Bitcoin and Altcoins Trade Near Key Breakout Region
- Bitcoin price started a fresh increase, but it is struggling to settle above USD 18,500.
- Ethereum is facing a major resistance near USD 580, XRP might attempt to clear the USD 0.585 resistance.
- XLM rallied 15% and AVAX is up 10%.
After a sharp decline towards USD 17,650, bitcoin price recovered and settled above the USD 18,000 level. However, it is facing a strong resistance near USD 18,500 and USD 18,580. The price is currently (05:00 UTC) consolidating well above USD 18,200 and it could make another attempt to break the USD 18,500 resistance.
Similarly, most major altcoins are trading near key breakout levels, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD is up around 3.5%, but it is facing a strong resistance near the USD 575 and USD 580 levels. Similarly, XRP/USD might struggle near USD 0.585 and USD 0.600.
Total market capitalization
There was a strong recovery wave in bitcoin price from USD 17,650. BTC broke the USD 18,000 and USD 18,200 resistance levels. However, BTC is facing an uphill task near the USD 18,000 and USD 18,580 levels. A successful close above the USD 18,580 level could start a steady increase towards USD 19,000 or even USD 19,200.
If there is no upside break above USD 18,580, the price might start a fresh decline. An initial support is near the USD 18,180 level. The breakdown support is now forming near USD 18,000.
Ethereum price also recovered from the USD 530 zone. ETH broke the USD 550 and USD 565 resistance levels. The bulls are now facing a solid selling interest near the USD 575 and USD 580 levels. A close above USD 580 might lead the price towards the USD 600 and USD 602 resistance levels.
On the downside, an initial support is near the USD 565 level. A close below the USD 565 level might call for another push below the USD 550 support.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is consolidating above the USD 260 support level. An immediate hurdle sits at USD 270, above which the price might revisit the key USD 280 resistance. Conversely, there is a risk of a break below USD 260. In the stated case, the price might decline towards the USD 250 support.
Litecoin (LTC) started a recovery wave after testing the USD 72.20 support zone. LTC is now back above USD 75.00, with an initial resistance at USD 78.50. The main breakout resistance seems to be forming near the USD 80.00 level. On the downside, the USD 75.00 level might protect losses.
XRP price gained bullish momentum from the USD 0.505 support level. The price surged above USD 0.540 and USD 0.550. It even surpassed the USD 0.565 resistance. It is up 4% and it seems like the bulls are aiming for a test of the USD 58.50 resistance level. Any more gains could lead the price towards the main USD 0.600 resistance.
Other altcoins market today
In the past few hours, a few altcoins climbed over 5%, including XLM, AVAX, XEM, CHSB, NANO, KSM, ADA, SNT, and ETC. Out of these, XLM outperformed and it even surged above the USD 0.17 resistance.
Overall, bitcoin price is recovering above USD 18,200. Having said that, the bulls need to gain strength above USD 18,500 for a steady rise towards USD 19,000 in the near term.