Bitcoin Struggles Near USD 11,000, Altcoins Showing Positive Signs
Bitcoin price moved into a positive zone after it settled above the USD 10,550 inflection zone. BTC even broke the USD 10,800 resistance level and it is currently (08:30 UTC) struggling to clear the key USD 11,000 resistance zone. A clear break above USD 11,000 could start a fresh rally towards USD 11,500.
Besides, there were positive moves in most major altcoins, including ethereum, XRP, litecoin, bitcoin cash, EOS, ADA, TRX, BNB, and XLM. ETH/USD is now trading above USD 350, but it facing hurdles near USD 360. XRP/USD settled above USD 0.240 and the bulls seem to be eyeing a break above USD 0.245 and USD 0.250.
Total market capitalization
After a proper close above USD 10,550, bitcoin price extended its rise above USD 10,800 and USD 10,900. However, BTC is still facing a significant resistance near USD 11,000. A successful daily close above the USD 11,000 level could increase the chances of a fresh increase above the USD 11,200 resistance. The next key resistance is seen near the USD 11,500 level.
Conversely, if there is no clear break above USD 11,000, the price might correct lower. The main weekly support is near USD 10,550, below which the bears could aim a test of the USD 10,000 support.
Ethereum price is trading in a positive zone above the USD 350 pivot level. ETH even surpassed the USD 355 resistance, but it is now struggling to gain momentum above USD 360 and USD 362. A clear break above USD 362 might open the doors for an increase to USD 380.
On the downside, the price might find bids near the USD 350 level. The main weekly support is now forming near the USD 335 level.
Bitcoin cash, chainlink and XRP price
Bitcoin cash price remained well bid above the USD 205 and USD 200 support levels. As a result, BCH started a strong increase above the USD 215 level. It is up over 5% today and it broke the USD 225 resistance. The bulls seem to be targeting the USD 235 and USD 240 resistance levels.
Chainlink (LINK) started a strong recovery above USD 8.50 and it even settled above the USD 10.00 resistance. The price is now trading above USD 10.50 and facing an immediate resistance at USD 11.00. A close above USD 11.00 and USD 11.20 might open the doors for a larger increase in the coming sessions.
XRP price is showing positive signs and it recently settled above the USD 0.240 resistance. The price is now trading above USD 0.242, with an immediate hurdle near USD 0.245. The key hurdle for the bulls is near USD 0.250, above which there are high chances of a sustained upward move towards USD 0.262.
Other altcoins market today
In the past three sessions, a few altcoins gained over 5%, including AR, SXP, CVT, OMG, THETA, NANO, HEDG, ADA, ATOM, and EWT. Conversely, ABBC, YFII, YFI, LRC, and RSR are down over 8%.
Overall, bitcoin price is recovering above USD 10,550 and USD 10,750. Having said that, the bulls are still facing two key hurdles near USD 11,000 and USD 11,200. If there is no upside break above USD 11,000, the price might trim gains and revisit USD 10,200.
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