Bitcoin and Altcoins Remain Buy on Dips
- Bitcoin faced a strong resistance near the 100-day simple moving average (SMA) at USD 7,600.
- Ethereum is correcting lower and is trading near the USD 470 support.
- Ripple price declined below USD 0.50, which is a short-term bearish sign.
Yesterday, we discussed a crucial hurdle for bitcoin buyers near the 100-day SMA at USD 7,600. BTC/USD tested the mentioned resistance and faced heavy sell offers. As a result, the price started a downward correction and declined below USD 7,500. However, the price remains well supported on the downside near USD 7,150 and USD 7,080. Similarly, there were bearish moves in altcoins like ethereum and ripple, but both are currently trading near important support levels.
Bitcoin price corrected lower and traded towards the USD 7,275 level. Losses were limited in BTC/USD and the pair started consolidating. The price is currently down roughly 1.4% (UTC 09:00) with an immediate support at USD 7,275. Below this, the price may perhaps test a key pivot support at USD 7,150.
On the upside, the price is facing a significant resistance near USD 7,550 and USD 7,600. A successful daily close above these resistances could further accelerate gains in bitcoin.
Ethereum price was under pressure and declined below the USD 500 support. ETH/USD is down around 5% and is currently trading above USD 470 support. Below this, the next key support awaits near USD 460.
On the upside, the USD 500 level is once again a major resistance, above which, the price is likely to resume its upward move toward the USD 515 and USD 525 levels.
Bitcoin Cash and Ripple
Bitcoin cash price corrected lower, but it is holding a key support at USD 800. BCH/USD must stay above the USD 780 - USD 800 support zone to move back higher. On the upside, an initial resistance is near the USD 830 level, followed by the USD 850 level.
Ripple price trimmed most of its gains and declined below the USD 0.50 support. It is a bearish sign, but if the XRP/USD pair manages to hold the USD 0.48 support, it could recover once again.
Other Altcoins Market Today
There were sharp declines in a few altcoins like aion, LOOM, DROP, POWR, WAX, WAN and ETHOS. However, there are still many bullish signs on the charts, suggesting that dips remain supported.
Bitcoin price could correct further lower, but there are many key supports on the downside such as USD 7,150, USD 7,080, USD 7,000, and USD 6,850. Once the current correction is complete, BTC/USD may resume its uptrend.