04 Nov 2019 · 2 min read

Bitcoin and Altcoins Could Correct Further Before Going Higher

Bitcoin price is correcting gains, but it remains supported above USD 9,000. Ethereum is struggling to clear USD 185 and ripple is sliding towards USD 0.288. ILC rallied more than 30% and CHZ is up almost 18% today.

This past week, bitcoin price started a downside correction from well above the USD 9,500 support area. BTC/USD traded below the USD 9,200 support area, but it found bids near the USD 9,000 and USD 8,950 levels. The price is consolidating (09:00 UTC) above the USD 9,000 level, but there is a risk of an extended decline below the USD 9,000 support.

Similarly, most major altcoins started a downside correction, including ethereum, bitcoin cash, ripple, EOS, BNB, TRX, ADA, and XLM. ETH/USD is currently trading above the USD 180 support, but it is facing hurdles near USD 185. XRP/USD struggled to clear the USD 0.300 resistance area and it is currently declining towards the USD 0.288 and USD 0.285 supports.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After correcting lower, bitcoin price started trading in a range above the USD 9,000 support. On the upside, there are a few key resistances near the USD 9,320 and USD 9,400 levels. However, the main weekly resistance is near the USD 9,500 level, above which the price could start a fresh increase in the near term towards USD 10,000 and USD 10,250.
On the downside, there are many supports near USD 9,000 and USD 8,950. The main weekly support is near USD 8,750, below which the price could start an extended decline towards the USD 8,500 support.

Ethereum price

Ethereum price failed to recover above the USD 190 level and recently tested the USD 178 support. ETH/USD is currently trading above USD 180 and it is facing a strong resistance near the USD 185 level. The main resistance is near the USD and USD 192 levels.
On the downside, the main weekly supports are USD 178 and USD 175. If there is a clear break below the USD 175 support, the price could start a significant decline towards USD 162 or even USD 154.

Bitcoin cash, eos and XRP price

Bitcoin cash price failed to stay above the USD 300 level and recently started a downside correction. BCH/USD declined below the USD 290 level and it is currently testing the USD 280 support area. Any further losses might push the price towards the USD 265 support area.
EOS is trading with a neutral bias above the USD 3.200 support area. The price is facing hurdles near the USD 3.350 and USD 3.400 levels, above which the price could continue to rise towards the USD 3.650 level. On the downside, the main supports are near the USD 3.200 level.
XRP price was mostly flat below the USD 0.300 and USD 0.298 resistance levels. If XRP/USD declines in the near term, it could find support near the USD 0.285 level. On the upside, the main resistances are near the USD 0.300 and USD 0.304 levels.

Other altcoins market today

In the past three sessions, a few small capitalization altcoins climbed higher and gained more than 5%, including ILC, CHZ, DCR, REP, SXP, and NEXO. Out of these, ILC surged more than 30% and CHZ climbed close to 18%.

Overall, bitcoin price is facing a lot of hurdles near the USD 9,300, USD 9,400 and USD 9,500 levels. A clear break above USD 9,500 is needed for more gains in the near term. If not, BTC/USD could correct lower towards the USD 8,500 level.

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