Altcoins, Bitcoin, Cryptocurrency

Crypto Market Update 12/18: Coins are holding the fort

Bitcoin is consolidating over USD 22,500, with hints of more upsides. Ethereum soars to USD 675 before correcting lower, XRP is correcting gains under USD 0.600. While Litecoin gained over 15%, and it is now trading higher at USD 105.

After a solid upward move, Bitcoin set a new all-time high near USD 23,700. Lately, BTC corrected lower and traded under the USD 23,000 level. BTC is currently (05:00 UTC) consolidating gains, and it could rise once again towards USD 23,500.

Similarly, most significant altcoins corrected lower after a strong surge, including ethereum, XRP, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD traded as high as USD 675 before it corrected below USD 650. XRP/USD is also correcting gains under USD 0.600, but it remains well supported. LTC/USD outperformed, and it is now trading higher at USD 105.00.

Total Market Capitalization

Source: www.tradingview.com

Bitcoin Price

There was an upside extension over USD 23,000 in Bitcoin before it faced obstacles. BTC traded to a new all-time high near USD 23,700 before it started a downside correction. Bitcoin broke the USD 23,000 support, and it even spiked below USD 22,500. BTC is now moving higher, and it could start a new increase if there is a proper close above USD 23,200.

On the downside, initial support is near the USD 22,500 level. The primary support is now forming near USD 22,200, below which BTC might correct substantially.

Ethereum Price

Ethereum (ETH) climbed above the USD 650 resistance and traded to a new multi-month high near USD 675. ETH corrected lower and traded below the USD 650 level. On the downside, the USD 630 zone is acting as a decent support. Any more losses might lead ETH towards USD 620.

On the upside, the USD 650 level is short-term resistance. If Ether breaks the USD 650 pivot level, it could revisit the USD 675 zone.

Bitcoin Cash, Litecoin, and XRP Price

Bitcoin Cash settled above the USD 300 pivot level. BCH even spiked above the USD 330 level, and it is consolidating gains above USD 310. The primary support is now forming near the USD 300 level. On the upside, there is a significant hurdle forming for the bulls near the USD 330 level.

Litecoin (LTC) outperformed the most significant altcoins in the past few hours, and it rallied over 15%. LTC settled above USD 100.00, and it even spiked above USD 110.00. The current LTC action suggests chances of more upsides above the USD 112.00 and USD 115.00 levels. If there is a downside correction, the USD 100.00 level might provide support.

Ripple (XRP) surged above the USD 0.600 and USD 0.620 levels. It even spiked above USD 0.650 before correcting lower sharply. Ripple is trading below USD 0.600, with many supports near USD 0.565. The primary support is forming near the USD 0.550 level. On the upside, the USD 0.620 level is a crucial pivot zone.

Other Alts Market Today

A few alts gained over 5% in the past few hours, comprising ABBC, ZEC, UNI, ZIL, CHSB, and SNX. Conversely, REN, NANO, QNT, and WAVES are exhibiting a few bearish signs.

In summary, Bitcoin is compounding gains over USD 22,500 and USD 22,200. There can be more downsides, but the bulls might remain active over USD 20,000 in the near term.

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