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Bitcoin Stuck In Crucial Range While Altcoins Face Selling Pressure

After a clear break above USD 11,000, bitcoin price faced resistance near USD 11,200. BTC started a downside correction and it is currently (08:30 UTC) trading below the USD 11,000 level. It seems like the price is stuck in a range above the USD 10,750 support level.
On the other hand, most major altcoins are facing increased selling pressure, including ethereum, XRP, litecoin, bitcoin cash, EOS, ADA, TRX, BNB, and XLM. ETH/USD declined below the USD 380 and USD 375 support levels. XRP/USD is down 2% and it is now trading below the USD 0.250 pivot level.

Total market capitalization

Bitcoin Stuck In Crucial Range While Altcoins Face Selling Pressure 101

Bitcoin price

Recently, bitcoin price failed to gain bullish momentum above USD 11,150 and declined below USD 11,000. BTC tested the USD 10,750 support area and it is currently trading in a broad range. An initial resistance is near the USD 11,000 level. The main weekly resistance is now near USD 11,150 and USD 11,200, above which the price might climb 5%-8% in the coming sessions.
Conversely, if there is no clear break above USD 11,150, the price might break the USD 10,750 support level. The next major support is near the USD 10,550 level, below which the price might revisit USD 10,200.

Ethereum price

Ethereum price struggled to clear the USD 395 and USD 400 resistance levels. ETH started a fresh decrease and it broke the USD 380 support. The price is trading below USD 375, with an immediate support at USD 365. The main weekly support is seen near the USD 355 level.
On the upside, the USD 380 zone is a key hurdle before the all-important USD 400. A successful break above USD 400 may perhaps start a sustained upward move.

Bitcoin cash price failed to clear the USD 230 resistance and it is slowly moving lower. The first major support for BCH is near the USD 220 level, below which the bears might test the USD 200 support. Conversely, a break above the USD 230 resistance might lead the price towards the USD 250 resistance.
Chainlink (LINK) broke many important supports near USD 10.20 and USD 10.00. The price extended its decline below the USD 9.80 support and it might extend its decline. The next key support is near the USD 9.20 level, below which the price might dive towards the USD 8.80 level.
XRP price is declining and trading well below the USD 0.250 support zone. If the price continues to move down, there is a risk of a break below the USD 0.242 and USD 0.240 support levels. To move into a positive zone, the price must move back above the USD 0.250 level.

Other altcoins market today

In the past three sessions, many altcoins declined over 10%, including YFII, FXC, EGLD, LEND, KSM, CELO, HEDG, UNI, YFI, SNX, AMPL, and ANT. Out of these, YFII and FXC are down over 15%.

Overall, bitcoin price is stuck in a range above the USD 10,750 support. A successful close above USD 11,000, followed by a break above USD 11,150 might open the doors for an increase in the coming sessions.

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Bitcoin Stuck In Crucial Range While Altcoins Face Selling Pressure 102
This article was originally published on Cryptonews

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