Bitcoin Struggling Near USD 11,500, Chainlink, Ethereum Climb
Bitcoin price is stable above USD 11,200 and it is consolidating near USD 11,500. Ethereum climbed over 6% to USD 398, XRP is struggling to recover above USD 0.285. Chainlink outperformed major altcoins and surged more than 30% today.
Bitcoin price remained well bid above the USD 11,100 and USD 11,200 levels. Recently, BTC recovered above USD 11,350, but it is struggling to gain strength above USD 11,500. The price is currently (08:30 UTC) consolidating near USD 11,500 and it might correct lower again.
Similarly, many major altcoins are stuck below key hurdles, including ethereum, XRP, litecoin, bitcoin cash, EOS, TRX, XLM, and ADA. LINK continued its rally after surpassing bitcoin cash by market capitalization yesterday. ETH/USD spiked above the USD 385 resistance, but it failed to continue higher above USD 398 and USD 400. XRP/USD made another attempt to start a fresh increase, but it failed to settle above USD 0.285.
Total market capitalization
In the past few hours, bitcoin price traded with a positive angle above the USD 11,350 and USD 11,400 levels. BTC even climbed above USD 11,500, but it struggled to continue above USD 11,600. It is currently consolidating near USD 11,500. To continue higher, the price needs to gain momentum above the USD 11,550 and USD 11,600 levels.
Conversely, the price might restart its downward move below the USD 11,400 level. The first major support is near the USD 11,200 level, below which the price might test the USD 11,000 level.
Ethereum price gained over 6% and it traded above the USD 380 and USD 385 resistance levels. ETH even spiked above the USD 395 level, but it failed to clear the key USD 398 and USD 400 resistance levels. It is currently consolidating gains near USD 390 and it might test the USD 380 support.
On the upside, the price must surpass the USD 400 hurdle to continue higher. If the bulls succeed, the price could rise towards the USD 420 level in the near term.
Bitcoin cash, ADA and XRP price
Bitcoin cash price is down over 2% and it is now trading below the USD 280 support. It seems like BCH might continue to move down towards the USD 272 level. The main support is near the USD 265 level. Conversely, a proper close above the USD 285 level might lead the price towards the USD 300 resistance.
ADA started an upside correction from the USD 0.125 support and it recovered above USD 0.135. However, the previous support near USD 0.140 acted as a strong resistance (as discussed yesterday). The price is currently moving lower and declining towards the USD 0.135 and USD 0.132 support levels.
XRP price is facing a strong resistance near the USD 0.285 level. It is now trading below USD 0.280 and it might revisit the USD 0.272 support. Any further losses could accelerate the price towards the USD 0.265 level in the near term. To start a strong rally, the bulls need to gain strength above the USD 0.285 resistance.
Other altcoins market today
In the past three sessions, a few small altcoins surged more than 30%, including NMR, XDCE, ANT, SXP, WAVES, BTS, ALGO, IRIS, LINK and RLC. Overall, NMR climbed 150% and broke the USD 50.00 resistance.
Overall, bitcoin recovered recently, but it is struggling to gain pace above the key USD 11,500 and USD 11,600 resistance levels. As a result, there is a risk of a fresh decline towards USD 11,200.