Bitcoin price was able to remove the 11,500 resistance, leading to more highs. Bitcoin extended its rally above the $ 11,650 level, but there was no test of the $ 11,800 resistance. Currently (13:00 UTC) the price is correcting lower from $ 11,720, but may find support above $ 11,200.
Also, there have been mostly bullish movements in several major cryptocurrencies, including Ethereum, Ripple, Litecoin, Bitcoin Cash, EOS, Link, Tron and Stellar. ETH / USD rose above the $ 375 and $ 380 resistance levels. XRP / USD is showing positive signs and consolidating near the $ 0.255 level.
After testing the USD 11,200 support, the Bitcoin price started a new increase. Bitcoin managed to surpass levels of 11,400 and 11,500 USD. Bitcoin traded to a new weekly high above $ 11,700 before starting to correct the downside. The price is now trading below $ 11,500, but there is a lot of support on the downside.
Initial support is near $ 11,300, but major support appears to be forming near $ 11,200. On the upside, the bears may test $ 11,800 resistance in the short term.
Ethereum price performed well and rose above the $ 380 resistance level. Ethereum gained close to 5% and tested the $ 395 resistance level. Ether is currently correcting gains, but the $ 380 level may act as support.
Key support is now forming near $ 372 and $ 370 levels. On the upside, the price may continue to face strong selling interest near $ 392, 395 and $ 400.
Bitcoin Cash and ChainLink price
Bitcoin Cash remained in good stead above the USD 230 support level. As a result, Bitcoin Cash started a new high above $ 235 and stabilized above the $ 240 level. The next major resistance of the bulls is located near the USD 250 level. Any further gains could open the door for a further increase towards the $ 265 level.
Chenlink gained bullish momentum above the $ 11.00 and 11.20 resistance levels. Even the price broke $ 11.50 resistance and tested $ 11.80. It is correcting gains below $ 11.50, but the $ 11.00 level could be a strong support for the bulls.
Ripple remained well bid above the USD 0.250 support. The price is currently trading near the $ 0.255 level and hurdles around $ 0.258. The key resistance is now around $ 0.260, and above it the bulls might aim for a further increase towards the $ 0.272 level.
Other digital currency market today
In the past few hours, several altcoins gained traction and jumped more than 5%, including OCEAN, CVT, AAVE, AVAX, SNX, BNB, NXM, BAND, GNT, UMA, ALGO, and ICX. Among these, OCEAN was up 18% and traded above $ 0.365.
In short, the bitcoin price indicates an extended bullish move above $ 11,200. As long as the numbers are above the $ 11,200 support level, there are opportunities for further gains above the $ 11,700 and 11,800 levels.