Bitcoin and Altcoins Continue Post-Rally Correction
Bitcoin price started a downside correction below USD 10,000 and USD 9,850. Ethereum broke the USD 220 support and XRP sliding towards USD 0.262. WAVES and HPT rallied more than 20% today.
After trading to a new 2020 high near USD 10,200, bitcoin price started a corrective decrease. BTC/USD traded below the USD 10,000 level and even broke the USD 9,850 support area. The price is now approaching the USD 9,650 and USD 9,550 support levels, where the bulls are likely to emerge.
Similarly, there was a corrective decrease in most major altcoins, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD traded below the USD 222 and USD 220 support levels. XRP/USD traded below USD 0.275 and it seems like it could retest the USD 0.262 support.
Total market capitalization
After a close below USD 10,000, bitcoin price failed to stay above the key USD 9,850 support area. BTC/USD is now (09:00 UTC) trading near the USD 9,700 area, with an immediate support near the USD 9,650 level. The main support on the downside is near the USD 9,550 level, below which there is a risk of a larger decline.
On the upside, the USD 9,850 level is likely to act as a hurdle for the bulls. To start a fresh increase, the bulls need to gain traction above USD 9,850 and lead the price above the USD 10,000 handle.
Ethereum price started a steady corrective decrease and broke the USD 222 and USD 220 support levels. ETH/USD is now trading below USD 220 and it seems like the bears are aiming a test of the USD 215 support or the USD 212 pivot level.
On the upside, a clear break above the USD 225 level is needed for a fresh increase. In the mentioned case, the price is likely to climb above the USD 230 swing high.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price started consolidating gains after it was rejected below the USD 460 level. BCH/USD is now trading above the USD 440 level, below which there is a risk of a large correction towards the USD 420 support. On the upside, the USD 455 and USD 460 levels are important hurdles.
Litecoin is correcting lower below the USD 75.00 level. LTC/USD broke the USD 73.80 support and it could soon test the USD 72.50 support area. The main support is still near the USD 70.50 and USD 70.00 levels. On the upside, the price is facing a strong resistance near USD 76.50 and USD 78.00 levels
XRP price topped near the USD 0.288 resistance area and recently declined below the USD 0.280 level. The price is now trading near the USD 0.270 level and it could continue to move down towards the USD 0.262 support area. On the upside, there are resistances near USD 0.275 and USD 0.278.
Other altcoins market today
In the past three sessions, a few small-capitalization altcoins gained more than 5%, including WAVES, HPT, XVG, SNX, DX, BAT, ALGO, QNT, KMD, HT, and OKB. On the other hand, KICK, LSK, AION, and MOF are down more than 10%.
To sum up, bitcoin price is correcting gains from well above USD 10,000. BTC/USD might even test the USD 9,550 support level in the near term.