Bitcoin and Altcoins In Corrective Decrease, Key Supports Nearby
Bitcoin price is correcting lower below the USD 9,250 pivot level. Ethereum is facing resistance near USD 190 and ripple is still capped near USD 0.300. IOST is up close to 30%, OST, VET and XVG jumped more than 5%.
After starting a downside correction, bitcoin price declined below the USD 9,500 and USD 9,350 support levels. BTC/USD is currently (09:00 UTC) trading below USD 9,250 and it seems like it could correct further in the near term. However, the bulls are likely to appear near USD 9,000 or USD 8,850.
Similarly, most major altcoins are either correcting lower or consolidating in a range, including ethereum, EOS, bitcoin cash, ripple, litecoin, binance coin, ADA, TRX, and XLM. ETH/USD is still struggling to gain bullish momentum above the USD 190 and USD 192 resistance levels. Besides, XRP/USD is trading in a tight range and facing hurdles near the USD 0.304 resistance area.
Total market capitalization
Recently, bitcoin price struggled to stay above the USD 9,320 support and the USD 9,250 pivot level. BCH/USD is currently above USD 9,150, with an immediate support near the USD 9,000 area. If there are more downside, the next major support is near the USD 8,850 level.
On the upside, an initial resistance is near the USD 9,350 level. However, the main resistance is near the USD 9,450 and USD 9,500 levels, above which bitcoin is likely to rise towards the USD 9,750 level.
Ethereum price made another attempt to settle above the USD 190 and USD 192 resistance levels. However, ETH/USD struggled to continue higher and it is currently consolidating near USD 185.
If there is a bearish reaction, the price is likely to find support near the USD 182 and USD 180 levels. On the upside, a proper close above USD 192 is needed for a steady rise towards USD 200 and USD 204.
Bitcoin cash, eos and XRP price
Bitcoin cash price remained well bid above the USD 280 level and it extended its gains above the USD 290 resistance. BCH/USD even spiked above USD 300 and it is currently consolidating gains above the USD 285 and USD 280 support levels. On the upside, resistances are seen near USD 300 and USD 305.
EOS seems to be consolidating above the USD 3.300 and USD 3.250 support levels. On the upside, there is a significant resistance forming near USD 3.450 and USD 3.500, above which there are chances of a strong rise towards the USD 3.800 level in the coming sessions.
XRP price made a couple of attempts to climb steadily above the USD 0.300 and USD 0.304 resistance levels, but the bulls failed to remain in action. XRP/USD is consolidating above the USD 0.292 support and it could make another attempt to rally above USD 0.304.
Other altcoins market today
In the past three sessions, many small capitalization altcoins extended gains and climbed more than 5%, including NOAH, IOST, RLC, AOA, ETP, CHZ, VET and XVG.
To sum up, bitcoin is currently correcting gains below the USD 9,320 support area. BTC/USD could decline further, but the bulls are likely to protect USD 9,000 or USD 8,850. On the upside, a clear break above USD 9,450 could start another rise.