After forming a support base near USD 11,550, bitcoin price started an upside correction. BTC surpassed the USD 11,650 resistance and it is currently (08:30 UTC) approaching the USD 11,850 resistance. To move into a positive zone, the price must settle above USD 12,000.
Similarly, most major altcoins are slowly moving higher and signaling a fresh increase, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, ADA, TRX, and XLM. ETH/USD is up 4% and it recently surpassed the USD 400 resistance level. XRP is also rising, but it might face hurdles near USD 0.295 and USD 0.300.
Total market capitalization
In the past few hours, bitcoin price recovered above USD 11,650 and USD 11,700. BTC is rising towards the USD 11,850 resistance. However, the bulls need to gain pace above the USD 12,000 weekly barrier for a sustained upward move. If they succeed, the price could rise towards the USD 12,250 resistance. Any further gains could lead the price towards USD 12,500.
If the price fails to clear USD 11,850 or USD 12,000, there is a risk of another decline. The main support on the downside is near the USD 11,650 and USD 11,550 levels, below which it could dive to USD 11,000.
Ethereum price broke the USD 390 resistance to move into a positive zone. ETH is now trading above the USD 400 resistance zone and it is currently showing a lot of positive signs. The next major resistance is near USD 412, above which the price is likely to accelerate higher towards USD 425.
On the downside, there is a strong support forming near the USD 385 level, below which the price might turn bearish in the short-term. Any further losses could lead the price towards USD 365.
Bitcoin cash price is up 3% and it is recovering above USD 290. BCH is facing a major resistance near the USD 298 and USD 300 levels. A successful close above the USD 300 resistance could open the doors for a sharp rise. The next key resistance is USD 320. Conversely, the USD 280 level might continue to hold losses.
Chainlink (LINK) surged spiked below USD 14.00 before correcting higher. The price is now trading above USD 15.00 and it is facing hurdles near USD 15.80 and USD 16.00. A clear break above USD 16.00 might open the doors for a larger upward move. If not, the price might revisit the USD 14.00 support level in the coming sessions.
XRP price is also recovering and it is up around 2%. There was a break above the USD 0.288 resistance and the price may soon test the USD 0.292 resistance. The main barrier for the bulls on the upside is near USD 0.295, above which it could turn bullish.
Other altcoins market today
In the past three sessions, many small-cap altcoins gained more than 10%, including ANT, SXP, JST, ATOM, XEM, SC, WAVES, BAT and ERD. Out of these, ANT rallied close to 40% and it broke the USD 6.800 resistance.
Overall, bitcoin is slowly recovering, but the bulls still need to clear the USD 12,000 resistance. If they succeed, BTC could easily rise 5%-10% in the coming sessions. If not, it might dive back towards the USD 11,550 support.