Bitcoin Price and Ethereum Might Recover, CHZ and LINK Turn Attractive
Bitcoin price started a consolidation phase after it dropped to $19,500. BTC is currently (11:00 UTC) trading above $19,500 and eyeing an upside break above $20,000. A clear move above the $20,000 resistance might send the price towards $20,450 in the near term.
Similarly, most major altcoins might attempt a recovery wave. ETH is approaching a short-term breakout above the $1,480 and $1,500 resistance levels. XRP is struggling to stay above the $0.32 support. ADA could rise and retest the $0.48 resistance zone.
After a fresh drop, bitcoin price found support near the $19,500 zone. BTC started a consolidation phase below the $20,000 level and the 50-hour simple moving average. On the upside, the price is facing resistance near $19,880. The next major resistance is now near the $20,000 level and the 50-hour simple moving average. A close above the $20,000 zone might start a wave towards the $20,450 level.
On the downside, an initial support is near the $19,600 level. The next major support is near the $19,500 zone, below which the price could dive towards the $18,800 support zone.
Ethereum price stayed below the $1,500 support zone. Recently, there was a minor bearish reaction and the price traded to a new low at $1,440. It is now consolidating above the $1,450 level and below the 50-hour simple moving average. It is now attempting to clear a key contracting triangle with resistance near the $1,470 level, above which the price may perhaps clear the $1,500 resistance.
On the downside, an initial support is near the $1,440 level. The next major support is $1,420, below which price could revisit $1,350.
Cardano (ADA) is stuck near the $0.462 level. It seems like the price might rise and test the $0.48 resistance zone. A clear move
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