The last three sessions have seen Bitcoin’s price make attempts twice to beat the USD 12000 resistance level. Unfortunately, this did not happen and was not the case, but notably, BTC/USD maintained above the USD 11800 support level. In contrast, altcoins Ethereum, ripple, bitcoin cash, EOS, Stellar, Cardano, and TRX have made bearish moves. The only coin that can be said to have kept up excellent performance is BNB and has gained traction, reaching a little above the USD 31.00 resistance. The present price action of 08.00UTC is good for bitcoin and suggests that the cryptocurrency can break above the USD 12000 resistance in the near term.
Price of bitcoin
After wriggling and struggling near the USD 12000 resistance level, the bitcoin price eventually managed to settle a corrected lower. However, after finding a critical buying interest near USD 11500the BTC/USD price recently managed to bounce back above USD 11800. The price now trades in a tight range, and it would appear that the bulls are currently staging a robust upward move to contend above the resistance level in the near term.
On the other side, initial support is close to the USD 11800 resistance level. Should the price decrease and fail to reach above the resistance level of USD 12000, it is possible that there could emanate bearish moves and reaction below the USD 11800 and USD 1600 levels.
Ethereum prices have extended their decline to a little below the critical support level of USD 225. ETH/USD managed even to break the USD 220 support and had a test of the US 215 level. Should there arise more losses, the price may yet hit USD 208 support level. On a more positive note, however, the previous supports of Ehereum price near USD 220 and US 225 could act as possible hurdles. If successful and the price closes down a little above USD 225 support level, the doors to a fresh increase may open and allow the price to reach or move towards the USD 235 resistance level.
Bitcoin cash, Eos and Ripple price
Bitcoin cash price has fallen below USD 340 support level. It has managed to have a test of the USD 330 support. The next significant support is near the USD 320 level, and if the prices of Bitcoin cash go below these, it could be looking at testing the USD 300 handle. Positively the USD 340 level with the USD 350 following up as a barrier.
EOS remains below the resistance level of USD 4.30 and even fell a little below USD 4.20. The prices, as of present, are struggling to hold the support level of USD 4.1 below which the prices look to even decline below the USD 4.0 support area. The prices of ripple have extended their decline below the USD 0.320 and USD 0.310 support levels.XRP/USD have even traded below USD 0.306 and managed to test the USD 0.30 support area. Should the bear remain in control, the prices could be looking at a decline to a little below the USD 0.300 support area in the next near-term.
Other altcoins markets
Despite bearish moves in Ethereum and ripple, a few small-cap altcoins gained more than 6%, including BCN, EGT, VSYS, LSK, NET, VEST, KMD and MAID. Out of these, BCN rallied close to 25% and EGT is up around 13%.
Overall, bitcoin price is closing in towards the next significant break either above USD 12,000 or below USD 11,800. The chances of an upside break are high, but if there is a downside break, the USD 11,500 support could play an important role.