Bitcoin price is showing signs of a seemingly short-term downside correction from the USD 11,500 resistance. BTC corrected below USD 11,300, but it is currently (13:00 UTC) approaching the USD 11,250 support level. The price might remain well bid near the USD 11,200 and USD 11,050 levels.
Similarly, most major altcoins are correcting gains, including ethereum, XRP, litecoin, bitcoin cash, EOS, XLM, LINK, BNB, TRX, and ADA. ETH/USD is trading below USD 370 and it might find support near USD 365. XRP/USD is also moving lower, but the bulls might protect the USD 0.250 support.
Total market capitalization
After forming a high near USD 11,500, bitcoin price started a short-term downside correction. BTC traded below USD 11,350 and it is approaching USD 11,250. The first major support is near the USD 11,200 zone, below which the price might find a strong buying interest near USD 11,050 and USD 11,000.
As long as the price is above USD 11,000, it might resume its upward move. The first resistance is near the USD 11,400 level, followed by the USD 11,500 high. Any further gains could lead the price towards the USD 11,800 level.
Ethereum price struggled to clear the USD 375 resistance and corrected lower below USD 370. ETH/USD is now heading towards the USD 365 support zone. Any further losses could open the doors for a larger downside correction towards the USD 355 support.
On the upside, the price might continue to face hurdles near USD 375. The main resistance is near USD 380, above which the price might accelerate towards the USD 395 level.
Bitcoin cash, chainlink and XRP price
Bitcoin cash price retreated from the USD 240 pivot level. BCH is now testing the USD 235 support. It seems like the bears are aiming for a test of the USD 230 support. On the upside, a successful close above the USD 240 resistance could set the pace for a move towards the USD 250 level.
Chainlink (LINK) remained well bid and it gained pace above the USD 10.80 and USD 11.00 resistance levels. The price traded as high as USD 11.40 and it is currently consolidating gains. On the downside, the previous resistance near USD 11.00 and USD 10.80 could provide a strong support.
XRP price declined below the USD 0.255 support level. The price is moving lower and trading near the USD 0.252 level. The first major support is near the USD 0.250 level. If the price fails to stay above the USD 0.250 level, the bears might test the main USD 0.245 support zone.
Other altcoins market today
In the past few hours, a few altcoins climbed over 5%, including ALGO, REN, CVT, BAND, BNB, XMR, KNC, and AVAX. Conversely, PMA, AR, VET, and UMA are down over 5%.
Overall, bitcoin seems to be retreating from the USD 11,500 level. BTC might find support near USD 11,200, but the main support is still USD 11,000. On the upside, the bulls could gain strength once there is a clear break above the USD 11,500 resistance level.