Bitcoin and Altcoins Remain In Uptrend Despite Setbacks
This past week, there was a significant upward move in bitcoin price above the USD 11,000 and USD 11,500 resistance levels. BTC even spiked above USD 12,000 before correcting lower sharply. It is currently (08:30 UTC) trading above the USD 11,000 level and it seems like the bulls are aiming an upward move towards USD 11,500 or USD 11,800.
Similarly, most major altcoins are trading in a positive zone despite the recent crash, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is back above USD 380, but it must surpass USD 400 for upside continuation. XRP/USD is gaining strength and it might accelerate higher above USD 0.300 and USD 0.305.
Total market capitalization
After a sharp increase above USD 12,000, bitcoin price struggled to clear the USD 12,200 resistance zone. There was a sharp decline in BTC, and the price dropped more than USD 1,200. The price even spiked below USD 10,800 before starting a fresh increase. It is now trading above USD 11,200, with an immediate resistance at USD 11,350.
The main weekly resistance is forming near USD 11,500, above which the price might revisit the USD 12,000 level. On the downside, the USD 10,800 level is a major support, followed by USD 10,550 (the last week’s breakout zone).
Ethereum price is trading in an uptrend above USD 350 and USD 370 level. ETH broke the USD 380 resistance and it seems like the bulls are once again aiming a break above the USD 400 level in the near term. If they succeed, the price could surge towards USD 425.
The main weekly support seems to be forming near the USD 350 level, below which the price might decline towards the USD 330 support.
Bitcoin cash, ADA and XRP price
Bitcoin cash price is back below USD 300 and it is trading near USD 290. The next major support is near the USD 280 level, below which it could retest the USD 265 support. On the upside, the main hurdle is near USD 300. Any further gains could lead BCH towards the USD 320 level.
ADA struggled to settle above the USD 0.150 resistance and it seems to be trading in a broad range above the USD 0.130 support. On the upside, the price must settle above USD 0.150 to start a sustained upward move towards the USD 0.165 and USD 0.170 levels.
XRP price surged towards USD 0.320 this past week before dropping back to USD 0.250. It is rising again and trading near USD 0.300. A successful break above the USD 0.302 and USD 0.305 levels may perhaps start a fresh surge towards the USD 0.320 level. On the downside, the main support might be forming near USD 0.285.
Other altcoins market today
In the past three sessions, many small-capitalization altcoins are up over 8%, including MCO, REN, OCEAN, SXP, LUNA, FXC, AOA, BNT, LRC, RUNE, HEDG, and SNX. Conversely, TMTG, AMPL, and QNT are down more than 10%.
To sum up, bitcoin price is still trading in a positive zone above USD 10,800 and USD 11,000. The price action is still bullish and it seems like BTC might rise once again towards USD 12,000 in the coming sessions unless it breaks USD 10,550.
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