07 Sep 2020 · 2 min read

Bitcoin and Altcoins Remain At Risk Of Further Correction

Bitcoin price settled below USD 10,500 and struggling to stay above USD 10,000. Ethereum is recovering higher from USD 310, XRP is trading well below USD the 0.244 pivot level. OCEAN, UMA, and SUSHI are up more than 20% today.

This past week, we saw a strong decline in bitcoin price below USD 11,000 and USD 10,500. BTC even dived below USD 10,000 briefly. It is currently (08:30 UTC) consolidating losses and facing many major hurdles on the upside near USD 10,350, USD 10,450, and USD 10,500.
Similarly, most major altcoins are trading below key supports, including ethereum, XRP, litecoin, bitcoin cash, EOS, ADA, TRX, and XLM. BNB is performing well today and it gained more than 10% to surpass the USD 22.00 resistance. ETH/USD started an upside correction from the USD 310 low, but it is facing resistance near USD 350 and USD 360. XRP is trading in a bearish zone below the key USD 0.250 and USD 0.244 levels.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After a daily close below USD 10,500, bitcoin price mostly followed a bearish path. BTC even broke the USD 10,000 support and tested USD 9,850. The price corrected higher above USD 10,200 from USD 9,850, but the bulls are facing hurdles near USD 10,350 and USD 10,450.
The main weekly resistance is now near USD 10,500, above which the price might correct higher towards the USD 10,800 and USD 11,000 resistance levels. If not, it could extend its decline below USD 10,000 and USD 9,850.

Ethereum price

Ethereum price declined over USD 150 in the past few days and it even traded close to the USD 300 level. A monthly low is formed near USD 310 before ETH recovered above USD 330 and USD 340. However, the price must settle above the USD 360 resistance to move towards the USD 400 resistance.
An initial support on the downside is near the USD 325 level. The main support is near USD 300, below which the price could accelerate lower towards USD 265.

Bitcoin cash price declined sharply below the USD 250 support. BCH is now trading below USD 225, with an immediate support at USD 215. The crucial support is USD 200, below which the price could dive to USD 160. On the upside, a clear break above USD 250 is needed to start a strong recovery wave.
Chainlink (LINK) recovered sharply from the USD 9.10 level and it rallied above the USD 10.50 and USD 12.00 levels. However, the previous key support near USD 13.40 is acting as a strong resistance. If the price fails to clear USD 13.40, it could start a fresh decline to USD 10.50. Conversely, it may perhaps revisit USD 15.00.
XRP price is trading in a bearish zone below USD 0.244 and USD 0.240. An initial support is near the USD 0.232 level. The main support is near USD 0.228, below which the price might dive towards the USD 0.220 support. On the upside, the bulls might struggle near USD 0.244 and USD 0.250.

Other altcoins market today

In the past three sessions, many altcoins recovered more than 10%, including OCEAN, UMA, SUSHI, AMPL, STX, NXM, LINK, FXC, XEM, REN, and BNB. Out of these, OCEAN rallied 30% and it surpassed the USD 0.385 resistance.

To sum up, bitcoin price is trading in a negative zone below USD 10,400 and USD 10,500. BTC must recover above USD 10,500 to decrease the bearish pressure. If not, it could dive further below USD 10,000 and USD 9,850.

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