Bitcoin and Altcoins Consolidate Losses Above Key Supports
Bitcoin price started a corrective decrease below the USD 12,200 and USD 12,000 support levels. The price is currently (08:30 UTC) consolidating above the USD 11,550 support. To start a fresh increase, the price must surpass the USD 11,850 and USD 12,000 resistance levels.
Similarly, most major altcoins corrected lower and are currently consolidating losses above key supports, including ethereum, XRP, litecoin, bitcoin cash, EOS, TRX, XLM, LINK, and ADA. ETH/USD spiked below the USD 400 level but managed to recover higher. XRP/USD extended its decline and tested the key uptrend support near USD 0.280.
Total market capitalization
After a bearish close below USD 12,000, bitcoin price extended its decline. BTC traded below the USD 11,650 support level, but it stayed above the USD 11,550 support. The price is currently consolidating losses and it might continue to hold the USD 11,550 support. Any further losses could lead the price towards USD 11,200.
On the upside, the price might start a fresh increase if it clears the USD 11,850 and USD 12,000 resistance levels in the near term.
Ethereum price spiked below the USD 400 and USD 398 support levels. However, ETH recovered above USD 400, but it is facing a lot of hurdles. An initial resistance is near the USD 408 level, followed by USD 412. The main hurdle is still near the USD 420 level.
If there is a bearish close below the USD 400 support, the price might extend its losses towards the USD 385 support level.
Bitcoin cash, chainlink and XRP price
Bitcoin cash price is down 2% and it settled below the USD 300 support. BCH is currently trading above the USD 285 support, below which the bears are likely to aim a larger decline towards the USD 262 and USD 260 levels. On the upside, previous supports near USD 300 and USD 305 could act as pivots in the coming sessions.
Chainlink (LINK) is currently consolidating above the USD 16.20 and USD 16.00 support levels. To start a decent upward move, the price must surpass the USD 16.80 and USD 17.00 resistance levels. Conversely, there is a risk of an extended decline below the USD 16.00 support. The next set of supports might be near USD 15.00 or USD 14.65.
XRP price dived below the USD 0.288 and USD 0.285 support levels. It tested the USD 0.280 support and it is now back above USD 0.285. On the upside, the bulls are facing a major resistance near USD 0.291 and USD 0.292. A successful close above USD 0.292 is likely to open the doors for a break above USD 0.300.
Other altcoins market today
In the past three sessions, a few small altcoins gained over 8%, including OMG, UTK, ALGO, YFI, QTUM, SNX, LEND, and STX. Conversely, BAL, and LUNA declined more than 10%.
To sum up, the bitcoin price is consolidating losses above the main USD 11,550 support. BTC could continue to trade in a range. Finally, it might either spike above USD 12,000 or extend its decline towards the USD 11,200 support level in the short term.
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