Bitcoin, Ethereum, And Major Altcoins Struggle To Get Traction
- Bitcoin price is struggling to clear the USD 11,500 and USD 11,550 resistance levels.
- Ethereum declined below the USD 380 support, XRP is down 4% and it is trading below USD 0.250.
- ABBC rallied further (+30%) above the main USD 0.50 resistance level.
Bitcoin price made a few attempts to gain pace above the USD 11,500 and USD 11,550 resistance levels. However, BTC struggled to stay above USD 11,500 and stuck in a range. The price is currently (05:00 UTC) trading well below USD 11,500, with a major support at USD 11,250.
On the other hand, there was a slight decline in most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, and ADA. ETH/USD traded below the USD 380 and USD 378 support levels. XRP/USD declined 4% and it settled below the key USD 0.250 support. Bitcoin cash price remained in a positive zone and it is still trading above the USD 255 level.
Total market capitalization
After a couple of failed attempts, bitcoin price corrected lower. BTC traded below the USD 11,400 level, but it remained well bid above the USD 11,250 support. It seems like the price is stuck in a range, but it is struggling to clear the USD 11,500 and USD 11,550 resistance levels.
To start a steady increase, the price must settle above USD 11,550. If not, there is a risk of a downside correction below the USD 11,250 and USD 11,200 support levels.
Ethereum price started following a bearish path below the USD 385 resistance. ETH broke the USD 380 support and it is now trading below the USD 378 level. The bulls are protecting the USD 375 level, but there is a risk of more losses towards the USD 365 support level in the near term.
On the upside, the previous support near USD 380 might act as a resistance. The first major hurdle is near the USD 385 level, above which it could revisit USD 392.
Bitcoin cash, chainlink and XRP price
Bitcoin cash price remained in a positive zone and outperformed both ether and bitcoin. BCH climbed further above USD 255, but it is facing hurdles near USD 260 and USD 265. If there is no upside break above USD 265, the price might start a downside correction. The first key support is near USD 250, below which it could test USD 240.
Chainlink (LINK) failed to continue higher and it declined below the USD 11.00 support. The bears even pushed the price below USD 10.80 and the bulls are currently struggling to protect the USD 10.50 support. If there is a clear break below USD 10.50, the price might revisit the USD 10.00 support level.
XRP price topped near the USD 0.260 level and started a major downside correction. There was a break below the USD 0.255 and USD 0.250 support levels. XRP is down around 4% and it seems like the bears are aiming for a test of the key USD 0.245 support levels.
Other altcoins market today
In the past few hours, three altcoins outperformed and climbed over 10%, including ABBC, RSR, and HEDG. Conversely, NEAR, UNI, STORJ, ZRX, AAVE, YFI, AR, EWT, and UMA are down more than 8%.
To sum up, bitcoin price is showing a few bearish signs below USD 11,500 and USD 11,550. Having said that, BTC might resume its upside as long as it is trading above the USD 11,200 support.