Bitcoin Inches Closer To USD 11,000, Altcoins Turn Green
Bitcoin is recovering higher and it broke the USD 10,550 resistance zone. Ethereum broke the USD 375 resistance, XRP is rising steadily towards the USD 0.250 resistance.
Bitcoin price started a steady recovery above the USD 10,500 and USD 10,550 resistance levels. BTC even surpassed the USD 10,700 level, and it is currently (08:30 UTC) facing resistance near USD 10,800. The main resistance for a sustained upward move is still near USD 11,000.
Also, most major altcoins are showing positive signs and recovering higher, including ethereum, XRP, litecoin, bitcoin cash, EOS, XLM, LINK, BNB, TRX, and ADA. ETH/USD is up over 2% and it surpassed the USD 375 resistance. XRP/USD is now trading above USD 0.245 and it might continue higher towards the USD 0.250 resistance.
Total market capitalization
There was a positive movement in bitcoin price after it successfully settled above the USD 10,550 resistance. BTC even surpassed USD 10,700 and tested the USD 10,800 resistance. It is currently consolidating gains and it could slowly rise towards the main USD 11,000 resistance zone. A close above USD 11,000 is needed for a sustained upward move.
If there is a downside correction, the price might find bids near the USD 10,600 and USD 10,550 levels in the coming sessions.
Ethereum price declined following a bullish trajectory above the USD 350 and USD 360 levels. ETH even broke the USD 375 resistance, but it is facing an uphill task near the USD 390 and USD 400 resistance levels. The next major resistance is near the USD 420 level.
On the downside, an initial support is near the USD 365 level. The main support is now forming near the USD 350 level, below which the bears might take over and the price might decline towards USD 320.
Bitcoin cash, chainlink and XRP price
Bitcoin cash price is up more than 7% and it broke the key USD 230 resistance. BCH is now facing selling interest near USD 240, above which it could rally towards the USD 250 resistance. If there is a downside correction, the price might find bids near the recent breakout zone at USD 230.
Chainlink (LINK) is still trading in a range near USD 12.00. To start a strong increase, the bulls need to gain strength above the USD 11.80 and USD 12.00 resistance levels. On the other hand, a close below USD 11.80 could open the doors for more losses. The next major support is near the USD 10.20 level.
XRP price settled above the USD 0.245 resistance zone. The price might climb higher towards the USD 0.250 and USD 0.255 resistance levels as long as it is above USD 0.244. If it fails, there is a risk of a fresh decline towards the USD 0.240 and USD 0.238 levels.
Other altcoins market today
In the past three sessions, a few altcoins gained over 8% including EGLD, CKB, BTM, CEL, ABBC, ICX, STX, NEO, SC, and ANT.
Overall, bitcoin is showing positive signs above the USD 10,550 resistance. Having said that, BTC must surpass the USD 10,800 and USD 11,000 resistance levels to continue higher. If not, it might correct lower towards USD 10,550 or even USD 10,400.