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Bitcoin and Altcoins Positive and Consolidating Gains

Aayush Jindal
Last updated: | 1 min read

Bitcoin price surged towards the USD 9,800 level before starting a downside correction. Bitcoin cash trimmed more than 15% of gains and declined below the USD 1,350 support. Tron gained more than 20% today and broke the USD 0.065 resistance.

There were further gains in bitcoin as it moved above the USD 9,600 level. It traded close to the USD 9,800 level and formed a new monthly high at USD 9,760. Later, bitcoin and altcoins faced selling interest, resulting in a downside correction. Bitcoin cash declined heavily and broke the USD 1,500 and USD 1,350 support levels. The current correction phase could be considered as a part of profit booking before the market starts a fresh bullish wave.

Bitcoin price is currently trading flat near the USD 9,300 level. On the downside, there are many supports starting with USD 9,200 and USD 9,100. More importantly, the previous resistance at USD 9,000 will most likely act as a support. On the upside, the price must clear the USD 9,500 resistance once again. It seems like the price is forming a broad range above USD 9,000 before it makes an attempt to surpass the USD 10,000 level. A successful break and close above USD 10,000 may perhaps cement a significant uptrend.

Ethereum spiked above the USD 700 level before it faced a strong sell wall. ETH/USD declined and broke the USD 680 and USD 650 support levels. It is currently down 6.3% to USD 638, with an immediate support at USD 620. A break below USD 620 could push the price towards the next support at USD 600. On the upside, the broken supports at USD 650 and USD 680 will most likely act as resistances.

Bitcoin Cash and Ripple
Bitcoin cash tumbled by more than USD 200 recently. After trading as high as USD 1,570, BCH/USD started a sharp downside move and is currently down 15% to USD 1,305. The next supports are at USD 1,280 and USD 1,250. Ripple is down around 5% and is currently trading near the USD 0.87 level. An immediate support is at USD 0.85, which holds a lot of importance. On the upside, XRP/USD is facing major barrier at USD 0.90.

Other Altcoins Market Today
Today, Tron traded nicely and jumped by more than 20% to USD 0.075. The market sentiment and buying interest for TRX improved, which pushed the price above the USD 0.070 resistance.

Overall, there are a few bearish signs emerging, but as long as bitcoin is holding the USD 9,000 support, the market could bounce back.