Bitcoin Extending Gains While Altcoins Consolidate
In the past few sessions, bitcoin price climbed higher above the USD 11,200 and USD 11,500 resistance levels. The upward move was such that BTC/USD even tested the USD 12,000 resistance. It is currently (08:10 UTC) correcting gains and likely to find support near USD 11,500 or USD 11,250. Conversely, there were mostly range moves in major altcoins, including ethereum, ripple, bitcoin cash, EOS and litecoin. ETH/USD struggled to clear the USD 300 resistance and it is currently trading below USD 295. XRP/USD settled above USD 0.400, but it facing many hurdles near USD 0.408 and USD 0.410.
Total market capitalization
After yesterday’s rally, bitcoin price settled above the key USD 11,000 and USD 11,200 resistance levels. BTC/USD even traded above the USD 11,500 level and recently tested the USD 12,000 barrier. It failed to continue above USD 12,000 and recently started a downside correction.
There was a break below the USD 11,800 support and the price is currently trading above the USD 11,500 support level. If there are more losses, the price might test the USD 11,200 support area. On the upside, an initial resistance is at USD 11,800, followed by USD 12,000 and USD 12,250.
Ethereum price struggled to clear the USD 300 resistance and recently declined below the USD 296 and USD 295 support levels. ETH/USD is currently trading near USD 293 and it could test the USD 292 or USD 290 support.
On the upside, the USD 298 and USD 300 levels are important resistances, above which the price is likely to accelerate above the USD 305 level. The next key resistance is near USD 312.
Bitcoin cash, eos and ripple price
Bitcoin cash price managed to settle above USD 400 and it is currently trading above the USD 410 resistance. If BCH/USD clears the USD 420 resistance, it could start a decent upward move towards the USD 442 and USD 445 levels. On the downside, the main support is near the USD 400 handle.
EOS made another attempt to surpass the USD 6.000 resistance level, but it failed to settle above USD 6.000. The price is currently trading near USD 5.900 and it could rise again. Once there is a daily close above USD 6.000 and USD 6.100, there could be a strong rise towards the USD 6.400 level.
Ripple price is currently consolidating above the USD 0.400 support, but it remains at a risk of more losses below USD 0.395 and USD 0.392. On the upside, there are many resistances for the bulls near the USD 0.405 and USD 0.412.
Other altcoins market today
In the past three sessions, a few small cap altcoins climbed higher and gained more than 8%, including GRIN, CRO, LAMB, NRG, XTZ, HC, NULS and RVN. Out of these, GRIN is up around 23% and CRO rallied nearly 16%.
Overall, bitcoin is trading in an uptrend above USD 11,200 and USD 11,500. Having said that, it won’t be easy for BTC/USD to surpass the USD 12,000 resistance level in the coming sessions. Therefore, there could be a downside correction towards USD 11,200 or even USD 11,000.
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