Correction of Gains in Bitcoin and Altcoins
Bitcoin price started a downside correction after setting a new monthly high near USD 12,300. Ethereum declined below the USD 230 support and ripple price is now below USD 0.315. DGB, EGT and NEXO are down more than 12% today.
This week, we saw a strong rise in bitcoin price above the USD 11,500 and USD 12,000 resistance levels. BTC/USD even climbed above the USD 12,200 level and traded to a new monthly high near USD 12,300 before starting a downside correction. It is down more than 5% from the high and is trading below the USD 11,800 level. More importantly, there was a bearish reaction in major altcoins, including ethereum, litecoin, ripple, bitcoin cash, EOS, and binance coin. ETH/USD broke the USD 230 support and XRP/USD failed to stay above the key USD 0.320 support level. Overall, bitcoin price is now (08:10 UTC) trading near the USD 11,500 support and it might extend its decline towards USD 11,200 or USD 11,000.
Total market capitalization
After a strong rise, bitcoin price started a significant downside correction. BTC/USD traded below the USD 12,000 and USD 11,800 support levels. The price is now struggling to hold the USD 11,500 support level. If there is a downside extension, the bears may target the next important supports near USD 11,200 and USD 11,050.
On the upside, an immediate resistance is near the USD 11,650 level. However, the main resistance is near USD 11,800, above which the price could even climb above USD 12,000.
Ethereum price topped near the USD 240 level and recently declined around 4%. ETH/USD broke the USD 230 support and it is currently testing the USD 225 support. The next key support is near the USD 220 level.
On the upside, the USD 230 level might act as an initial barrier for the bulls. If there is a successful break above the USD 230 resistance, the price could climb higher towards the USD 240 level.
Bitcoin cash, eos and ripple price
Bitcoin cash price failed to stay above the USD 350 level and started a fresh decline. BCH/USD is down more than 5% and it broke the USD 340 support. The price is trading near the USD 332 level, with an immediate support at USD 330. If there are more downside, the price could test the USD 320 level.
EOS struggled to break the USD 4.500 resistance and trimmed most of its recent gains. The price declined more than 6% and broke the USD 4.300 and USD 4.200 support levels. If the bulls fail to defend USD 4.050, the next stop could be the USD 3.800 level.
Ripple price declined below the USD 0.322 and USD 0.320 support levels. XRP/USD even declined below USD 0.310 and it is currently correcting higher. On the upside, the USD 0.315 and USD 0.318 levels are likely to act as strong hurdles for the bulls.
Other altcoins market today
In the past three sessions, many cap altcoins trimmed gains and declined more than 8%, including DGB, EGT, NEXO, VEST, HC, SOLVE, REN, ABBC, BCN, THETA, BSV and KMD. Out of these, DGB is down around 14% and EGT declined 13%.
Overall, bitcoin price is currently correcting gains below USD 11,650. If BTC/USD fails to stay above USD 11,500, there is a risk of an extended downside correction towards the USD 11,200 and USD 11,000 support levels.