Bitcoin and Altcoins Dip Remains Attractive To Buyers
After a decent recovery wave, bitcoin price struggled to continue above USD 10,500. As a result, BTC corrected lower, but the bulls defended the USD 10,200 support. The price is currently (08:30 UTC) rising and it seems like the bulls might attempt another break above the USD 10,550 and USD 10,600 levels.
Most major altcoins are trading above key supports and facing many major hurdles, including ethereum, XRP, litecoin, bitcoin cash, EOS, ADA, TRX, and XLM. BNB outperformed most major altcoins and it rallied to clear the USD 30.00 resistance. ETH/USD is struggling to gain bullish momentum above the USD 375 and USD 380 resistance levels. XRP/USD is trading above the USD 0.240 support, but it might struggle near USD 0.255.
Total market capitalization
After tagging the USD 10,550 area, bitcoin price retreated lower. However, the bulls were able to protect the USD 10,200 support. The price remained well supported and it is currently trading near USD 10,400. The first major resistance is near the USD 10,500 and USD 10,550 levels. The main weekly resistance is USD 11,000, above which there are chances of a steady increase.
If bitcoin fails to clear the USD 10,550 resistance, it might dive below the USD 10,200 support. In this case, the price could even break the USD 9,850 support.
Ethereum price is trading above USD 350 and USD 360 support levels. Having said that, the bulls are struggling to gain strength above the USD 375 and USD 380 resistance levels. The key breakout resistance is still near the USD 400 level.
An initial support on the downside is near the USD 360 level. The main support is near USD 350, below which the price could decline sharply towards USD 320.
Bitcoin cash, chainlink and XRP price
Bitcoin cash price is facing an uphill task near the USD 230 level. BCH is currently stuck in a range above the USD 220 support and below the USD 230 level. If there is an upside break above USD 230, the price might rise towards USD 250 or even USD 255. Conversely, there is a risk of a drop towards USD 200.
Chainlink (LINK) is struggling to stay above the USD 11.80 and USD 12.00 levels. If it continues to decline, there is a risk of a sharp decline towards the USD 10.20 support level. On the upside, the price might face a strong selling interest near USD 12.80 and USD 13.00.
XRP price is trading above USD 0.238 and USD 0.240 support levels. It is currently testing the USD 0.245 resistance and it seems like it could continue to rise. The main weekly hurdle for a sustained upward move is at USD 0.255. The next key resistance is near the USD 0.268 level.
Other altcoins market today
In the past three sessions, a few altcoins declined over 8%, including IOST, RUNE, NXM, SNX, OCEAN, STX, SXP, LEND, COMP, and SUSHI. Out of these, IOST is down 20% and RUNE declined close to 15%.
Overall, bitcoin price is trading in a range above the USD 10,000 and USD 10,200 support levels. If BTC settles above USD 10,500 and USD 10,550, there could be a steady recovery towards USD 11,000.
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