Bitcoin and Altcoins Correct Lower, Dips Remain Attractive
Bitcoin price rallied above USD 40,000 before correcting over USD 2,500. Ethereum is holding the USD 1,120 support, XRP rallied before correcting to 0.300. YFI, SOLO, ENJ, and MANA are still up by 17%-43%.
There were additional gains in bitcoin price above the USD 38,500 resistance. BTC even broke USD 40,000, traded to a new all-time high near USD 40,400 before correcting lower. It traded towards the USD 36,500 support and it is currently (05:00 UTC) recovering above USD 38,000.
Similarly, there was a downside correction in most major altcoins, including ethereum, EOS, XRP, XLM, LINK, BNB, OMG, NEO, TRX, bitcoin cash, DOT, litecoin, and ADA. ETH/USD declined sharply from the USD 1,270 region before the bulls appeared near USD 1,080. XRP/USD extended its recovery towards the USD 0.370 level before it faced a strong selling interest.
Total market capitalization
After setting a new all-time high near USD 40,400, bitcoin price started a sharp downside correction. BTC dropped over USD 2,500 and it broke the USD 38,000 and USD 37,500 support levels. However, the bulls protected losses below USD 36,500. The price is now rising and trading above USD 38,000.
An initial resistance is near the USD 38,800 level. The first major resistance is near the USD 39,200 level. A close above the USD 39,200 level could lead the price back above USD 40,000 in the near term.
Ethereum price was able to clear the USD 1,220 and USD 1,250 resistance levels. However, ETH failed to clear the USD 1,300 level and started a downside correction. It broke the USD 1,200 level and it even spiked below the USD 1,100 level.
The bulls were able to protect strong downsides and the price is now stable above the USD 1,100 level. On the upside, an initial resistance is near the USD 1,180 level. To start a fresh increase towards USD 1,300, the price must break USD 1,220.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price surged towards the USD 480 and USD 485 resistance levels before correcting gains. BCH dropped below USD 450 and it even broke the USD 430 support. The price is trading near the USD 420 level, and it could find a strong buying interest as long as there is no close below USD 400.
Litecoin (LTC) extended its rise towards the USD 180 level and it failed to climb higher towards USD 200. As a result, there was a downward move below the USD 165 support, but the price is stable above the USD 150 level. Any more losses below USD 150 could lead the price towards the USD 132 support.
XRP price turned attractive after it broke the USD 0.250 and USD 0.300 resistance levels. There was a strong upward move and the price even spiked above USD 0.350. The price tested the USD 0.370 zone before correcting lower sharply. As long as it is above the USD 0.300 level, there are chances of a fresh increase.
Other altcoins market today
A few altcoins remained in a positive zone and gained over 10%, including MANA, ENJ, YFI, NANO, LUNA, BTG, and DCR. Out of these, MANA rallied over 40% and it broke the USD 0.140 level.
Overall, bitcoin price is recovering losses and trading above USD 38,000. Having said that, BTC must surpass USD 38,800 and USD 39,200 to initiate a fresh move towards USD 40,000 or higher.