Bitcoin and Altcoins Could Correct Lower Before Going Higher
- Bitcoin price failed to break the USD 6,850 resistance and corrected lower.
- Ripple price corrected below USD 0.700, but it remains supported near USD 0.500.
- Most altcoins like ethereum, bitcoin cash and litecoin are showing signs of a correction.
This past week, there were decent gains in bitcoin, ethereum and ripple. BTC/USD traded close to the USD 6,850 level before sellers started to dominate. The price corrected lower, but there are many supports above the USD 6,400 level. Similarly, ethereum is placed above the USD 200 pivot level and any dips are likely to find buyers on the downside. More importantly, ripple price is trading with a bullish angle above USD 0.500 and may rally one more time above USD 0.650.
Total market capitalization:
Bitcoin price topped recently near the USD 6,850 level and corrected below USD 6,740. BTC/USD is down around 1% with an immediate support near the USD 6,600 level. Below this, the weekly supports are visible near the USD 6,520 and USD 6,400 levels.
On the flip side, if the price continues to move higher, the USD 6,850 resistance could stop upsides. Above this, bitcoin buyers may perhaps attempt a clear break above the USD 7,000 level.
Ethereum price failed to settle above the USD 250 resistance and is currently (UTC 08:20 AM) trading below the USD 240 level. On the downside, ETH/USD might find support near the USD 222 and USD 210 levels.
Once the current correction wave is over, the price may revisit the USD 250 zone. On the upside, a break above the USD 250 weekly resistance could trigger more gains towards the USD 275 level.
Bitcoin cash and ripple price
Bitcoin cash price failed to stay above the USD 500 level and is currently down more than 2%. BCH/USD may possibly correct further towards the USD 450 support level, below which sellers could regain control. On the upside, the USD 500 and USD 510 levels are crucial hurdles.
Ripple price is down around 3%, but it is still trading above the USD 0.500 support. XRP/USD may clear the USD 0.580 resistance to trade past USD 0.600 and USD 0.620 in the near term.
Other altcoins market today
Overall, bitcoin is trading with a positive bias above the USD 6,400 weekly support. However, buyers need to push the price above USD 6,850 and USD 7,000 resistances for more gains. If not, there is a risk of a fresh downward move towards USD 6,400 or even USD 6,200. Similarly, ethereum must stay above USD 200 to bounce back in the coming days.