Bitcoin Consolidates Above USD 13.2K, Ethereum, Altcoins Extend Losses
After a strong upward move towards USD 13,700, bitcoin price failed to continue higher. BTC corrected lower and traded below the USD 13,500 support level. The price is currently (13:00 UTC) consolidating above the USD 13,200 support and seems to be preparing for the next move.
Conversely, there were more downsides in most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD traded below the USD 382 and USD 380 support levels. XRP/USD too extended its decline and traded below the USD 0.240 support zone.
Total market capitalization
In the past two sessions, bitcoin price remained stable above the USD 13,200 support zone. On the upside, the USD 13,450 and USD 13,500 levels are acting as hurdles. A successful close above the USD 13,500 level is needed to start a strong increase in the coming sessions. The next key hurdle is near the USD 13,700 and USD 13,750 levels.
On the downside, the USD 13,200 level is a decent support, below which the bears might attempt a bearish break below the USD 13,000 support.
Ethereum price extended its decline after it settled below the USD 388 and USD 385 levels. ETH broke the USD 382 and USD 380 support levels to move further into a bearish zone. It is currently recovering, but the previous support near USD 385 might act as a resistance in the near term.
On the downside, the USD 375 level is a decent support. However, the main support is near the USD 366 and USD 365 levels.
Bitcoin cash, chainlink and XRP price
Bitcoin cash price failed to clear the USD 270 resistance level. As a result, there was a bearish reaction below the USD 265 and USD 260 levels. BCH is currently holding the USD 255 support, below which the price could test the USD 250 support level in the near term.
Chainlink (LINK) seems to be following a bearish path below the USD 11.50 and USD 11.20 support levels. The price is now trading near the USD 11.00 level. A successful close below USD 11.00 and USD 10.95 might open the doors for more losses. The next key support is near the USD 10.65 and USD 10.50 levels.
XRP price started a strong decline below the USD 0.240 support level. The price even spiked below the USD 0.235 support before the bulls appeared near the USD 0.232 level. It is currently recovering higher, but the USD 0.240 level might act as a resistance. On the downside, the USD 0.235 and USD 0.232 levels are important supports.
Other altcoins market today
In the past few hours, many altcoins declined over 8%, including AMPL, OCEAN, RSR, DGB, SNX, NXM, UNI, BAND, FTT, FIL, QNT, NEAR, LRC, and ALGO. Conversely, ABBC was able to recover and it gained nearly 8%.
To sum up, bitcoin seems to be stable above the USD 13,200 and USD 13,000 support levels. However, BTC must gain strength above USD 13,500 to start a strong increase. On the other hand, there is a risk of more losses in ETH, XRP, LTC, LINK, and BCH.