Bitcoin and Altcoins Recovery Could Be Short-Lived
- Bitcoin price extended its decline towards USD 8,800 before correcting higher.
- Ethereum correcting higher from USD 192 and XRP is facing hurdles near USD 0.200.
- OMG rallied more than 50% and SOLVE is up more than 40% today.
Yesterday, we saw a strong bearish wave below the USD 9,550 support zone. It opened the doors for more losses and BTC price traded below the USD 9,200 support. The price tested the USD 8,800 support and it is currently (08:30 UTC) correcting higher above USD 9,000.
Similarly, most major altcoins declined sharply below many supports, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD tested the main USD 192 support zone and it is currently correcting higher above USD 198. XRP is also correcting higher, but it may struggle near the USD 0.200 and USD 0.202 levels.
Total market capitalization
After a successful break below the key USD 9,550 support, bitcoin price extended its decline below the USD 9,200 support. BTC even spiked below USD 9,000 and tested the USD 8,800 support. The price is currently rising and it is trading above USD 9,000. An initial resistance on the upside is near the USD 9,200 and USD 9,250 levels. The main resistance is now forming near USD 9,550 level.
On the downside, the USD 9,000 level is a short-term support. The key support is near USD 8,800, below which the price could decline towards USD 8,400.
Ethereum price followed bitcoin and declined sharply below the USD 200 support. ETH/USD even broke the USD 195 support, but it found a strong support near the USD 192 level. The price is currently recovering and trading above USD 200.
To move back into a positive zone, the price must reclaim the USD 202 level. The next key resistance may perhaps be near the USD 205 and USD 206 levels.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price dived below the USD 240 and USD 230 support levels. BCH tested the USD 220 support and it is currently rising. The price is testing the USD 230 level and it seems like it could correct further higher towards the USD 235 and USD 240 levels. On the downside, the main support zone for the bulls remain near the USD 220 level.
Litecoin also declined sharply and broke the USD 43.20 support. LTC tested the USD 42.00 support zone and it is currently correcting higher. On the upside, the price might struggle to move back above the USD 44.50 and USD 45.00 resistance levels. Conversely, a break below USD 42.00 may possibly lead the price towards USD 40.00.
XRP price failed to stay above the USD 195 support zone and even spiked below USD 0.192. It tested the USD 0.190 support zone and recently recovered. The price is now trading above the USD 0.195 level, but it is likely to struggle near the USD 0.200 and USD 0.202 resistance levels.
Other altcoins market today
In the past few hours, a few small altcoins rallied more than 10%, including OMG, SOLVE, HC, BCN, ELF, STX, DGB, BHT, and ZIL. Conversely, THETA, STEEM, ZRX, LEND, and FXC declined more than 8%.
Overall, bitcoin price is back in a bearish zone below USD 9,550 and USD 9,200. If BTC slides below the main USD 8,800 support, there are chances of a strong bearish continuation towards USD 8,400 or USD 8,200.