Bitcoin And Altcoins In Corrective Decrease
- Bitcoin price started a downside correction from the USD 6,550 resistance.
- Ethereum is correcting towards USD 130 and XRP could revisit USD 0.170.
- WAVES rallied more than 20% and ICX is up more than 10% today.
Recently, bitcoin price retested the key USD 6,550 resistance area. BTC/USD failed to settle above USD 6,550 and started a downside correction. The price is now (08:30 UTC) trading below the USD 6,400 level and it could correct further towards the USD 6,200 support area.
Similarly, many major altcoins are currently correcting gains, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD failed near USD 135 and it is declining towards USD 130. Besides, XRP/USD struggled to stay above USD 0.175 and it is likely to revisit USD 0.170.
Total market capitalization
After another failed attempt above USD 6,550, bitcoin price started a fresh decrease. BTC/USD traded below the USD 6,500 and USD 6,400 levels. It is currently down around 3% and trading near the USD 6,300 level. If there are more downsides, the price could retest the USD 6,200 support level in the near term.
On the upside, an initial resistance is near the USD 6,400 level. The first major resistance is near USD 6,500 and USD 6,550, above which bitcoin is likely to rise towards the USD 6,800 level.
Ethereum price failed to surpass the USD 135 resistance area and it recently started a downside correction. ETH/USD is likely to continue lower towards the USD 130 support area. Any further losses may perhaps call for a drop towards the USD 124 support.
To start a steady increase, the price must climb above the USD 135 resistance level. A convincing close above the USD 135 level could open the doors for an upward move towards USD 142 and USD 144.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price failed to stay above the USD 220 support and it is currently down more than 2%. BCH/USD is testing the USD 215 area, below which it is likely to decline towards USD 210. The main support is now near USD 200. Conversely, the price could surpass the USD 220 area to retest the USD 230 resistance area.
Litecoin failed to settle above USD 40.50 and it is currently declining towards the USD 38.50 support area. A clear break below USD 38.50 might lead the price towards the USD 36.50 support. On the upside, the bulls need to gain strength above USD 40.50 for a decent bullish wave.
XRP price struggled to stay above the USD 0.175 level and it is currently declining. An immediate support is near USD 0.172, below which the price is likely to test the USD 0.170 support. On the upside, the bulls are facing hurdles near USD 0.175 and USD 0.178.
Other altcoins market today
In the past three sessions, a few small-capitalization altcoins gained more than 5%, including WAVES, ICX, NRG, MKR, and LINK.
Conversely, BCN, CKB, HOT, REP, STX, and STEEM are down more than 5%.
To sum up, bitcoin failed again to gain strength above USD 6,500 and USD 6,550. BTC is currently sliding and it may soon test the USD 6,200 support. The main support is near USD 6,000, below which the bears are likely to take control and aim a test of the USD 5,500 area in the coming sessions.