Monday, October 3, 2022
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Bitcoin and Altcoins Respond To Key Uptrend Resistance

There was a sharp upward move in bitcoin price above the USD 18,500 and USD 19,000 resistance levels. BTC even broke the USD 19,200 resistance, but it struggled near the main USD 19,450 and USD 19,500 resistance levels. The price is currently (05:00 UTC) correcting lower, with supports near USD 19,000 and USD 18,800.

Similarly, most major altcoins faced sellers near key uptrend resistance, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD failed to surpass the main USD 595 and USD 600 resistance levels. XRP/USD is trading below USD 0.520 and it remains at a risk of a drop below the USD 0.500 support.

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Bitcoin price

After a steady decline, bitcoin price found support near the USD 17,650 zone. As a result, there was a sharp recovery in BTC and the price climbed above the USD 18,500 and USD 19,000 resistance levels. The price even gained pace above the USD 19,200 level, but there was no break above the USD 19,450 and USD 19,500 resistance levels (a multi-touch zone).
The price is currently correcting gains and trading below USD 19,250. An initial support is near the USD 19,000 level. The main weekly support seems to be forming near the USD 18,500 level.

Ethereum price

Ethereum price also followed bitcoin and climbed higher above the USD 570 and USD 580 resistance levels. However, ETH struggled to clear the key USD 595 and USD 600 weekly resistance levels. It is trimming gains and trading near the USD 585 level.
The first key support is near the USD 580 level. The main weekly support is now forming near the USD 565 level, below which ether could revisit the USD 550 support.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price finally broke the USD 270 resistance level. BCH even spiked above the USD 280 resistance, but it failed to hold gains. There was a fresh bearish reaction and the price is now approaching the USD 270 support. Any more losses could lead the price back towards the USD 260 support.
Litecoin (LTC) is up over 5% and it broke the key USD 78.80 and USD 80.00 resistance levels. LTC also traded close to the USD 85.00 level before correcting gains. The price is moving lower, but the previous hurdle near USD 78.80 may possibly act as a strong support zone.
XRP price failed to follow bitcoin and ethereum. It remained capped near the USD 0.535 zone. The price is now trading well below the USD 0.520 level. An immediate support is near USD 0.500, below which the price could dive towards the weekly support at USD 0.480. On the upside, the price must gain momentum above USD 0.520 and then surpass USD 0.535.

Other altcoins market today

In the past few hours, a few altcoins gained over 5%, including XLM, UNI, XMR, AAVE, ENJ, MIOTA, OCEAN, LINK, ADA, and FTT. Out of these, XLM outperformed and it might continue to rise above USD 0.175.

Overall, bitcoin price is back in a positive zone above USD 18,500 and USD 19,000. Having said that, BTC must surpass the USD 19,500 resistance to increase the chances of a break above USD 20,000. If not, it could move lower in a range towards USD 18,500 or even USD 18,000.

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