Bitcoin Remains Elevated While Altcoins Take Hit
Bitcoin price is trading in a range below the key USD 12,000 resistance area. Ethereum broke the key USD 220 support and ripple price declined below USD 0.306. Bytecoin (BCN) rallied 25% and EGT gained around 13% today.
In the past three sessions, there were a couple of attempts by bitcoin price to surpass the USD 12,000 resistance level. However, there was no convincing break, but BTC/USD stayed above the USD 11,800 support level. Conversely, there were bearish moves in most major altcoins, including ethereum, ripple, bitcoin cash, EOS, stellar, cardano and TRX. The only coin that performed well was BNB, gaining traction above the USD 31.00 resistance. The current (08:00 UTC) price action is positive for bitcoin, suggesting a possible upside break above the USD 12,000 resistance in the near term.
Total market capitalization
After struggling near the USD 12,000 resistance, bitcoin price corrected lower. However, BTC/USD found a strong buying interest near USD 11,500 and recently the price bounced back above USD 11,800. The price is now trading in a tight range and it seems like the bulls are staging a strong upward move above the USD 12,000 and USD 12,120 resistance levels in the near term.
On the downside, an initial support is near the USD 11,800 level. If the price fails to climb above the USD 12,000 resistance, there could be a bearish reaction below the USD 11,800 and USD 11,600 levels.
Ethereum price extended its decline below the key USD 225 support level. ETH/USD even broke the USD 220 support and tested the USD 215 level. If there are more losses, the price may perhaps test the USD 208 support.
On the upside, the previous supports near the USD 220 and USD 225 levels are likely to act as hurdles. A successful close above the USD 225 level might open the doors for a fresh increase towards the USD 235 resistance.
Bitcoin cash, eos and ripple price
Bitcoin cash price declined below the USD 340 support level and tested the USD 330 support. The next major support is near the USD 320 level, below which the price could test the USD 300 handle. On the upside, the USD 340 level may now act as a resistance, followed by the key USD 350 barrier.
EOS remained below the USD 4.300 resistance level and declined below USD 4.200. The price is currently struggling to hold the USD 4.100 support level, below which the price may even decline below the USD 4.000 support area. The next key support is near the USD 3.800 level. On the upside, the main resistance for a decent recovery is at USD 4.350.
Ripple price extended its decline below the USD 0.320 and USD 0.310 support levels. XRP/USD even traded below USD 0.306 and tested the USD 0.302 support area. If the bears remain in control, the price could decline below the USD 0.300 support area in the near term.
Other altcoins market today
Despite bearish moves in ethereum and ripple, a few small cap altcoins gained more than 6%, including BCN, EGT, VSYS, LSK, NET, VEST, KMD and MAID. Out of these, BCN rallied close to 25% and EGT is up around 13%.
Overall, bitcoin price is closing in towards the next major break either above USD 12,000 or below USD 11,800. The chances of an upside break are high, but if there is a downside break, the USD 11,500 support could play an important role.