27 Oct 2020 · 2 min read

Bitcoin Regains USD 13,000, Ethereum, Major Altcoins Correct Lower

Bitcoin price remained well supported above the 13,000 and USD 12,750 levels. Ethereum corrected below USD 400, XRP declined below the USD 0.250 support. DOT rallied by 10%, KSM jumped more than 20%.

After a short-term downside correction, bitcoin price found support above USD 12,750. BTC started a fresh increase and it is currently (05:00 UTC) trading above USD 13,000. However, the price must settle above USD 13,200 and USD 13,250 to continue higher in the near term.

Conversely, there was a bearish reaction in most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD is down over 4% and it is trading below the USD 400 support level. XRP/USD also declined, and it broke the USD 0.252 and USD 0.250 support levels.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

In the past two sessions, bitcoin price mostly traded in a range below the USD 13,200 and USD 13,250 levels. BTC even corrected lower and traded close to the USD 12,750 support level. The price is now back above USD 13,000, but it is still facing a strong resistance near the USD 13,200 and USD 13,250 levels.
On the downside, an initial support is near the USD 12,980 level. The first major support is forming near the USD 12,750 level, below which there is a risk of a larger decline.

Ethereum price

Ethereum price started a major downside correction below the USD 405 and USD 400 support levels. ETH/USD is down over 4% and it seems like it could retest the USD 385 support. Any further losses could lead the price towards the USD 380 level.
If there is a fresh increase, the recent breakdown support near USD 400 could act as a resistance. A close above USD 400 and USD 405 is needed to resume the uptrend.

Bitcoin cash price is down over 5% and it is now trading well below the USD 265 and USD 260 support levels. BCH even tested the USD 252 level and it seems like there are chances of it testing the USD 250 support level. On the upside, the USD 260 level is an initial resistance, but the main resistance is now forming near USD 265.
Chainlink (LINK) extended its decline below the USD 11.50 support level, but it found support near the USD 11.20 level. It is now recovering and trading above USD 11.50. However, the bulls are facing a strong resistance near the USD 11.85 and USD 12.00 levels. If there is no upside break above USD 12.00, the price could revisit USD 11.20.
XRP price declined sharply after it broke the USD 0.250 support level. The price even spiked below USD 0.245 and tested the USD 0.243 level. It is currently recovering, but the bulls might face a heavy resistance near the USD 0.250 and USD 0.252 levels (the recent breakdown zone).

Other altcoins market today

In the past few hours, a few altcoins outperformed and gained over 10%, including KSM, OCEAN, and DOT. Conversely, AMPL, RSR, AR, QNT, EGLD, THETA, FIL, LRC, CVT, EWT, and XEM are down over 5%.

Overall, bitcoin price is still holding a couple of important supports above USD 12,750. Having said that, BTC must clear the USD 13,200 and USD 13,250 resistance levels. If not, it could also decline by 4%-5%.

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