Bitcoin and Altcoins Could Correct In Short Term
- Bitcoin price seems to be facing a strong hurdle near the USD 8,850 resistance.
- Ethereum is correcting lower below USD 165 and XRP is back below USD 0.230.
- Augur (REP) rallied more than 50% and MANA is up around 15% today.
Recently, bitcoin price made another attempt to clear the USD 8,850 resistance area. However, BTC/USD failed to continue higher and started a short term downside correction. On the downside, the USD 8,550 support area might play a major role in the coming sessions.
On other hand, there were corrective moves in most major altcoins, including ethereum, XRP, bitcoin cash, litecoin, EOS, BNB, ADA, TRX, and XLM. ETH/USD declined below the USD 166 and USD 165 support levels. Besides, XRP/USD trimmed most gains and traded below the USD 0.232 and USD 0.230 support levels.
Total market capitalization
After forming a short term top near USD 8,850, bitcoin price started a minor decline. BTC/USD corrected below the USD 8,700 level, but the USD 8,600 zone provided support. The main support is near the USD 8,550 level, below which the price could continue to move down towards the USD 8,350 support level.
On the upside, an initial resistance is near the USD 8,740 level, above which the bulls could make another attempt to clear the USD 8,850 resistance level. If they succeed, the price is likely to surge above the USD 9,000 level.
Ethereum price already started a substantial downside correction from the USD 172 swing high. ETH/USD declined below the USD 166 and USD 165 support levels. It is currently (09:00 UTC) consolidating near USD 160, with key supports near the USD 158 and USD 155 levels.
To start a fresh increase, the price must surpass the USD 166 level. The main resistance is still near USD 170 and USD 172. Any further upsides could set the pace for a push towards the USD 180 level.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price started a strong decline after it failed to gain momentum above the USD 350 and USD 370 resistance levels. BCH/USD declined below the USD 340 support and tested the USD 320 support. The main support is near the USD 300 handle, where the bulls are likely to appear.
Litecoin started a short term drop from the USD 60.00 resistance area. LTC/USD broke the USD 57.00 support and tested the USD 55.00 area. Any further losses may perhaps lead the price towards the USD 54.20 support level. On the upside, the key hurdles are near USD 58.50 and USD 60.00.
XRP price failed to climb above the USD 0.245 zone and declined heavily. XRP/USD is down more than 7% and it broke the USD 0.232 and USD 0.230 support levels. It is currently testing the USD 0.225 support, below which it could even test the USD 0.221 support.
Other altcoins market today
In the past three sessions, a few small capitalization altcoins gained more than 5%, including REP, MANA, KNC, BCD, RLC, FTT, GNT, ETN and ETC. Conversely, BSV, SNX, HC, NEXO, VSYS, BTG and AE are down more than 8%.
To sum up, bitcoin is facing a strong resistance near the USD 8,850 level ahead of the USD 9,000 barrier. Therefore, there could be a short term decline towards USD 8,550 or USD 8,350 before BTC/USD starts a fresh increase.