower and retest the key USD 220 support level.
Chainlink (LINK) is retreating lower after facing a strong selling interest near the USD 11.00 resistance. The price is trading below the USD 10.00 support and it could continue to move down towards the USD 9.20 support. Any further losses might call for a test of the USD 8.80 support.
XRP price failed to continue higher above the USD 0.245 resistance. The price is currently declining and trading near USD 0.240. If there is a close below USD 0.240, the bears might take control. The next major support is seen near USD 0.232. On the upside, the USD 0.245 resistance is a major breakout zone.
Other altcoins market today
In the past three sessions, a few altcoins climbed over 5%, including TMTG, ZIL, EWT, ATOM, REN, REP, BTG, CVT, THETA, ZEC, STX, and SC. Out of these, TMTG is up close to 20% and it broke the USD 0.0320 resistance.
Overall, bitcoin price is stuck in a crucial range above the USD 10,550 support and it seems to be preparing for the next break. If it continues to fail near USD 11,000, there could be a sharp bearish reaction.