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After a strong upward movement towards USD 13,700, the bitcoin price failed to continue rising. BTC was corrected to the downside and traded below the USD 13,500 support level. The price is currently consolidating (13:00 UTC) above the USD 13,200 support and appears to be preparing for the next move.
Conversely, there were more disadvantages to most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH / USD traded below the USD 382 and USD 380 support levels. XRP / USD also extended its decline and traded below the USD 0.240 support zone.
Total market capitalization
Bitcoin price
Over the past two sessions, the bitcoin price has remained stable above the USD 13,200 support zone. On the upside, the USD 13,450 and USD 13,500 levels act as obstacles. A positive close above the USD 13,500 level is needed to initiate a strong rally in the coming sessions. The next key hurdle is near the USD 13,700 and USD 13,750 levels.
On the downside, the USD 13,200 level is a decent support, below which bears could attempt a bearish break below the USD 13,000 support.
Ethereum price
Ethereum’s price extended its decline after stabilizing below the USD 388 and USD 385 levels. ETH broke the USD 382 and USD 380 support levels to move further into a bearish zone. It is currently recovering, but the previous support near USD 385 could act as a resistance in the short term.
On the downside, the USD 375 level is decent support. However, the main support is near the USD 366 and USD 365 levels.
Bitcoin cash, chainlink and XRP price
The bitcoin cash price failed to break out of the USD 270 resistance level. As a result, there was a bearish reaction below the USD 265 and USD 260 levels. BCH currently holds the USD 255 support, below which the price could test the USD 250 support level in the short term.
Chainlink (LINK) appears to be following a bearish path below the USD 11.50 and USD 11.20 support levels. The price is now trading near the USD 11.00 level. A positive close below USD 11.00 and USD 10.95 could open the door for further losses. The next key support is near the USD 10.65 and USD 10.50 levels.
The XRP price began a sharp decline below the USD 0.240 support level. The price even climbed below the USD 0.235 support before the bulls appeared near the USD 0.232 level. It is currently recovering higher but the USD 0.240 level could act as a resistance. On the downside, the USD 0.235 and USD 0.232 levels are important supports.
More altcoin markets today
In the past few hours, many altcoins have fallen by more than 8%, including AMPL, OCEAN, RSR, DGB, SNX, NXM, UNI, BAND, FTT, FIL, QNT, NEAR, LRC, and ALGO. On the contrary, ABBC managed to bounce back and gained nearly 8%.
To sum it up, bitcoin appears to be stable above the USD 13,200 and USD 13,000 support levels. However, BTC must gain strength above USD 13,500 to initiate a strong rise. On the other hand, there is the risk of higher losses in ETH, XRP, LTC, LINK and BCH.
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