Bitcoin And Altcoins In Corrective Decrease: Key Supports To Watch
This past week, we saw a strong upward move in bitcoin price above the USD 8,850 resistance area. BTC/USD even surpassed the USD 9,200 resistance and traded close to USD 9,500. Recently, it started a downside correction below USD 9,000 and it could correct further towards USD 8,550 or USD 8,200.
Similarly, most major altcoins started a corrective decrease, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD broke the USD 212 support and it is currently (08:30 UTC) testing the USD 200 support zone. XRP/USD is also sliding and it seems like the bears aim a test of USD 0.200 before a fresh increase.
Total market capitalization
After a strong rise, bitcoin price failed to continue above the USD 9,450 and USD 9,500. As a result, BTC/USD started a downside correction and declined below the USD 9,000 pivot level. The price is now trading below the USD 8,850 support and it might find support near the USD 8,550 weekly support. Any further losses might call for a test of USD 8,200.
Once the current correction is over, the price could start a fresh increase above USD 8,850 and USD 9,000. To start a fresh rally and a steady increase, the price must climb above USD 9,200.
Ethereum price topped near the USD 228 level and declined below the USD 220 level. ETH/USD even broke the USD 212 support and it is now struggling to stay above the USD 200 weekly support. Any further losses might lead it towards the USD 192 level.
On the upside, an initial resistance is near the USD 208 level. The main weekly resistance is now near USD 220, above which ETH might rally towards USD 250.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price struggled to stay above the USD 260 level and recently declined more than 7%. BCH/USD is now trading below the USD 245 level and it seems like there could be more losses towards the USD 220 support level. On the upside, the main weekly resistance is now near USD 265.
Litecoin started a major decline from the USD 50.50 and USD 50.00 resistance levels. LTC/USD traded below the USD 48.50 support and tested USD 46.20. It seems like the price might decline further towards USD 45.00 before a fresh increase. Any further losses could lead LTC towards USD 42.00.
XRP price faced a strong selling interest near the USD 0.235 level, resulting in a drop below the USD 0.225 support. The price even traded below USD 0.215 and it could dive further below USD 0.210. The main weekly supports are seen near the USD 0.202 and USD 0.200 levels.
Other altcoins market today
In the past three sessions, a few small-capitalization altcoins gained more than 10%, including HOT, ZIL, HYN, and HIVE. Conversely, QNT, DATA, CKB, LEND, MAID, SNT, ZEN, SC, ELF, and GNT are down more than 8%.
Overall, bitcoin price is currently correcting lower from well above USD 9,000. BTC/USD could decline further towards USD 8,550 or USD 8,200 before the bulls take a stand. To start a fresh increase, the price must rise steadily above USD 9,000 and USD 9,200.
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