Bitcoin Corrects Gains, Altcoins Grind Higher
Bitcoin price started a short-term downside correction after trading close to USD 16,500. Ethereum is climbing towards USD 470, XRP might attempt a break above USD 0.260. DCR and SUSHI rallied over 10%.
Recently, there was a clear break in bitcoin price above the USD 16,000 resistance level. BTC climbed above USD 16,200 and traded close to the USD 16,500 level. The price is currently (13:00 UTC) correcting lower, but it still might resume its upward move unless there is a break below USD 16,000.
Also, most major altcoins are slowly moving higher, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD is up around 1% and it is trading above the USD 465 resistance level. XRP/USD is also grinding higher and it could attempt to surpass the USD 0.260 resistance zone.
Total market capitalization
After a sharp rise towards the USD 16,500 level, bitcoin price started a short-term downside correction. BTC traded below the USD 16,350 level, but it remained well bid above the USD 16,200 level. The next key support is near USD 16,000, below which the price might dive towards the USD 15,500 level.
On the upside, the USD 16,400 and USD 16,500 levels are initial hurdles. If there is a clear break above the USD 16,500 level, the price might rise steadily towards the USD 17,000 level in the 2-3 days.
Ethereum price holding the USD 455 and USD 460 support levels. ETH is now trading above USD 465 and it might surpass USD 468. A clear break above the USD 470 resistance level is needed for a sustained upward move in the coming sessions. The next major resistance is near USD 488.
If there is no upside break above USD 470, the price could start a fresh decline. The first buy zone is near the USD 460 level, but the main support is now near USD 454.
Bitcoin cash, chainlink and XRP price
Bitcoin cash price failed to clear the USD 260 resistance level and resumed its decline. BCH is testing the USD 255 support, below which the bears might aim for a sustained downward move towards the USD 240 level. On the upside, the bulls need to gain strength above USD 260 to initiate a steady rise.
Chainlink (LINK) managed to recover above the USD 12.50 and USD 12.60 levels. The price is now trading above the USD 12.80 resistance and it could attempt more gains above USD 13.00. A successful close above USD 13.00 could open the doors for a larger increase towards the USD 13.50 level.
XRP price is gaining pace and it is trading above USD 0.258. The first key resistance is near the USD 0.260 level. A clear break above the USD 0.260 and USD 0.262 levels could set the pace for a sharp increase. The next major resistance is near the USD 0.270 level.
Other altcoins market today
In the past few hours, many altcoins gained over 5%, including DCR, SUSHI, UNI, STX, YFI, AAVE, LTC, WAVES, GNT, CHSB, DASH, and SNX. Out of these, DCR rallied 20% and it broke the USD 18.00 resistance level.
To sum up, bitcoin price corrected gains, but it is well supported near USD 16,200 and USD 16,000. It seems like BTC could start a fresh increase above USD 16,500 unless there is a break below USD 16,000.