Do or Die Time for Bitcoin and Altcoins Bulls
Bitcoin price could either rally above USD 11,500 or decline heavily below USD 11,000. Ethereum must surpass USD 400 for a fresh increase, XRP is down 4% to USD 0.265. NMR rallied 35% and UMA gained over 25% today.
Bitcoin price made another attempt to gain momentum above USD 11,500 and USD 11,550, but it failed. BTC is currently (08:30 UTC) consolidating above USD 11,300 and likely preparing for the next break. It could either rally above USD 11,500 or decline heavily below USD 11,000 in the next few sessions.
Similarly, most major altcoins are struggling to continue higher and remains at a risk of more losses, including ethereum, XRP, litecoin, bitcoin cash, EOS, TRX, XLM, LINK and ADA. ETH/USD is trading above USD 385, and it is facing many hurdles near USD 395 and USD 400. Conversely, XRP/USD broke the weekly support and extended its decline towards the USD 0.265 and USD 0.260 levels.
Total market capitalization
Recently, bitcoin price spiked above the USD 11,400 and USD 11,500 levels. However, BTC failed to settle above USD 11,500 and topped near USD 11,550. It trimmed most gains and is currently consolidating above USD 11,300. If there is a downside break below USD 11,300 and USD 11,240, there is a risk of a sharp decline below USD 11,000.
On the other hand, a successful close above the USD 11,550 resistance zone is needed for a sustained upward move. The next major resistance is near the USD 12,000 level.
Ethereum price is still above the USD 380 support level and currently stuck near USD 385. The first key resistance is near the USD 395 level, above which the bulls might attempt an upside break above the main USD 400 resistance zone.
If there is no upside break above USD 395, the price could decline below the USD 380 and USD 375 support levels. In the stated case, the bears may aim a test of USD 360.
Bitcoin cash, chainlink and XRP price
Bitcoin cash price extended its decline below the USD 275 and USD 270 levels. BCH even tested the USD 265 level and it seems like there are chances of more losses. The next major support is near the USD 250 level.
On the upside, the previous support at USD 275 and USD 280 are likely to act as hurdles.
Chainlink (LINK) seems to be trading in a contracting range above the USD 14.00 support level. To start a fresh rally, the price must clear the USD 15.00 resistance. Conversely, a bearish break below the USD 14.00 support is likely to start another decline and the price might test USD 12.00.
XRP price is gaining bearish momentum and it even broke the key USD 0.270 weekly support. It declined over 4% and spiked below the USD 0.262 support. The price is currently recovering and trading above USD 0.265. However, the recent breakdown support at USD 0.270 is likely to act as a strong resistance in the near term.
Other altcoins market today
In the past three sessions, a few small altcoins climbed over 5%, including NMR, UMA, MANA, SRM, SNX, AMPL, BNT, ERD, RSR and FTT. Conversely, ANT, KSM, NXM, RLC, BAND, FXC, LEND, CKB, QTUM, ZIL and REN are down over 5%.
Overall, bitcoin seems to be preparing for the next key break either above USD 11,500 or below USD 11,000. If BTC continues to struggle near USD 11,500 and USD 11,550, there is a risk of a sharp decline below USD 11,000 and USD 10,800.