Bitcoin and Altcoins Correcting Gains, Ethereum Outperforms
Bitcoin price started a downside correction and traded below USD 9,500. Ethereum is up over 2% and it tested USD 280, XRP is consolidating above USD 0.202. DGB extended gains by 10% today.
Bitcoin price remained in a bullish zone above the USD 9,550 level. BTC extended its rise above the USD 9,600 level and traded to a new monthly high close to USD 9,650. It is currently (09:00 UTC) correcting gains and it might test the USD 9,400 support zone.
Most major altcoins are trading in a positive zone above key supports, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, XLM, and ADA. ETH/USD outperformed BTC and broke the USD 275 resistance. XRP/USD is trading above USD 0.202 and it must clear USD 0.205 for more upsides in the near term.
Total market capitalization
There were further upsides in bitcoin price above the USD 9,550 resistance. BTC traded to a new monthly high near USD 9,650 and recently started a downside correction. It traded below USD 9,550 and USD 9,500. The next major support is near the USD 9,400 level, below which there are chances of a steady decline towards the USD 9,300 level.
On the upside, the USD 9,550 level is an initial hurdle for the bulls. The main hurdle is now near USD 9,650, above which the price might continue higher towards USD 9,800.
Ethereum price extended its rally above the USD 270 and USD 275 levels. ETH even spiked above USD 280 before starting a downside correction. The price is now trading near USD 270 and it might continue to correct lower towards the USD 262 and USD 260 levels.
To continue higher, the price must gain momentum above the USD 272 and USD 275 levels. The next key resistance is near the USD 280 level.
Bitcoin cash, ADA and XRP price
Bitcoin cash price failed to continue above the USD 240 resistance level. BCH is now trading below the USD 235 and it is approaching the USD 230 support level. If it fails to stay above the USD 230 support, there is a risk of an extended decline towards the USD 222 level. On the upside, the USD 240 level remains a major hurdle.
ADA struggled to stay above the USD 0.125 level and declined below USD 0.124. The price is trading near USD 0.122 and it might revisit the USD 0.120 support. Any further losses could lead the price towards the USD 0.118 level.
XRP price settled above the USD 0.200 level and it is trading above the USD 0.202 level. On the upside, the price is struggling to clear the USD 0.205 level. If there is a clear break above USD 0.205, there are high chances of a strong increase above the USD 0.208 and USD 0.212 levels.
Other altcoins market today
In the past three sessions, three small altcoins gained over 10%, including FXC, DGB, and ZEN. Conversely, RSR, BNT, BAND, DGTX, KAVA, QNT, LEND, WAVES, ABBC, ALGO, CEL, VLX, and CHSB are down more than 5%.
Overall, bitcoin price is correcting gains below USD 9,550. However, BTC is still trading in a positive zone and it could continue to rise towards the USD 9,650 level or even USD 9,800. Conversely, USD 9,400 might stop the current decline in the near term.