Bitcoin and Altcoins Trading Near Key Breakout Zone
- Bitcoin is approaching a major breakout zone at USD 10,800 and USD 10,950.
- Ethereum tested the main USD 355 resistance, XRP extended its rally above USD 0.255.
- UNI and SUSHI are down around 12% today.
Bitcoin is trading above the USD 10,550 and USD 10,650 support levels. Having said that, BTC is approaching a crucial breakout zone near USD 10,800 and USD 10,950. The price is currently (08:30 UTC) trading well above USD 10,650 and it seems to be preparing for the next major move.
Similarly, most major altcoins are approaching important levels, including ethereum, XRP, litecoin, bitcoin cash, EOS, XLM, LINK, BNB, TRX, and ADA. ETH/USD climbed above the USD 350 level, but it is struggling to clear the main USD 355 resistance (previous breakdown zone). XRP/USD gained pace above the USD 0.254 and USD 0.255 resistance levels.
Total market capitalization
After a successful close above USD 10,550, bitcoin price climbed higher steadily above USD 10,650 and USD 10,700. BTC even tested the USD 10,800 resistance level and it is currently consolidating gains. On the upside, the first major resistance is near the USD 10,800 level, above which the bulls might attempt a crucial upside break above the USD 10,950 and USD 11,000 resistance levels.
If there is a downside correction, the USD 10,650 level is a decent support. The main support is now forming near the USD 10,550 level.
Ethereum price settled above the USD 350 resistance level to move further into a positive zone. However, ETH is facing a heavy selling interest near the USD 355 resistance (the last key breakdown zone). A successful close above USD 355 might start a steady rise towards USD 365 and USD 370.
An initial resistance on the upside is near USD 350, but the main breakout resistance is now forming near the USD 355 level.
Bitcoin cash, chainlink and XRP price
Bitcoin cash price is still struggling to gain bullish momentum above the USD 220 resistance. BCH must surpass USD 220 and USD 222 to revisit the USD 230 resistance. If it continues to struggle, there is a risk of a breakdown towards the USD 205 and USD 200 support levels in the coming sessions.
Chainlink (LINK) is showing bearish signs below the USD 9.50 resistance zone. The price is currently holding the USD 9.20 support level, below which it could test the USD 8.50 support zone. A successful break above the USD 9.50 resistance may perhaps lead the price towards the USD 10.00 and USD 10.20 levels.
XRP price outperformed bitcoin, and it climbed further above the USD 0.254 and USD 0.255 resistance levels. The price is currently consolidating gains and it might correct lower towards the USD 0.252 support. The main support seems to be forming near the USD 0.245 level. On the upside, the price could continue higher above USD 0.255 and USD 0.258.
Other altcoins market today
In the past three sessions, many small capitalization altcoins declined over 5%, including PMA, UNI, SUSHI, CEL, REN, SNX, HEDG, OCEAN, LRC, LEND, AVAX, STX, and AR. Conversely, XMR and ZEC are up around 5%.
To sum up, bitcoin price might once again attempt an upside break above USD 10,950 and USD 11,000. If BTC fails to gain strength, there are chances of a bearish reaction below USD 10,650 and USD 10,550.