Bitcoin Primed for More Gains Whereas Altcoins Bleed
After yesterday’s rise, bitcoin price extended gains above the USD 12,500 and USD 12,800 resistance levels. BTC/USD even broke the USD 13,000 resistance and traded close to the USD 13,150 level. On the other hand, most major altcoins, including ethereum, ripple, bitcoin cash, EOS, litecoin, and binance coin remained in a bearish zone. ETH/USD struggled to clear the USD 320 resistance area and recently declined below USD 310. Besides, XRP/USD trimmed yesterday’s gains and settled below the key USD 0.400 support level. It seems like bitcoin remains well supported on dips, but altcoins may struggle in the short term.
Total market capitalization
Recently, there was a minor downside correction in bitcoin price , but the USD 12,200 level acted as a strong support. As a result, BTC/USD started a fresh increase and broke the USD 12,500 and USD 12,800 resistance levels. The upward move such that the price traded to a new weekly high close to USD 13,150.
It is currently (11:10 UTC) correcting gains below USD 13,000, with an initial support near the USD 12,800 level. If there is a downside extension, the price may well test the USD 12,550 support area. On the upside, an initial resistance is at USD 13,100, followed by USD 13,450.
Ethereum price struggled once again to extend gains above USD 318 and USD 320. As a result, ETH/USD trimmed gains and traded below the USD 310 support area. The next key support is near the USD 305 level, below which it could even test the USD 300 level.
On the upside, the key resistance levels are USD 315, USD 318 and USD 320. A successful close above USD 320 could push the price towards USD 340.
Bitcoin cash, eos and ripple price
Bitcoin cash price spiked above the USD 420 level, but it struggled to gain traction above USD 425. BCH/USD is currently down 2% and is trading near the USD 412 level. On the downside, the main supports are near USD 405 and USD 400. To start a strong upward move, the price must clear the USD 425 resistance area.
EOS failed to remain above the USD 6.000 pivot level and recently trimmed most it gains. There was a break below the USD 5.900 support, opening the doors for a test of the USD 5.800 support area. If there are more losses, the price may revisit USD 5.720.
Ripple price failed to continue above USD 0.405 and recently declined below the USD 0.400 support area. XRP/USD is currently trading near USD 0.392, below which the next supports are USD 0.390 and USD 0.388. On the upside, the main resistances are USD 0.400 and USD 0.405.
Other altcoins market today
Despite bearish moves in ethereum and ripple, a few small cap altcoins gained more than 6%, including REN, WTC, XMX, EGT, REP, BTG and CRO. Out of these, REN surged more than 28% and WTC rallied nearly 21%.
Overall, bitcoin price is trading in an uptrend above the USD 12,550 and USD 12,000 supports. Therefore, there could be more upsides in BTC/USD above USD 13,000. However, most major altcoins may continue to face selling pressure.
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