Bitcoin and Altcoins Correct But Uptrend Looks Intact
Bitcoin price corrected lower sharply from the USD 9,500 resistance. Ethereum declined from USD 228 to USD 205 and XRP is back below USD 0.220. HIVE, NMR, CKB, and CRO are down more than 10%.
Yesterday, there was a significant rally in bitcoin above USD 8,500 and USD 9,000. BTC/USD surged around 20% and tested the USD 9,500 zone before starting a downside correction. It declined below USD 9,000 and currently (08:30 UTC) consolidating above USD 8,550 (the previous key resistance).
Similarly, there was a downside correction in most major altcoins, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD corrected lower below USD 212 and even tested the USD 205 support zone. XRP/USD failed to surpass USD 0.235 and it is now trading below USD 0.220.
Total market capitalization
After a strong rally to USD 9,500, bitcoin price failed to stay in a bullish zone. BTC/USD corrected lower more than USD 500 and settled below USD 9,000. The price tested the USD 8,550 support zone, where the bulls took a stand. The price is currently rising and approaching the USD 8,850 resistance level.
The main hurdle is now near USD 9,000, above which the price is likely to resume its slide. Conversely, the price might struggle to stay above the USD 8,550 support if it does not clear the USD 9,000 resistance.
Ethereum price also followed a similar pattern and started a major decline from the USD 228 area. ETH/USD declined below the USD 220 and USD 212 support levels. It tested the USD 205 support zone and it is currently recovering towards USD 215.
If there is a successful follow-through above USD 215 and a break above the USD 220 level, the price is likely to rise towards the USD 228 and USD 230 resistance levels in the near term.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price topped near the USD 275 level and recently declined below the USD 260 level. BCH/USD tested the USD 245 support zone, which was a key hurdle for the bulls earlier. It is currently consolidating above USD 250 and it must clear the USD 260 level for a fresh push towards the USD 275 resistance.
Litecoin faced a strong selling interest near the USD 50.00 and USD 50.50 levels. LTC/USD declined more than 5% and tested the USD 44.50 pivot level. The price is now rising towards the USD 48.50 level and it could even retest the USD 50.00 level. On the downside, the main supports are near USD 45.00 and USD 44.50.
XRP price failed to continue above the USD 0.235 resistance level. The price declined below USD 0.225 and USD 0.220. It tested the USD 0.210 support and it is currently recovering. To start a fresh rally, the price must surpass the USD 0.220 and USD 0.222 resistance levels.
Other altcoins market today
In the past three sessions, many smaller altcoins declined more than 5%, including HIVE, NMR, CKB, CRO, DATA, UBT, BCN, QNT, DOGE, NRG, and BCD. Conversely, HBAR, LEND, HYN, and THETA are up more than 5%.
Overall, bitcoin corrected lower sharply below USD 9,000, but it is still above the main uptrend support at USD 8,550. As long as BTC is trading above USD 8,550 and USD 8,250, it is likely to resume its rise towards the USD 9,200 and USD 9,500 in the coming sessions.