Bitcoin and Altcoins Consolidate Gains
- Bitcoin price started a short-term correction after trading above USD 9,400.
- Ethereum settled above the USD 240 resistance, XRP is still below USD 0.200.
- ERD and BAND rallied around 20% today.
Bitcoin price gained bullish momentum after it broke the USD 9,300 resistance. BTC even surpassed the USD 9,400 level before starting a downside correction. The price is currently (08:30 UTC) consolidating near USD 9,300 and it might start a fresh increase.
Similarly, most major altcoins remained in a positive zone, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, XLM, and ADA. ETH/USD spiked above USD 245 and it is trading above the USD 240 pivot level. Conversely, XRP/USD failed to break the USD 0.200 resistance and it is declining towards USD 0.195.
Total market capitalization
After a strong upside break above USD 9,300, bitcoin price gained bullish momentum. BTC even spiked above the USD 9,400 level, but it struggled to continue higher. Recently, there was a minor downside correction below the USD 9,350 level and the price is currently trading near the USD 9,300 level.
If there are more downsides, the price could test the USD 9,220 and USD 9,200 support levels. On the upside, the price must clear USD 9,380 for more upsides above USD 9,400.
Ethereum price traded above the USD 245 resistance, but it failed to test USD 250. ETH is currently correcting lower and trading near USD 242. The main support is near USD 240, below which it could correct lower towards the USD 235 support.
On the upside, a close above the USD 245 level is a must for a sustained upward move towards the USD 250 and USD 255 levels in the coming sessions.
Bitcoin cash, ADA and XRP price
Bitcoin cash price started a steady rise above the USD 225 level, but it failed to settle above USD 230. BCH is currently correcting lower and it might revisit the USD 225 support. Any further losses may perhaps lead the price towards the USD 220 level. On the upside, the bulls need to gain strength above USD 230 for a push towards the USD 240 level.
ADA struggled to recover above the USD 0.122 and USD 0.125 levels. It is currently trading just above USD 0.120. If there is a downside break, the price could continue to move down towards the USD 0.115 and USD 0.112 levels. To start a fresh increase, the price must clear the USD 0.125 resistance zone.
XRP price failed to surpass the main USD 0.200 resistance even when bitcoin broke USD 9,300. The price is currently declining and it is approaching the USD 0.195 support. Any further losses may perhaps open the doors for a push towards the USD 0.192 and USD 0.190 support levels. Conversely, a close above USD 0.200 might start a steady rise.
Other altcoins market today
In the past three sessions, a few small-capitalization altcoins rallied over 10%, including ERD, BAND, KAVA, LUNA, REP, STX, FXC, CKB, and SXP. Out of these, ERD jumped 25%, and BAND gained 21% to surpass USD 4.50.
To sum up, bitcoin price is correcting gains, but there are many supports on the downsides. As long as BTC is above the USD 9,200 pivot level, it could resume its upward move above the USD 9,350 and USD 9,400 levels in the near term.