Bitcoin and Altcoins in Corrective Increase Towards Hurdles
- Bitcoin price declined below USD 8,000 and currently correcting losses.
- Ethereum settled below the USD 180 support and ripple bounced back above USD 0.292.
- SNX rallied more than 25% and NRG is up more than 15% today.
In the past few hours (08:00 UTC), there was a downside extension in bitcoin price below the USD 8,000 support area. BTC/USD traded close to USD 7,900 and it is currently correcting higher. However, there are many resistances on the upside near USD 8,200 and USD 8,250. Similarly, ethereum, EOS, bitcoin cash, litecoin, ripple, binance coin, ADA and XLM are currently correcting higher. ETH/USD is now trading well below USD 180 and it is likely to struggle near USD 180 and USD 182. On the other hand, XRP/USD bounced back sharply above USD 0.292 and USD 0.295, with a bullish bias.
Total market capitalization
After a close below USD 8,200, bitcoin price extended its decline below the USD 8,000 support area. BTC/USD traded towards the USD 7,800 support and formed a low near the USD 7,900 level. It is currently correcting higher and is trading above the USD 8,000 level.
On the upside, an immediate resistance is near the USD 8,120 level. However, the main resistance on the upside is near the USD 8,200 and USD 8,250 levels, above which the price could turn positive.
Ethereum price declined and traded close to the USD 170 support area. ETH/USD is currently correcting higher, but there are many hurdles on the upside near the USD 180 and USD 182 levels. Besides, a break above USD 185 is needed for a fresh increase.
On the downside, the main support is near USD 170, below which the price could visit the USD 162 and USD 160 support levels in the near term.
Bitcoin cash, eos and XRP price
Bitcoin cash price declined and tested the USD 215 support area. BCH/USD is currently correcting higher, but there is a strong resistance forming near the USD 225 and USD 230 levels. A successful close above USD 230 is needed for a strong rise. The main supports are USD 215 and USD 205.
EOS is currently correcting gains from the USD 2.850 support area. On the upside, the previous supports near USD 3.000 and USD 3.050 could act as a strong hurdle for the bulls. On the downside, there is a key support near USD 2.850, below which the price might slide to USD 0.265.
XRP price is recovering losses and it is trading with a positive bias above the USD 0.292 resistance. XRP/USD is up more than 3% and it is trading above USD 0.295. However, the bulls could face a strong resistance near the USD 0.300 and USD 0.302 levels. On the downside, the USD 0.292 level is likely to provide support.
Other altcoins market today
In the past two sessions, a few small capitalization altcoins corrected higher and recovered more than 5%, including SNX, NRG, XEM, ZRX, XMR, DOGE, BAT and STEEM. Out of these, SNX rallied more than 25% and NRG is up more than 15%.
Overall, bitcoins is currently correcting losses above USD 8,000. However, BTC/USD is likely to struggle near the USD 8,200 and USD 8,250 levels. Only a close above USD 8,250 could decrease the current bearish pressure.