Yesterday, Bitcoin price made a failed attempt to gain strength above the USD 19,500 resistance. BTC bulls struggled to maintain momentum causing a short-term downward correction below USD 19,350. The price is currently (05:00 UTC) trading well above USD 19,000 and appears to be preparing for the next crucial move.
Similarly, most of the major altcoins, including Ethereum, XRP, Litecoin, EOS, XLM, LINK, BNB, TRX, Bitcoin Cash, and ADA, had a minor downward revision. ETH / USD corrected lower from USD 625 but still holds USD 600 support. XRP / USD couldn’t top USD 0.635 but could stay stable above USD 0.600.
Total market capitalization
Bitcoin price rose above the USD 19,500 resistance level. BTC failed to extend gains and corrected below USD 19,400. Initial downside support is near the USD 19,200 zone. The main support is forming near the $ 19,000 level, below which there is a risk of a larger decline towards the $ 18,500 and $ 18,200 levels.
On the other hand, the USD 19,500 and USD 19,520 levels are major breakout zones. A closing price above USD 19,520 could increase the chances of a move towards the key barrier of USD 20,000.
Ethereum price surged above the USD 612 and USD 615 levels before facing sellers near the USD 625 level. ETH corrected below the USD 612 level. However, the bulls are protecting the key USD 600 support zone.
If the downtrend breaks below the USD 600 support, there is a risk of moving towards the USD 580 and USD 575 levels. Conversely, the price could remain stable above USD 600 and start a new spike towards USD 620.
Bitcoin Cash, Litecoin and XRP Price
Bitcoin cash price is falling and was recently trading below the USD 290 support. It has opened the doors for further losses and BCH could even hit the USD 280 support level. The next major support is near the USD 270 level. If it rallies again, the bears could stay active near $ 298 and $ 300.
Litecoin (LTC) is struggling to break through the USD 90.00 and USD 91.00 resistance levels. LTC is slowly moving down and trading below USD 88.50. Immediate support is at $ 86.50, below which the price could drop towards $ 83.20.
XRP price didn’t top the $ 0.635 resistance and fell below the $ 0.620 support. The price is moving down and could retest the USD 0.605 level. The main support for the collapse is still near the $ 0.600 level below which the bulls could face strong selling pressure.
Other altcoin market today
There have been no major changes in altcoins in the past few hours other than XEM, ZIL, XMR, VET, AAVE, BAND and QNT which are showing positive signs. Of these, XEM is up over 7% and is trading above the USD 0.220 level.
Overall, Bitcoin price could be preparing for the next big step, either above USD 19,500 or below USD 19,000. If BTC continues to face rejections near USD 19,500 and USD 19,800, there is the possibility of a sharp decline in the short term.