After falling sharply towards USD 17,650, Bitcoin price rebounded and was above the USD 18,000 level. However, it faces strong resistance near USD 18,500 and USD 18,580. The price is currently consolidating well above USD 18,200 (05:00 UTC) and could make another attempt to break the USD 18,500 resistance.
Similarly, most of the major altcoins trade near major breakout levels, including Ethereum, XRP, Litecoin, EOS, XLM, LINK, BNB, TRX, Bitcoin Cash, and ADA. ETH / USD is up around 3.5% but is facing strong resistance near the USD 575 and USD 580 levels. Similarly, XRP / USD could be struggling near USD 0.585 and USD 0.600.
Total market capitalization
Bitcoin price rebounded sharply from USD 17,650. BTC has broken the USD 18,000 and USD 18,200 resistance levels. However, BTC faces a difficult task near the USD 18,000 and USD 18,580 levels. A successful close above the USD 18,580 level could cause a steady increase to USD 19,000 or even USD 19,200.
If there isn’t an upside move above USD 18,580, the price could start a new drop. Initial support is near the $ 18,180 level. Roadside Assistance now forms near $ 18,000.
Ethereum price also rebounded from the USD 530 zone. ETH broke the USD 550 and USD 565 resistance levels. The bulls are now facing solid selling interest near the USD 575 and USD 580 levels. A closing price above USD 580 could drive the price towards the USD 600 and USD 602 resistance levels.
On the downside, initial support is near the USD 565 level. A closing price below the USD 565 level could require a further move below the USD 550 support.
Bitcoin Cash, Litecoin and XRP Price
Bitcoin cash price is consolidating above the USD 260 support level. An immediate hurdle is at USD 270 above which the price could revisit key resistance at USD 280. Conversely, there is a risk of a break below USD 260. In the specified case, the price could fall towards the USD 250 support.
Litecoin (LTC) started a recovery wave after testing the USD 72.20 support zone. LTC is now back above $ 75.00 with initial resistance at $ 78.50. The main breakout resistance appears to be forming near the USD 80.00 level. On the flip side, the $ 75.00 level could protect losses.
The XRP price gained positive momentum from USD 0.505. The price rose above USD 0.540 and USD 0.550. It even surpassed the USD 0.565 resistance. It’s up 4% and it appears the bulls are targeting a test of the USD 58.50 resistance level. Further gains could move the price towards the major resistance at USD 0.600.
Other altcoin market today
In the past few hours, some altcoins have increased over 5%, including XLM, AVAX, XEM, CHSB, NANO, KSM, ADA, SNT, and ETC. Of these, XLM outperformed and even surpassed the USD 0.17 resistance.
Overall, Bitcoin price is rebounding above USD 18,200. However, the bulls need to gain strength above $ 18,500 to rise steadily to $ 19,000 in the short term.