Bitcoin Retreats From New All-Time High, XRP Eyes Gains
Bitcoin price is facing an uphill task near USD 28,400 and USD 28,500. Ethereum retreated lower from the USD 745 resistance, XRP is consolidating above USD 0.200. ATOM, SC, and ICX are gaining bullish momentum.
After a sharp increase, bitcoin price spiked above USD 28,400. BTC traded to a new all-time high near USD 28,600, but there was no upside continuation. The price is currently (13:00 UTC) correcting gains and it might find a strong support near USD 27,500.
Similarly, there was a minor pullback in most major altcoins. ETH/USD again failed to clear the USD 745 resistance and it retested USD 720. Conversely, XRP/USD recovered 10% and it is consolidating above USD 0.200.
Total market capitalization
There was a decent increase in bitcoin price above the USD 28,000 resistance level. BTC even broke the USD 28,400 and USD 28,500 levels, but there was a no upside continuation. The price traded to a new all-time high close to USD 28,600 before it retreated lower. It seems like there was a false break above USD 28,400.
The price is trading below USD 28,000, but there are many important supports near USD 27,500. The next major support on the downside is near the USD 27,250 level.
Ethereum price also followed bitcoin and it traded above the USD 740 level. However, there was no break above the USD 750 resistance level. ETH is now correcting lower below USD 735, with an initial support at USD 720. The next major support is seen near the USD 705 level.
On the upside, the price is facing a major hurdle near the USD 740 and USD 745 levels. A clear break above USD 745 could open the doors for a steady increase towards the USD 760 and USD 775 levels.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is up trading near the USD 350 level, with an initial support near the USD 342 level. The next major support is near the USD 330 level. The current price action suggests BCH could attempt an upside break above the USD 360 and USD 365 levels in the near term.
Litecoin (LTC) is correcting gains below the USD 130 level. LTC is testing the USD 125 level, with a major support at USD 120. If there are more downsides, the price could continue to move down towards the USD 112 support. Conversely, the price could attempt a fresh increase above the USD 130 and USD 132 levels.
XRP price started a recovery wave above USD 0.195 and USD 0.200 resistance levels. The price is now trading above the USD 0.210 level. To continue higher, the bulls need to gain strength above the USD 0.225 and USD 0.232 levels. The next major resistance might be near USD 0.250.
Other altcoins market today
In the past few hours, a few altcoins climbed over 5%, including DOT, ATOM, SC, ICX, LUNA, AMPL, and THETA. Out of these, ATOM is gaining bullish momentum above the USD 5.50 resistance level.
To sum up, bitcoin price is trading in a positive zone above USD 27,500. BTC already made an attempt to clear USD 28,400, and it seems like the bulls might soon attempt another push above USD 28,400 and USD 28,500.