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Bitcoin and Altcoins Correct Gains

  • Bitcoin price struggled to clear the USD 5,500 resistance and it is correcting lower.
  • Ethereum is still well below USD 120 and XRP is sliding towards USD 0.140.
  • LUNA, GNT, CKB, and ZIL are down close to 10% today.

Yesterday, we saw a decent upward move in bitcoin price above the USD 5,000 resistance area. BTC/USD even climbed above the USD 5,200 and USD 5,350 resistance levels. However, BTC/USD struggled to gain traction above the USD 5,500 resistance and it is currently (08:30 UTC) correcting lower.

Similarly, most major altcoins tested key resistances and they are currently declining, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD failed near the USD 120 level and it is now trading below USD 115. Besides, XRP/USD topped near the USD 0.150 level and it might now test the USD 0.140 level.

Total market capitalization

Bitcoin and Altcoins Correct Gains 101
Source: www.tradingview.com

Bitcoin price

After a decent recovery wave, bitcoin price struggled to surpass the USD 5,500 and USD 5,550 resistance levels. As a result, BTC/USD started another decline and it is now trading below USD 5,350. The price is down around 5% and it is approaching the USD 5,100 support level. The main support is near USD 5,000, below which there is a risk of more downsides.
On the upside, an initial resistance is near the USD 5,350 level. The key resistance is still near USD 5,500, above which the bulls are likely to aim a test of USD 5,800 and USD 6,000.

Ethereum price

Ethereum price topped near the USD 120 resistance area and it is now declining below USD 115. ETH/USD is down around 5% and it is trading near the USD 112 support. The next supports are seen near the USD 110 level.
On the upside, the USD 116 level is an initial hurdle, above which the bulls are likely to retest the USD 120 resistance.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price failed again near the USD 185 and USD 190 resistance levels. BCH/USD is currently sliding and trading below USD 180. An initial support is near the USD 172 level, below which the bulls are likely to aim a test of the USD 165 support level. On the upside, a clear break above USD 190 and USD 200 is needed for a larger recovery.
Litecoin faced a strong selling interest near the USD 35.50 and USD 36.00 levels. LTC/USD is currently correcting lower and approaching the USD 32.50 support. The main support is still near the USD 30.00 level. Any further losses may perhaps lead the price towards USD 26.00.
XRP price struggled to continue above the USD 0.150 and USD 0.152 resistance levels. As a result, there was a fresh decline below USD 0.145 and it seems like the price might revisit the USD 0.140 level. The next key support is seen near the USD 0.132 and USD 0.130 levels.

Other altcoins market today

In the past three sessions, many small-capitalization altcoins declined more than 5%, including LUNA, GNT, CKB, ZIL, LINK, HBAR, MOF, QTUM, DX, LRC, XTZ and IOST. Conversely, LSK, LEND, and DASH managed to gain more than 5%.

To sum up, bitcoin price is facing a couple of key hurdles near the USD 5,500 level. On the downside, the main support is near the USD 5,000 level. BTC/USD might continue to trade in a range before the next major move either above USD 5,500 or below USD 5,000.
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Bitcoin and Altcoins Correct Gains 102
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