Altcoins, Bitcoin, Cryptocurrency

Crypto Market Update: Can the key breach the resistance?

Bitcoin gained over USD 19,000, but it is still striving to clear USD 19,500 level. While on the flip side, Ethereum encountered resistance near USD 595, XRP struggles to stay above the USD 0.500 support. XLM rallied over 10%, and it climbed above USD 0.172.

There was a visible upward move in BTC above the USD 18,500 and USD 19,000 resistance levels. BTC even breached the USD 19,200 resistance, but it struggled near the main USD 19,450 and USD 19,500 resistance levels. BTC is currently (05:00 UTC) correcting lower, with supports near USD 19,000 and USD 18,800.

The most significant altcoins faced sellers near key uptrend resistance, including Ethereum, XRP, Litecoin, EOS, XLM, LINK, BNB, TRX, Bitcoin Cash, and ADA. ETH/USD failed to surpass the main USD 595 and USD 600 resistance levels. XRP/USD is trading below USD 0.520, and it remains at a risk of a drop below the USD 0.500 support.

Total Market Capitalization

Bitcoin Price

After an even the decline, Bitcoin (BTC) gained support near the USD 17,650 zone. As an outcome, there was a sharp comeback in BTC, and it climbed above the USD 18,500 and USD 19,000 resistance levels. BTC even gained pace above the USD 19,200 level, but there was no break above the USD 19,450 and USD 19,500 resistance levels (a multi-touch zone).

BTC is currently adjusting gains and trading below USD 19,250. Initial support is near the USD 19,000 level. The primary weekly support seems to be forming near the USD 18,500 level.

Ethereum Price

Ethereum (ETH) followed bitcoin as well. ETH climbed higher above the USD 570 and USD 580 resistance levels. Although, ETH struggled to clear the critical USD 595 and USD 600 weekly resistance levels. It is trimming gains and trading near the USD 585 level.

The first critical support is near the USD 580 level. The primary weekly support is now forming near the USD 565 level, below which ether could revisit the USD 550 support.

Bitcoin Cash, Litecoin and XRP Price

Bitcoin Cash (BCH) finally broke the USD 270 resistance level. BCH even spiked above the USD 280 resistance, but it failed to hold gains. There was a fresh bearish reaction, and BCH is now approaching the USD 270 support. Any more losses could lead BCH back towards the USD 260 support.

Litecoin (LTC) is up over 5%, and it broke the critical USD 78.80 and USD 80.00 resistance levels. LTC also traded close to the USD 85.00 level before correcting gains. LTC is moving lower, but the last hurdle near USD 78.80 may be a strong support zone.

Ripple (XRP) missed following Bitcoin and Ethereum. It continued capped near the USD 0.535 zone. XRP is now trading well below the USD 0.520 level. Immediate support is near USD 0.500, below which XRP could dive towards the weekly support at USD 0.480. On the upside, XRP must gain momentum above USD 0.520 and then surpass USD 0.535.

Other Altcoins Market Today

Some altcoins gained over 5% in the past few hours, including XLM, UNI, XMR, AAVE, ENJ, MIOTA, OCEAN, LINK, ADA, and FTT. Out of these, XLM outperformed, and it might continue to rise above USD 0.175.

To summarize, Bitcoin is back in a positive zone above USD 18,500 and USD 19,000. BTC must surpass the USD 19,500 resistance to increase the chances of a break above USD 20,000. If not, it could move lower in a range towards USD 18,500 or even USD 18,000.

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