Bitcoin Rallies, Altcoins Struggle To Follow
In the past three sessions, there was a strong bullish momentum in bitcoin price above the USD 14,000 resistance. BTC surged over 8% and it even broke the USD 14,500 and USD 14,800 resistance levels. The price traded close to USD 15,000 and it is currently (13:00 UTC) showing no signs of exhaustion.
On the other hand, most major altcoins struggle to follow bitcoin, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD is consolidating above USD 400 and it is facing a strong resistance near USD 405. XRP/USD failed to clear the USD 0.240 resistance, but it is still above the USD 0.235 support.
Total market capitalization
It’s not clear whether the US election alone sparked a sharp rise in bitcoin price above the USD 14,000 resistance. BTC gained bullish momentum and it surged above the USD 14,500 and USD 14,800 resistance levels. BTC even spiked above USD 14,920 and traded close to the USD 15,000 level.
It is currently consolidating and it seems like the bulls might aim for a break above the USD 15,000 resistance. If they succeed, there are chances of a move towards USD 15,400.
Ethereum price started a short-term downside correction after it failed to settle above USD 405. However, dips were limited in ETH and the price is currently consolidating in a range. On the upside, it must clear USD 405 and USD 408 for a sustained upward move.
An initial support on the downside is near the USD 400 level, below which the price could slide towards the USD 395 support or even USD 392.
Bitcoin cash, chainlink and XRP price
Bitcoin cash price is trading in a range above the USD 240 level. BCH is struggling to clear the USD 245 resistance. A clear break above USD 245 might open the doors for a decent increase towards the USD 255 and USD 260 levels. Conversely, the price could dive below USD 240 and retest USD 235.
Chainlink (LINK) failed to clear the USD 10.50 and USD 10.60 resistance levels. It seems like the recent rally in bitcoin sparked selling pressure. The price is back below USD 10.20 and it could soon retest USD 10.00. Any more losses could start a sharp decline towards the USD 9.50 support level.
XRP price failed to surpass the USD 0.240 resistance levels and corrected lower. The price is trading below USD 0.238 level and it might continue to move down towards the USD 0.235 support. To start a strong increase, the bulls need to gain strength above the USD 0.240 resistance level. The next major resistance is seen near the USD 0.245 level.
Other altcoins market today
In the past few hours, many altcoins climbed over 5%, including HEDG, CEL, NEAR, EWT, WBTC, WAVES, ENJ, RSR, GNT, LTC, IOTX, CVT, and OCEAN. Conversely, UNI, YFI, ABBC, and XRM are down more than 5%.
To sum up, bitcoin is surging and it is approaching the USD 15,000 resistance. A clear break above USD 15,000 could lift BTC towards the USD 15,400 and USD 15,500 in the coming sessions. If there is a downside correction, the price might find support near USD 14,500.
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