Bitcoin and Altcoins In Corrective Increase But Downtrend Intact
Bitcoin price is currently correcting higher and holding the USD 8,000 support. Ethereum is correcting towards USD 180 and XRP is up more than 1.5%. Many altcoins recovered more than 10%, including CRPT, SEELE, SNX, REP and ZRX.
In the past few sessions, there was a downside extension in bitcoin price below the USD 8,250 and USD 8,050 support levels. BTC/USD even tested the USD 8,000 handle and it is currently (09:00 UTC) correcting higher. However, there are many resistances on the upside near USD 8,250 and USD 8,320.
Similarly, most major altcoins are currently correcting higher, including ethereum, XRP, bitcoin cash, litecoin, EOS, BSV, ADA and XLM. ETH/USD is trading above the USD 175 level and it could test the USD 178 and USD 180 resistance levels. XRP/USD is gaining momentum and it is now trading above the USD 0.250 level.
Total market capitalization
After a downside break below the USD 8,250 support, bitcoin price tagged the USD 8,000 area. BTC/USD traded to a new monthly low and it is currently correcting higher from the USD 8,000 support. It surpassed the USD 8,120 level, but there are many resistances on the upside, starting with USD 8,250 and up to USD 8,320.
On the downside, the USD 8,050 and USD 8,000 levels are decent supports. If there is a break below USD 8,000, the price could continue to move down towards the USD 7,850 support area.
Ethereum price traded below the USD 175 level and tested the USD 172 level. ETH/USD is currently correcting higher and it is back above USD 175. However, there are two key resistances near USD 178 and USD 180, above which the price could continue to rise towards USD 188.
On the downside, the USD 172 and USD 170 levels are decent support. Any further losses may set the pace for more losses towards the USD 164 level.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is struggling to recover and it is now trading well below the USD 250 level. BCH/USD tested the USD 235 level and it is currently down more than 1.5%. If there are more downsides, the price could revisit the USD 210 level. On the upside, the USD 250 and USD 255 levels are seen as hurdles.
Litecoin settled below the USD 57.50 support area and tested the USD 54.50 support. LTC/USD is currently correcting higher, but the previous supports near USD 57.50 and USD 58.00 are likely to act as strong resistances. On the downside, the USD 55.00 and USD 54.50 are key supports.
XRP price found strong buying interest near the USD 0.242 level and it recently started a convincing upward move. XRP/USD broke the USD 0.250 resistance area and even tagged the USD 0.252 resistance. However, it seems like the price is struggling to continue above the USD 0.252 resistance and it could resume its decline.
Other altcoins market today
In the past three sessions, a few small capitalization altcoins climbed more than 6%, including CRPT, SEELE, SNX, REP, BCN, ZRX, ENJ, BTM and THETA. Out of these, CRPT is up more than 18% and SEELE gained close to 15%.
Overall, bitcoin is holding the USD 8,000 support area and it is currently correcting higher. However, BTC/USD needs to gain pace above the USD 8,250 and USD 8,320 resistances to start a convincing recovery. If not, it could break USD 8,000 and continue lower.