Bitcoin and Altcoins Holding Uptrend Supports
After trading above the USD 6,660 level, bitcoin price started a downside correction. BTC/USD declined below USD 6,550 and recently tested a major support near USD 6,500, which protected further losses. Similarly, ethereum tested the USD 215 support and it is currently consolidating in a tight range. On the other hand, bitcoin cash and ripple declined a few more points and later managed to recover. The current market sentiment is neutral and it seems like there could be range moves in bitcoin and ethereum before the next move.
Total market capitalization
There was an extended downside correction below the USD 6,550 support in bitcoin price . BTC/USD declined and traded below the USD 6,525 level. The price tested the next major support at USD 6,500, which acted as a solid barrier for sellers.
At the moment, the price is slowly recovering, but the previous supports at USD 6,520 and USD 6,530 may perhaps act as resistances. The main resistance could be USD 6,550, above which the price will most likely revisit the USD 6,660 resistance.
Ethereum price traded below the USD 215 support recently, but later it managed to recover. ETH/USD is currently consolidating near USD 215 and it is preparing for the next move.
Buyers need to gain strength above the USD 220 and USD 225 levels to accelerate upsides. On the other hand, a break below the USD 215 support may push the price back towards the USD 210 support.
Bitcoin cash and ripple price
Bitcoin cash price extended slides and traded below the USD 630 and USD 600 support levels. BCH/USD traded close to the USD 570 support and later recovered. It is currently trading near USD 600, with an immediate resistance at USD 620 followed by USD 630. On the downside, the USD 580 and USD 570 levels are important supports.
Ripple price declined sharply and even spiked below the USD 0.500 support as discussed yesterday. XRP/USD tested the USD 0.495 level and bounced back. It is currently recovering, but it may face a strong resistance near USD 0.520.
Other altcoins market today
During the past few hours, a few altcoins gained traction, including XET, WAX and MANA. XET (Eternal Token) is up more than 25% and WAX extended gains and traded up around 18%.
Overall, bitcoin price extended its downside correction and it is not at a risk of a downside break below USD 6,480 - USD 6,500. Should BTC/USD fail to bounce back above USD 6,550, sellers are likely to gain strength. A daily close below USD 6,480 or USD 6,450 may accelerate declines in bitcoin in the coming days. Similarly, ethereum must stay above the USD 208 support and ripple price should break the USD 0.520 - USD 0.525 resistance zone to move back in a positive zone.