Bitcoin Price and Ethereum Hesitate While LUNC Stages Fresh Rally
Bitcoin price slowly moved higher above the $19,000 resistance. BTC is currently (11:10 UTC) consolidating above the $19,000 level. It seems like the price might start a fresh increase if it stays above the $19,000 zone.
Besides, most major altcoins are facing hurdles. ETH a key bearish trend line, but it is struggling to gain bullish momentum. XRP is down over 4% and might even test the $0.455 support zone. ADA declined below the $0.45 support.
After forming a base above the $18,680 level, bitcoin price started a recovery wave. BTC was able to clear the $18,800 and $19,000 resistance levels. It even surpassed a connecting bearish trend line at $19,000 on hourly chart and settled above the 50-hour simple moving average. On the upside, the price is facing resistance near the $19,300 level. The next major resistance is near $19,500, above which the price might start a steady increase to $20,000. Any more gains might send the price towards the $20,500 level.
On the downside, an initial support is near the $19,000 level. The next major support is near the $18,680 zone, below which the price could struggle to stay in a positive zone.
Ethereum price also started a recovery wave from the $1,270 support. ETH was able to clear the $1,300 resistance zone and the 50-hour simple moving average. It even cleared a key connecting bearish trend line at $1,310 on the hourly chart. On the upside, the price is facing resistance near the $1,320 level. The next major resistance is now forming near the $1,350 level, above which the price could revisit the $1,400 resistance.
On the downside, an initial support is near the $1,300 level. The next major support is $1,270, below which price could test $1,220.
Cardano (ADA) traded below the $0.45 level.
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