Bitcoin price found support above $ 10,350 and the bulls were able to avoid a sharp decline below the support of $ 10,250. Bitcoin started a sharp increase above $ 10,550, but failed to surpass $ 10,800. The price is currently trading (08:30 UTC) around $ 10,700 and may correct lower towards $ 10,550.
Besides, there has been a decent bullish move in most of the major cryptocurrencies, including Ethereum, Ripple, Litecoin, Bitcoin Cash, EOS, TRON and Stellar. ETH / USD has broken the $ 350 resistance, but faces a significant hurdle near $ 355. XRP / USD outperformed Bitcoin and Ethereum, with a strong move above $ 0.245 resistance.
Bitcoin price
After finding strong bids near $ 10,350, the bitcoin price began to increase steadily. Bitcoin crossed the $ 10,550 resistance level to move into a short-term bearish territory. The first major resistance for the bulls is located near the $ 10,800 level. The main weekly resistance remains near the $ 10,950 and $ 11,000 levels.
As long as Bitcoin is trading less than $ 10,800 and $ 11,000, there is a risk of a new downside. A break-down below the USD 10,550 support level may initiate a fresh decline towards USD 10,350 or even USD 10,250.
Ethereum price
Ethereum is up nearly 2% and has crossed the USD 350 pivot level. However, Ethereum faces a daunting task near the $ 355 level. A close above the $ 355 and then a break above the $ 363 are essential to the continuation of the uptrend in the near term.
On the downside, the price may find bids near the USD 345 level. The major weekly support is now forming near the $ 335 level.
Bitcoin Cash, ChainLink, and Ripple price
Bitcoin Cash failed to follow other altcoins and struggled to surpass the $ 220 resistance level. Next major resistance over the USD 220 is near the USD 230 level. If there is no bullish breakout, Bitcoin Cash may fall towards the support levels of 205 and 200 USD in the next 2-3 sessions.
Chenlink recovered above $ 9.10 and $ 9.20 levels. It is struggling to breach the $ 9.50 resistance level. A successful close above the $ 9.50 level may increase the chances of a continued rally towards the resistance levels of $ 10.20 and $ 10.50. Key support appears to be forming near $ 8.80.
Ripple is up 8% and has broken several important hurdles near $ 0.242 and $ 0.245. The price rose even above the $ 0.250 resistance, but encountered severe resistance near $ 0.255. Ripple is currently correcting lower, but former resistance near $ 0.245 may provide support.
Other digital currency market today
In the past three sessions, some altcoins have gained more than 5%, including ZIL, PMA, STORJ, ADA, ATOM and XEM. On the contrary, prices for SUSHI, HEDG, EGLD, UMA, UNI, EWT and LRX decreased by more than 5%.
All in all, Bitcoin's price managed to avoid a crash below $ 10,250. Bitcoin is currently showing some positive signs above $ 10,550. The bulls still need to gain traction for the continued rally above $ 10,800 and $ 11,000.