Bitcoin and Altcoins Dips Remain Attractive
Bitcoin price climbed above USD 9,400 before correcting lower towards USD 9,000. Ethereum is correcting towards USD 260, but ripple is gaining momentum above USD 0.435. LINK extended gains and recently rallied more than 12% today.
After a successful close above USD 9,000, bitcoin price climbed further. BTC/USD broke the USD 9,200 resistance level and recently traded above the USD 9,400 level. However, it failed to continue higher and started a downside correction below USD 9,200. Similarly, there were corrective moves in ethereum after it failed to clear the USD 275 resistance. ETH/USD is down around 1% (08:10 UTC) and it is trading near the USD 265 support. On the other hand, ripple price gained traction and surged above USD 0.450. XRP/USD is still up around 1.5% and is trading near USD 0.435.
Total market capitalization
A new 2019 high was formed by bitcoin price above the USD 9,400 resistance level. BTC/USD traded close to the USD 9,450 level before starting a major downside correction. It traded below the USD 9,200 and USD 9,100 support levels. The main support is near the USD 9,000 level, below which the price might start a downside correction.
On the upside, immediate resistance is at USD 9,200, above which the price might revisit the USD 9,400 level.
Ethereum price failed to surpass the USD 275 resistance level and recently corrected below the USD 270 support. ETH/USD tested the USD 265 support area and it is currently down around 1%.
If it continues to decline, the next key support for the bulls is near the USD 260 level. Conversely, the USD 270 level may now act as a resistance. The key resistance is at USD 275, above which the price could climb higher.
Bitcoin cash, eos and ripple price
Bitcoin cash price is down more than 2.5% and it recently broke the USD 425 and USD 420 support levels. The next support is at USD 410, below which BCH/USD could revisit the USD 400 support. On the upside, the USD 425 level may now act as a strong resistance, followed by the USD 430 pivot level.
EOS failed to continue higher and recently traded below the USD 7.00 support level. The price is down around 2% and is trading near the USD 6.850 support. If it continues to move down, the bulls are likely to defend the USD 6.650 and USD 6.600 support levels.
Ripple price performed well today and climbed above the USD 0.445 and USD 0.455 resistance levels. However, bitcoin’s slide reversed gains in XRP/USD and the pair broke the USD 0.445 level. The price is still up around 1%, with an immediate support at USD 0.432 and USD 0.425.
Other altcoins market today
In the past three sessions, a few small cap altcoins corrected gains and declined more than 6%, including MXM, ELF, PAI, MAID, NEO, OMG, DENT, BTT, WTC and EGT. Out of these, MXM is down around 20% and ELF declined nearly 8%.
Overall, bitcoin price started a downside correction after setting a new 2019 high near USD 9,450. BTC/USD could bounce back as long as it is above USD 9,000. If not, there are chances of an extended decline towards USD 8,800 or USD 8,750.