Bitcoin and cryptocurrencies are preparing for their next breakout

in #leofinance12 days ago (edited)

Bitcoin price has mostly remained in a small range below the $ 11,500 and $ 11,550 resistance levels. Bitcoin appears to be consolidating above the $ 11,250 support level and appears to be preparing for the next move. The price is currently trading (13:00 UTC) well above $ 11,250 and should clear $ 11,550 to make a steady increase.

On the contrary, there was a negative spillover in most of the major cryptocurrencies, including Ethereum, Ripple, Litecoin, EOS, Stellar, Link, Trun and Cardano. The ETH / USD pair traded below the support of $ 380 and tested the level of $ 370. XRP / USD extended its decline below $ 0.248, and even rose below the key support of $ 0.245. Bitcoin Cash price is still trading in positive territory and testing $ 260 resistance.

Bitcoin price

In the past two sessions, the Bitcoin price traded mostly in a range above the $ 11,250 and $ 11,200 support levels. Bitcoin is moving higher towards $ 11,400, but it could face strong resistance near the $ 11,500 and $ 11,550 levels.
On the downside, the USD 11,250 and USD 11,200 levels are significant. A clear breakout below $ 11,200 could open the door to a sharp drop and an extended correction.

Ethereum price

Ethereum price initiated a downward correction below $ 380 and continued its decline below $ 375. Ethereum is testing the $ 370 level and showing some bearish signals. The major support is forming on the downside near the USD 365 level.
On the upside, support for the latest range near $ 380 could be resistance. A clear breakout above the $ 380 level might push the price towards the $ 392 resistance.

Bitcoin Cash and ChainLink price

Bitcoin Cash is up 2% and is trading near the USD 260 level. There is a major immediate hurdle to Bitcoin Cash near $ 265, above which the price may continue to rise towards the $ 280 level. If there is a downward correction, the price may find support near the $ 250 level.

Chainlink is moving lower and even rose below the $ 10.50 support level. The bears appear to be targeting a test of the USD 10.00 support level. Medium support is found near the USD 10.20 level. To start a new rally, the price must rise at a pace above $ 10.95 - $ 11.00.

Ripple extended its decline after settling below $ 0.250. The bulls also struggled to protect the $ 0.245 support, but the downsides were limited. Any further losses could push the price towards $ 0.242. If there is a fresh increase, $ 0.250 could be an obstacle for the bulls.

Other digital currency market

In the past few hours, some altcoins gained traction and gained 5%, including ABBC, NEAR, WAVES, BTT, REN, RSR and QNT. On the contrary, prices of UNI, DIA, AAVE, STORJ, GNT and CVT have fallen. And UMA, ANT, ZRX and BAND by more than 5%.

In short, bitcoin price may prepare for the next major move either above $ 11,550 or below $ 11,200. Current price action indicates chances of a bullish breakout in Bitcoin above $ 11,550.

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