Bitcoin and Altcoins Consolidating Gains Above Key Supports
- Bitcoin price corrected lower and tested the USD 6,550 support.
- Ripple price is approaching buy levels near the USD 0.500 area.
- POLY and WAX traded higher and gained around 8% recently.
Recently, there were positive moves in bitcoin above the USD 6,550 level. BTC/USD even traded above the USD 6,600 level and later started a downside correction. The price is currently (UTC 08:30 AM) consolidating gains above the USD 6,550 support and dips remain supported. Similarly, ethereum retreated from the USD 225 resistance and it is currently trading near the USD 215 support. Besides, ripple and bitcoin cash have corrected lower and both are approaching important support levels.
Total market capitalization
A fresh correction wave was initiated from well above the USD 6,600 level in bitcoin price . BTC/USD traded below the USD 6,575 level and tested the USD 6,550 support (the previous resistance). The price is currently consolidating and it seems like there could be a renewed upside above USD 6,580 in the near term.
On the flip side, if there is an extended downside correction, the price may perhaps test the next major support at USD 6,500. The overall price action is positive as long as bitcoin is above USD 6,550 and USD 6,500.
Ethereum price also corrected lower recently and traded below the USD 220 level. ETH/USD tested the USD 215 level and it is currently consolidating. If it stays above USD 215, there might be an upward move above the USD 220 level.
If not, the price could slide further towards the USD 208 support, which was a significant barrier for buyers previously and now it is likely to hold losses.
Bitcoin cash and ripple price
Bitcoin cash price started a sharp downside correction below the USD 600 level. BCH/USD is down more than 4% and it is currently heading towards the USD 570 support. If there are further losses, the price may well test the USD 550 support. On the upside, an initial resistance is near USD 600, above which the price may retest USD 630.
Ripple price is slightly under pressure as it failed to stay above the USD 0.530 and USD 0.525 support levels. The next major support awaits near USD 0.500 where XRP/USD will most likely find a strong buying interest. On the upside, the previous supports at USD 0.525 and USD 0.530 might act as resistances.
Other altcoins market today
Despite the recent correction in bitcoin, a few small cap altcoins traded higher between 5%-8%, including POLY, WAX, BAT and NPXS. Out of these, POLY is up around 8% and WAX gained roughly 7%.
To sum up, it seems like bitcoin is correcting recent gains, but there are many supports on the downside between USD 6,560 and USD 6,500. If there is a downside break below USD 6,500, there are chances of a sharp decline in BTC/USD. Similarly, ethereum must stay above the USD 208 and USD 202 support levels. If not, there is a risk of a fresh bearish wave below USD 200.