Bitcoin and Altcoins Correcting Towards Crucial Supports
- Bitcoin price corrected lower and is currently testing the USD 6,400 support.
- Ethereum tested a major support near USD 450 and bounced back.
- Most altcoins started a downward correction and are trading near key supports.
After a decent bullish wave, bitcoin lost the momentum near the USD 6,700 level. BTC/USD started a downside correction and tested a major support near USD 6,400 - USD 6,450. However, declines were protected and the price is currently trading above the USD 6,500 level. Similarly, Ethereum corrected lower and tested a key support at USD 450 before recovering higher. Overall, the current wave can be considered as a part of a correction as long as bitcoin is above USD 6,400.
Bitcoin price formed a high near USD 6,685 and corrected lower. It broke the USD 6,500 support and tested a crucial support at USD 6,400. The BTC/USD pair found a strong buying interest and is currently trading above the USD 6,500 level (GMT 8:30 AM).
On the upside, a break above the USD 6,600 resistance could set the pace for a push towards the USD 6,700 level, above which the price may perhaps test the USD 6,800 resistance. On the downside, the USD 6,400 support holds the key, below which, the price will most likely test USD 6,250.
Ethereum price also corrected lower and traded a few points below the USD 460 level. ETH/USD tested the USD 450 support zone, which stopped losses. The price is currently trading with a bullish angle above the USD 460 level.
On the upside, resistances are seen near USD 470 and USD 480. Above this last, the price could test the USD 500 resistance. On the downside, the USD 455 and USD 450 levels are important supports.
Bitcoin Cash and Ripple
Bitcoin cash price declined by more than 5% and is currently trading well below the USD 800 pivot level. BCH/USD broke the USD 780 support and is currently trading near the USD 760 support. If the price declines further, it may well test the USD 740 support.
Ripple price failed to stay above the USD 0.50 support and declined towards the USD 0.48 level. XRP/USD is currently down around 4% and is facing a tough resistance near the USD 0.49 - USD 0.50 area.
Other Altcoins Market Today
Most small cap altcoins corrected lower, but there were a few coins which posted gains like SYS, MANA, SNT and STEEM. Out of these, SYS was very volatile during the past few sessions. As reported, a single SYS was sold for 96 BTC on Binance. Syscoin’s (SYS) blockchain was compromised since more than one billion coins were mined in a single block, while its supply is 888 million. It forced the exchange to temporarily close operations to perform maintenance.
Binance completed their maintenance and it could help bitcoin and altcoins in moving back higher during the coming sessions.