Bitcoin and Altcoins Could Correct Higher in Short Term
Bitcoin price is currently consolidating losses near the USD 9,500 level. Ethereum is trading above the USD 165 support and ripple is holding the USD 0.250 support. Egretia (EGT) rallied more than 40% and ABBC is up around 25% today.
Recently, we saw a decline in bitcoin price below the USD 9,750 support area. BTC/USD even broke the USD 9,500 support and recently traded close to the USD 9,350 level. Similarly, there were sharp downsides in many major altcoins, including ethereum, ripple, bitcoin cash, EOS, tron, cardano, stellar and binance coin. ETH/USD traded close to the USD 160 support and XRP/USD spiked below the USD 0.250 support. At the outset, BTC and altcoins are consolidating losses with corrective moves, but upsides are likely to remain limited going into the weekend.
Total market capitalization
After a successful close below the USD 9,750 support, bitcoin price extended its decline. BTC/USD broke the USD 9,500 support area and even traded below the USD 9,400. It tested the USD 9,350 support and it is currently (08:00 UTC) correcting higher. At the moment, the price is consolidating near USD 9,500, with an immediate resistance near the USD 9,650 level.
The main resistance on the upside are near USD 9,750 and USD 9,800 (the recent support levels). On the downside, an initial support is near the USD 9,350 level. If there are more downsides, the next stop for sellers could be near the USD 9,000 level.
Ethereum price fell sharply after it broke the USD 180 support area. ETH/USD traded close to the USD 160 support and it is currently consolidating losses near USD 165. If there is an upside correction, the USD 170 and USD 172 levels are likely to protect gains.
On the downside, an immediate support is near the USD 162 level, below which there is a risk of a drop towards the USD 155 and USD 154 levels.
Bitcoin cash, eos and ripple price
Bitcoin cash price settled below the USD 300 support to start a downward move. BCH/USD even cleared the USD 280 support and tested the USD 270 support. The price is currently correcting higher, but upsides are likely to face hurdles near the USD 285 and USD 290 levels.
EOS fell sharply below the USD 3.350 and USD 3.200 support levels. The price tested the USD 3.050 level and it is currently correcting higher. On the upside, the previous supports near the USD 3.300 and USD 3.350 levels are likely to protect gains. On the downside, the main supports are near USD 3.050 and USD 3.000.
Ripple price traded below the USD 0.255 and USD 0.250 support levels. XRP/USD tested the USD 0.245 level and it is currently consolidating near USD 0.255. If there is an upside correction, the USD 0.262 and USD 0.265 levels might cap gains in the near term.
Other altcoins market today
In the past three sessions, a few small cap altcoins recovered and gained more than 5%, including EGT, ABBC, LAMB, NEX, SNX, ENJ, WIN, XEM and GXC. Out of these, EGT rallied more than 40% and ABBC is up around 25%.
Overall, bitcoin price might correct higher in the short term above USD 9,600. However, there are many hurdles waiting on the upside near the USD 9,750, USD 9,800 and USD 9,880 levels.