Bitcoin Consolidates Gains While Ethereum, Altcoin Bulls Take Over
After a sharp rally towards the USD 16,000 zone, bitcoin price faced sellers. As a result, BTC started a downside correction below USD 15,750 and USD 15,600. The price is currently (13:00 UTC) consolidating gains above the USD 15,350 and USD 15,200 support levels.
Also, most major altcoins gained bullish momentum during bitcoin’s correction, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD is up over 10% and it even spiked above the USD 245 resistance. XRP/USD gained bullish momentum after it settled above USD 0.250 and traded close to USD 0.260.
Total market capitalization
After trading close to USD 16,000 bitcoin price started a downside correction. It traded below the USD 15,750 support and even moved below the USD 15,550 level. However, it is holding the USD 15,350 support zone. The next major support is near USD 15,200, below which the bulls might defend the USD 15,000 support zone.
On the upside, an initial resistance is near the USD 15,650 level, but the first key resistance is near the USD 15,750 level. A clear break above USD 15,750 might call for a test of the USD 16,000 level.
Ethereum price started a strong rally above the USD 425 and USD 430 resistance levels. ETH even surpassed the USD 440 level and spiked above USD 445. The current price action suggests that the price could make an attempt to rise above the USD 450 resistance.
If there is a downside correction, the 435 level is an initial support. The first key support is forming near the USD 430 level, below which ether might test USD 420.
Bitcoin cash, chainlink and XRP price
Bitcoin cash price gained 5% and it broke the USD 250 resistance. BCH is trading above USD 255 and it seems like there could be more upsides towards the USD 260 and USD 265 levels. The next major resistance for the bulls is near the USD 280 level. Conversely, dips towards the USD 240 level might remain supported.
Chainlink (LINK) extended its recovery wave above the USD 11.00 and USD 11.20 resistance levels. The price is now trading above USD 11.40 and it might continue higher above USD 11.50. The next major stop for the bulls could be USD 11.80 or USD 12.00. On the downside, the USD 11.00 and USD 10.80 levels are decent supports.
XRP price started a strong rise above the USD 0.250 resistance level. The price is up close to 10% and it surged above USD 0.255. It traded close to USD 0.260 and currently correcting gains. However, the USD 0.252 and USD 0.250 levels might act as strong buy zones in the coming sessions.
Other altcoins market today
In the past few hours, a few altcoins rallied over 20%, including AAVE, UNI, RSR, SNX, MANA, YFI, BAND, REN, and GNT. Out of these, AAVE gained over 35% and it broke the USD 35.00 resistance.
To sum up, bitcoin price corrected gains and it is currently consolidating above USD 15,350. It might remain in a range for some time before the next move. Meanwhile, altcoins such as ETH and XRP might increase further.
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