Bitcoin is still grappling to gain bullish momentum beyond USD 19,500. Ethereum is enduring the critical USD 600 support, XRP is concentrating above USD 0.600. While the Alts – XMR, XEM, VET, and AAVE are up more than 5%.
Recently, Bitcoin made a missed attempt to gain strength beyond the USD 19,500 resistance. BTC bulls fought to keep the momentum moving, following in a short-term downside correction under USD 19,350. The price is currently (05:00 UTC) trading well beyond USD 19,000, and it appears to be preparing for the next crucial move.
There was a minor downside correction in most significant altcoins, including Ethereum, XRP, LTC, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD corrected lower from USD 625, but it is still holding the USD 600 support. XRP/USD failed to surpass USD 0.635, but it might remain stable above USD 0.600.
Total Market Capitalization
Bitcoin Price
There was a spike in bitcoin above the USD 19,500 resistance level. BTC failed to extend gains and corrected below USD 19,400. Initial support on the downside is near the USD 19,200 zone. The primary support is forming near the USD 19,000 level, below which there is a risk of a more considerable decline towards the USD 18,500 and USD 18,200 levels.
On the upside, the USD 19,500 and USD 19,520 levels are critical breakout zones. A close above USD 19,520 could increase the chances of a move towards the critical USD 20,000 barrier.
Ethereum Price
Ethereum soared beyond the USD 612 and USD 615 levels before it faced sellers near the USD 625 level. ETH corrected lower below the USD 612 level. Despite that, the bulls are protecting the critical USD 600 support zone.
If there is a downside break below the USD 600 support, there is a risk of moving towards the USD 580 and USD 575 levels. The price could remain stable above USD 600, and it might start afresh increase towards the USD 620 level.
Bitcoin Cash, Litecoin, and XRP Price
Bitcoin Cash is moving below, and it recently traded under the USD 290 support. It has opened the doors for more losses, and BCH could even visit the USD 280 support level. The next critical support sits near the USD 270 level. If there is a new increase, the bears might remain active near USD 298 and USD 300.
Litecoin (LTC) is struggling to clear the USD 90.00 and USD 91.00 resistance levels. LTC is slowly moving lower, and it is trading below USD 88.50. Immediate support is at USD 86.50, below which the price might decline towards the USD 83.20 support.
XRP failed to exceed the USD 0.635 resistance, and it declined below the USD 0.620 support. The price is moving lower, and it could retest the USD 0.605 level. The primary breakdown support is still near the USD 0.600 level, below which the bulls might face intense selling pressure.
Other Altcoins Market Today
There was no notable move in any altcoin except XEM, ZIL, XMR, VET, AAVE, BAND, and QNT, showing positive signs in the past few hours. Out of these, XEM is up over 7%, and it is trading above the USD 0.220 level.
In summary, Bitcoin might be brewing for the next significant move either above USD 19,500 or below USD 19,000. If BTC continues to face rejections near USD 19,500 and USD 19,800, there are chances of an explicit decline in the near term.
No Comment