Bitcoin and Altcoins Correct Lower
- Bitcoin price is currently correcting lower and recently broke the key USD 10,500 support.
- Ethereum is struggling to settle above USD 180 and ripple price is correcting towards USD 0.255.
- NRG and BCN are down more than 10% today.
This past week, there was an upward move in bitcoin price above the USD 10,500 resistance. BTC/USD even broke the USD 10,800 resistance and traded close to the USD 11,000 level. A swing high was formed near USD 10,950 before the price started a downside correction. The price is now (08:00 UTC) trading well below USD 10,500 and is showing a few bearish signs. Moreover, many major altcoins, including ethereum, ripple, EOS, litecoin, binance coin, bitcoin cash and stellar remained in a range. Recently, there was an upward move, but upsides were capped. ETH/USD is struggling to settle above the USD 180 resistance and XRP/USD is correcting towards the USD 0.255 support area.
Total market capitalization
Recently, bitcoin price moved into a short term bearish zone. BTC/USD settled below the USD 10,500 level and it is currently trading near the USD 10,200 support area. If there are more losses, the price could test the main weekly support at USD 10,000. A daily close below USD 10,000 may perhaps push the price back in a bearish zone.
On the upside, an immediate hurdle is near the USD 10,440 level. The main resistance is near the USD 10,500, above which the price might test the key USD 10,800 resistance area.
Ethereum price climbed higher recently and broke the USD 175 and USD 180 resistance levels. ETH/USD tested the USD 185 level and it is currently correcting lower. It is trading below the USD 180 support and it is approaching the USD 175 support area.
If there is a downside break below USD 175, there could be more downsides. On the upside, an initial resistance is near the USD 180 level, followed by USD 185.
Bitcoin cash, eos and ripple price
Bitcoin cash price is struggling to stay above the USD 305 and USD 300 support levels. BCH/USD is currently declining and is trading towards the USD 295 support area. If there are more losses, the price could revisit the main USD 285 support area.
EOS is showing positive signs and is trading above the USD 3.600 level and it could continue to climb higher in the coming sessions. The next major resistance is near the USD 3.800 level.
Ripple price is facing an uphill task near the USD 0.262 and USD 0.265 resistance levels. XRP/USD is currently approaching the USD 0.255 support, below which the bears could gain momentum. On the upside, a close above USD 0.265 is needed for more gains in the near term.
Other altcoins market today
In the past two sessions, a few small cap altcoins declined and weakened more than 5%, including NRG, BCN, ETP, REN, KMD, RVN, HC and VSYS. Out of these, NRG is down around 15% and BCN declined nearly 11%.
Overall, bitcoin price is showing a few bearish signs below the USD 10,500 support area. However, as long as BTC/USD is trading above the USD 10,000 level, it could bounce back and trade towards the USD 10,800 resistance. If there is a daily close below the USD 10,000, the price could accelerate downsides.