Bitcoin and Altcoins at a Potential Turning Point
Bitcoin price failed to clear the USD 10,500 resistance and it retreated lower. BTC is currently (08:30 UTC) trading above the USD 10,200 support and it could bounce back in the near term. To start a convincing upward move, the price must gain bullish momentum above USD 10,500.
Similarly, most major altcoins struggled to continue higher and are testing key supports, including ethereum, XRP, litecoin, bitcoin cash, EOS, XLM, LINK, BNB, TRX, and ADA. ETH/USD is holding the key USD 360 support zone and it might bounce back in the near term. XRP/USD corrected lower below USD 0.242, but the bulls are protecting the USD 0.238 support.
Total market capitalization
After trading close to USD 10,500, bitcoin price started a downside correction. BTC traded below USD 10,350, but it remained well bid near the USD 10,200 support. As long as the price is trading above USD 10,200, it might revisit the USD 10,400 and USD 10,500 resistance levels.
Conversely, a downside break below the USD 10,200 support may perhaps push the price towards the main breakdown support at USD 10,000 and USD 9,850.
Ethereum price declined below USD 365, but it found support near USD 360 and USD 355. ETH is currently trading above USD 360, but the bulls need to clear the USD 370 resistance convincingly to start a steady increase. The next key resistance is near USD 380.
On the downside, there are two important supports near USD 360 and USD 350. A close below the USD 350 support may perhaps increase bearish pressure and the price could decline towards USD 330.
Bitcoin cash, chainlink and XRP price
Bitcoin cash price is stuck in a range above the USD 220 and USD 218 support levels. BCH is facing a significant resistance near the USD 230 level. A clear break above the USD 230 resistance might accelerate the rise. In this case, the price might climb towards the USD 250 resistance.
Chainlink (LINK) is consolidating above the USD 12.00 and USD 12.20 support levels. The main breakout zone is near USD 13.00, above which the bulls might gain strength. The next target for them could be USD 14.20 or even USD 15.00. On the other hand, a clear break below USD 12.00 could lead the price towards the USD 10.80 support.
XRP price is down over 2% and it failed to stay above the USD 0.242 support. The price is currently holding the USD 0.238 support, below which there is a risk of a larger decline. On the upside, the price could gain strength if it clears the USD 0.242 and USD 0.245 levels.
Other altcoins market today
In the past three sessions, a few altcoins gained over 5%, including CEL, STORJ, IOST, ONT, GNT, YFI, ZRX, ICX, LRC, NEO, MANA, YFII, and ZB. Out of these, CEL and STORJ rallied more than 15%.
Overall, bitcoin is holding a couple of important supports near USD 10,200 and USD 10,000. If BTC stays above USD 10,000 before the week ends, there are chances of a break above the USD 10,500 resistance.
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