Bitcoin And Altcoins Regain Strength, Hurdles Remain
After a major downside correction, bitcoin price found support near the USD 14,450 zone. BTC started a fresh increase and climbed above the USD 15,000 resistance. The price even cleared the USD 15,350 resistance, but it is currently (05:30 UTC) struggling to clear the USD 15,550 and USD 15,600 resistance levels.
Similarly, there was a fresh increase in most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD is back above USD 440 and USD 450, but it is facing an uphill task near the USD 460 level. XRP/USD is stuck below USD 0.255 and it is consolidating above the USD 0.250 support.
Total market capitalization
After a fresh increase above USD 15,000, bitcoin price gained strength. BTC even surged above the USD 15,350 and USD 15,400 levels. However, the bulls seem to be facing a strong selling interest near the USD 15,550 and USD 15,600 levels. A successful break and close above USD 15,600 is a must for a sustained upward move towards the USD 15,850 and USD 16,000 resistance levels.
An initial support on the downside is near the USD 15,350 level. The main weekly support is now forming near the USD 15,050 and USD 15,000 levels.
Ethereum price is up 3% and it managed to climb back above the USD 440 and USD 450 resistance levels. To continue higher, ETH must surpass the USD 258 and USD 260 levels. The next major weekly resistance is waiting near the USD 470 zone.
If there is a fresh decline, the USD 440 level might act as a strong support. If the bears manage to clear the USD 440 support, the price might slide towards the weekly support at USD 425.
Bitcoin cash, chainlink and XRP price
Bitcoin cash price is up 5% and it is gaining pace above the USD 260 and USD 265 resistance levels as its hard fork is approaching. An immediate resistance is near the USD 270 level, above which the bulls might aim for a test of the USD 280 barrier. If there is a downside correction, the USD 260 level might provide support. The next key support is near USD 250.
Chainlink (LINK) formed a strong support base near USD 10.50 and USD 10.60. It gained pace and surged above the USD 11.20 resistance level. The price even climbed towards the USD 13.00 level before correcting back to USD 12.50. LINK is currently consolidating gains above the USD 12.20 and USD 12.00 support levels.
XRP price remained well bid above the USD 0.245 support and it climbed back above USD 0.250. The price is now trading above USD 0.252, with a key hurdle near the USD 0.255 level. A clear break above the USD 0.255 resistance might lead the price towards the USD 0.262 and USD 0.264 resistance levels.
Other altcoins market today
In the past few hours, many altcoins gained over 5%, including RUNE, MANA, AAVE, EWT, RSR, LRC, AMPL, STX, BAND, OCEAN, REN, KSM, UNI, SNX, and CEL. Conversely, ABBC and TMTG are showing bearish signs.
Overall, bitcoin price is trading in a positive zone above the USD 15,350 and USD 15,200 levels. Having said that, BTC might start another corrective decrease if it continues to struggle near USD 15,550 and USD 15,600.