Bitcoin price extended its upward move above the USD 11,800 resistance. BTC even climbed above USD 12,000 before starting a downside correction. It is currently (08:30 UTC) trading above USD 11,650, but the main support is near the USD 11,550 level.
Similarly, most major altcoins are correcting lower after a strong increase, including ethereum, XRP, litecoin, bitcoin cash, EOS, TRX, XLM, LINK, and ADA. ETH/USD surged close to the USD 490 level before retreating lower below USD 280. Likewise, XRP/USD spiked above USD 0.300 before diving below the USD 0.295 support.
Total market capitalization
After an upside extension, bitcoin price failed to stay above the USD 12,000 resistance. BTC started a downside correction and traded below the USD 11,850 support. It is declining towards the USD 11,650 support level. The main support on the downside is near USD 11,550, below which the price might decline towards the USD 11,200 support.
Conversely, the price might start a fresh upward move as long as it is above USD 11,650 and USD 11,550. The main hurdle for the bulls is still near the USD 12,000 level.
Ethereum price extended its rally above the USD 460 and USD 480 levels. ETH price traded close to the USD 490 level before starting a sharp decline. There was a correction below the USD 280 and USD 275 levels.
The first major support is near the USD 265 level, below which the bears might test the USD 450 support. On the upside, an initial resistance is near USD 480, above which the price could retest the USD 490 zone.
Bitcoin cash, chainlink and XRP price
Bitcoin cash price is stable above the USD 280 support, but it is struggling to gain pace above USD 285 and USD 288. The key hurdle for the bulls is still near the USD 300 level. If there is no upside break, BCH might start a fresh decline below the USD 275 support.
Chainlink (LINK) faced a strong selling interest near the USD 16.50 level. The price is currently declining and trading below USD 16.00. If there are more losses below USD 15.50, there is a risk of a larger decline below the USD 15.00 support. On the other hand, the price must settle above USD 16.00 and gain pace above USD 16.50 to start a sustained upward move.
XRP price followed a bullish path above the USD 0.295 resistance. The price even surged above the USD 0.300 level before facing resistance near USD 0.304. Recently, there was a sharp decline below USD 0.298 and USD 0.295. It seems like the price might soon retest the key uptrend support at USD 0.285.
Other altcoins market today
In the past three sessions, a few smaller altcoins gained over 5%, including YFII, KSM, TRX, BNB, BAND, CELO, GNT, and QTUM. Conversely, BZRX, AMPL, UMA, YFI, ANT, SNX, SRM, NXM, COMP, and SXP are down more than 10%.
To sum up, bitcoin started a downside correction after testing the USD 12,000 resistance zone. BTC is likely to remain stable and bounce back above USD 11,850 as long as the USD 11,550 support is active.