Bitcoin Consolidating above USD 11,000, Altcoins Stable
Bitcoin was not able to settle above the USD 11,500 level yesterday and declined a few points. It seems like a consolidation phase is underway with support on the downside at USD 11,000. Neo price was under pressure today as it declined roughly 5% to USD 112. On the other hand, other altcoins were stable and there were a few coins which registered 5-8% intraday gains.
Bitcoin price is currently down 2.4% to USD 11,278. It seems like BTC/USD is consolidating gains above the USD 11,000 support and is preparing for the next move.
On the upside, the pair has to break the USD 11,500 resistance to challenge the next hurdle at USD 12,000. On the downside, the USD 11,000 support level holds a lot of importance. Should there be a break below the USD 11,000 support, the price may retest the USD 10,600 support.
Ethereum was under a minor bearish pressure during the past few sessions. ETH/USD declined below the USD 850 support, but the USD 835 level acted as a decent buy zone.
The pair is currently trading 2.5% down to USD 847. It must break the USD 850 and 860 resistance levels to recover substantially. A failure to hold the USD 835 support may perhaps push the price back towards USD 800.
Bitcoin Cash and Ripple
Bitcoin cash is also consolidating above the USD 1,220 support. It is currently down 3% to USD 1,246. BCH/USD must clear sell offers near the USD 1,280 level to continue its upside move.
Ripple trimmed most of its yesterday’s gains and moved back below the USD 1.00 support. XRP/USD is still supported above the USD 0.9400 level and the pair may bounce back soon.
Other Altcoins Market Today
Today’s best performer so far is Waltonchain, the internet-of-things blockchain project. WTC price gains around 10% today and traded above the USD 20 resistance. The recent move mostly seems to be technical and it may extend further if the price stays above the USD 20 level.
To sum up, it seems like a short-term range pattern is underway. However, there are a few bearish signs emerging as well. Therefore, bitcoin price must stay above the USD 11,000 support to avoid further downsides in the near term.