Bitcoin Eyes Crucial Upside Break While Altcoins Struggle
Bitcoin bulls are facing a crucial test near the USD 11,000 resistance. Ethereum corrected lower to USD 355, XRP is struggling to stay above the USD 0.242 support. HYN, ABBC, DGB, and LUNA are up over 10% today.
Bitcoin price is showing positive signs above the USD 10,800 resistance. However, BTC bulls are still struggling to clear the USD 11,000 resistance zone. The price is currently (08:30 UTC) stuck between USD 10,800 and USD 11,000, and it seems like the market is preparing for the next key break.
Conversely, there was a bearish reaction in most major altcoins, including ethereum, XRP, litecoin, bitcoin cash, EOS, XLM, LINK, BNB, TRX, and ADA. ETH/USD is down over 2% and it even tested the main USD 355 support zone. XRP/USD is consolidating above USD 0.242 and it seems to be struggling near USD 0.248 and USD 0.250.
Total market capitalization
There was a steady rise in bitcoin price above the USD 10,550 resistance. BTC even climbed above the USD 10,800 resistance zone. However, the price is still facing an uphill task near the USD 11,000 level. A successful close above the USD 11,000 resistance is a must for a sustained upward move.
If there is no upside break above USD 11,000, the price could break the USD 10,800 support and continue lower. The main support is forming near the USD 10,550 level.
Ethereum price failed to test the key USD 400 resistance and corrected lower. ETH traded below the USD 370 support and tested the key uptrend support at USD 355. It is currently trading near USD 365 and facing hurdles near USD 370 and USD 375.
On the downside, an initial support is near the USD 360 level. The main support is still near the USD 355 level, below which the price might decline towards the USD 320 level.
Bitcoin cash, chainlink and XRP price
Bitcoin cash price faced a strong resistance near the USD 240 level and corrected yesterday’s gain. BCH traded below USD 235 and it is currently finding support near USD 230. Any further losses may perhaps lead the price towards the USD 220 support level. On the upside, a break above USD 240 is needed for more upsides.
Chainlink (LINK) broke a few supports near USD 12.00 and USD 11.80. As a result, there was a sharp 10% decline as discussed yesterday. The price tested the USD 10.50 level and it remains at a risk of more losses. On the upside, the previous support near USD 11.80 and USD 12.00 might prevent gains if there is an upward move.
XRP price is stuck below the USD 0.250 resistance levels. On the downside, the bulls are fighting to protect the USD 0.242 and USD 0.240 levels. If there are more losses, the price could tumble towards the USD 0.230 level or even USD 0.225. On the upside, a close above USD 0.250 is needed for a sustained upward move.
Other altcoins market today
In the past three sessions, many altcoins declined over 10%, including NXM, FXC, SUSHI, AR, SRM, ANT, YFII, LRC, SNX, SXP, REN, BAND, STX, CELO, LEND, and ZEC. Out of these, NXM and FXC dived more than 25%.
Overall, bitcoin is slowly gaining pace above USD 10,700 and USD 10,800. Having said that, BTC must break the USD 11,000 barrier to continue higher. If it continues to struggle, there is a risk of a sharp bearish reaction below USD 10,550.