Bitcoin and Altcoins Dips Present Buying Opportunity
Bitcoin price traded to a new 2020 high close to USD 10,200 before correcting lower. Ethereum tested the USD 230 area and XRP price is struggling to clear USD 0.285. KICK, OKB, and LSK rallied more than 30% today.
This past week, bitcoin price remained in a strong uptrend above the USD 9,550 and USD 9,850 resistance levels. Recently, BTC/USD traded to a new 2020 high close to USD 10,200 before starting a downside correction. However, there are many supports on the downside near USD 9,550 and USD 9,550.
Similarly, most major altcoins are currently (09:00 UTC) correcting gains, including ethereum, XRP, litecoin, bitcoin cash, EOS, TRX, ADA, and XLM. Conversely, BNB is up more than 8% and it broke the USD 25.00 resistance area. ETH/USD tested the USD 230 resistance area and recently corrected below USD 225. Besides, XRP/USD seems to be facing a strong resistance near the USD 0.285 and USD 0.288
Total market capitalization
After testing the USD 10,200 resistance, bitcoin price started a downside correction. BTC/USD broke the USD 10,000 area and even dipped below USD 9,850. It traded close to the USD 9,650 support and currently climbing higher. On the downside, the main weekly support is near USD 9,550, below which there is a risk of a larger decline.
On the upside, the USD 10,200 and USD 10,250 levels are weekly hurdles. A successful break above the USD 10,250 level might open the doors for a larger wave towards USD 10,500.
Ethereum price remained strong and it climbed above the USD 220 resistance. ETH/USD even tested the USD 230 level before correcting lower. It tested the USD 220 support and currently consolidating. The main supports are near USD 212 and USD 210.
On the upside, the USD 230 level is a weekly pivot zone. A clear break above the USD 230 level could open the doors for a steady rise towards the USD 250 level in the near term.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price surged above the USD 400 and USD 420 resistance levels. BCH/USD even spiked above the USD 450 level before the bears appeared near the USD 460 level. The price is currently trading in a range below the USD 450 resistance. On the downside, there are key supports near the USD 440 and USD 430 levels.
Litecoin spiked above the USD 75.00 resistance and tested the USD 78.00 area. LTC/USD failed to test USD 80.00 and it is currently correcting lower. On the downside, there are strong supports waiting near the USD 72.50 and USD 71.00 levels. The main support is still near USD 70.00.
XRP price struggled to clear the USD 0.284 and USD 0.285 resistance levels. XRP/USD formed a short term top near USD 0.285 and it is currently correcting lower. However, there are many key supports on the downside near USD 0.265 and USD 0.262.
Other altcoins market today
In the past three sessions, many small-capitalization altcoins climbed more than 5%, including KICK, OKB, LSK, AION, MOF, XTZ, QNT, HT, MONA, NEXO, and BEAM. Out of these, KICK is up around 38% and OKB gained nearly 35%.
Overall, bitcoin price is currently correcting lower from USD 10,200. However, BTC/USD remains well supported for more gains as long as it is above USD 9,550. On the upside, a close above USD 10,200 and USD 10,250 could set the pace for a fresh increase.