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Bitcoin Eyeing Break While Altcoins Consolidate

  • Bitcoin price is trading with a bullish bias and is likely to surpass USD 12,000 and USD 12,200.
  • Ethereum is consolidating near USD 225 and ripple price is struggling to climb above USD 0.310.
  • Binance coin (BNB) price rallied more than 12% today and sur

After yesterday’s downside correction, bitcoin price found support near the USD 12,000 level. BTC/USD started a fresh increase and climbed back above the USD 11,500 resistance. The current price action is positive and it seems like the bulls are eyeing an upside break above the USD 12,000 and USD 12,200 resistance levels. On the other hand, most major altcoins remained in a bearish zone except binance coin. BNB price rallied more than 12% today and jumped above the USD 29.50 and USD 30.000 resistance levels. ETH/USD is consolidating near the USD 225 level, while XRP/USD is facing many resistances near USD 0.310 and USD 0.312.

Total market capitalization

Bitcoin Eyeing Break While Altcoins Consolidate 101
Source: www.tradingview.com

Bitcoin price

After testing the USD 11,200 support area, bitcoin price started a solid upward move. BTC/USD climbed sharply above the USD 11,500 and USD 11,800 levels. At the outset, the price is trading (08:10 UTC) near the USD 12,000 resistance, above which there are chances of a strong rise above the USD 12,200 and USD 12,250 levels.
On the downside, an immediate support is near the USD 11,700 level. If the price fails to stay above USD 11,700, there is a risk of a fresh decline towards the USD 11,200 support level in the near term.

Ethereum price

Ethereum price stayed above the USD 220 support level and recently corrected above USD 223. ETH/USD is currently consolidating near the USD 225 level, with an immediate resistance near the USD 230 level.
A successful break above the USD 230 resistance could open the doors for a decent upward move towards the USD 240 and USD 245 levels. If the price fails to climb above USD 230, it might slide back towards USD 220 or even USD 212.

Bitcoin cash, eos and ripple price

Bitcoin cash price settled below the USD 340 level and recently tested the USD 330 support. BCH/USD is currently testing the USD 335 level and the bulls are facing hurdles near USD 340. If they succeed in clearing USD 340, there could be a strong upward move towards the USD 360 level.
EOS is holding the key USD 4.100 support level, but it is also facing a strong resistance near the USD 4.300 level. If the price settles above USD 4.300, it could start a fresh increase towards the USD 4.600 level in the coming sessions. If not, it remains at a risk of more losses below the USD 4.100 support.
Ripple price remained in a bearish zone and it recently settled below the USD 0.312 and USD 0.310 support levels, which are now acting as resistances. XRP/USD might continue to slide and it seems like it could even test the USD 0.302 support area.

Other altcoins market today

In the past three sessions, a few small cap altcoins climbed higher and gained more than 6%, including FST, IOST, BNB, ODE, XMX, EKT, WAX and VEST. Out of these, FST rallied close to 40% and IOST is up around 14%.

Overall, bitcoin price is likely to break the USD 12,200 resistance level in the near term. If BTC/USD fails to gain strength above USD 12,000, it could spark a strong bearish wave below the USD 11,800 and USD 11,500 support levels.
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