Bitcoin and Major Altcoins Holding Key Uptrend Support

  • 16 October 2020, Friday, 10:06

Earlier today, we saw a sharp bearish reaction from the USD 11,550 resistance. BTC declined over 2% and it even spiked below USD 11,350. However, the price remained well bid above USD 11,250, and it is currently (13:00 UTC) attempting an upside correction towards USD 11,420 and USD 11,450.

Also, there were bearish moves in most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD declined below USD 375 and is struggling to stay above USD 370. XRP/USD declined after it settled below USD 0.250 and it seems like the bears are eyeing a test of USD 0.240.

Total market capitalization

Bitcoin price

After a strong bearish reaction from USD 11,550, bitcoin price found support near the USD 11,250 level. BTC is currently recovering higher and trading near USD 11,350. The first resistance is near the USD 11,420 level, followed by USD 11,450. The main resistance is still near the USD 11,500 and USD 11,550 levels. On the downside, the USD 11,300 is a decent support, followed by USD 11,250. The main support is near USD 11,200, below which there is a risk of a sharp decline.

Ethereum price

Ethereum price extended its decline below the USD 375 and USD 372 levels. ETH is even struggling to stay above USD 368. It could continue to move down, but the main uptrend support at USD 365 might act as a strong buy zone. On the upside, the price is facing many hurdles, starting with USD 375. The main resistance is now forming near the USD 380 level (the recent breakdown zone).

Bitcoin cash, chainlink and XRP price

Bitcoin cash price failed to clear the USD 265 resistance and reacted to the downside similar to bitcoin and ether. BCH is down 2% and is now trading below USD 260. The next major support is near USD 250. On the upside, the price might struggle near USD 262 and USD 265. Chainlink (LINK) is grinding lower and it broke the USD 10.50 support. The price tested the USD 10.25 level and it is currently correcting higher. The price is trading in a bearish zone, and a close above the USD 10.80 and USD 11.00 levels could open the doors for a decent increase. If not, the price might test the USD 10.00 support. XRP price declined below the USD 0.245 support and it even extended its slide below the USD 0.242 level. An immediate support is near the USD 0.240 level, below which there is a risk of a larger decline towards the USD 0.235 support. On the upside, the USD 0.250 level is a major hurdle for the bulls.

Other altcoins market today

In the past few hours, many altcoins declined, including FIL, LEND, AR, NEAR, RSR, OKB, EWT, NXM, AAVE, REN, ABBC, and CVT. Out of these, FIL declined sharply after a 100% rally and it is now trading below USD 55.00.

To sum up, bitcoin price is holding the main USD 11,250 and USD 11,200 support levels. Having said that, continuous failure to clear the USD 11,550 resistance could trigger a bearish reaction below USD 11,200. __

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