Bitcoin and Altcoins Remain Supported On Dips
Bitcoin price is correcting gains, with key supports near USD 9,000 and USD 8,850. Ethereum declined and tested USD 180, while ripple is consolidating above USD 0.292. MOF surged more than 30% and SEELE is up around 10% today.
Recently, there was a downside correction in bitcoin below the USD 9,250 support area. BTC/USD tested the USD 9,000 support area and it is currently (08:00 UTC) consolidating losses. If the price breaks the USD 9,000 support, it could correct further towards USD 8,850 or USD 8,700.
Similarly, many major altcoins are correcting lower and approaching key supports, including ethereum, EOS, bitcoin cash, ripple, litecoin, binance coin, ADA, TRX, and XLM. ETH/USD declined below the USD 185 support and it is currently holding the USD 180 support. XRP/USD is still struggling to break the USD 0.300 resistance, but trading above the USD 0.292 support.
Total market capitalization
After a close below USD 9,400, bitcoin price extended its downside correction and traded below USD 9,250. BTC/USD even traded below the USD 9,150 support and tested the USD 9,000 level. The price is currently consolidating above the USD 9,000 support and it could either climb higher or extend its decline.
On the upside, an initial resistance is near the USD 9,250 level. A clear break above the USD 9,250 resistance might set the pace for more gains above the USD 9,350 level. If not, the price could test the USD 8,850 and USD 8,700 support levels.
Ethereum price started a fresh downside correction below the USD 188 and USD 185 support levels. ETH/USD tested the USD 180 support and it is currently consolidating. If there are more losses, the price could test the USD 175 support.
On the upside, the previous supports such as USD 185 and USD 188 might act as hurdles. However, a clear break above USD 190 is needed for a fresh increase.
Bitcoin cash, eos and XRP price
Bitcoin cash price is trading above the USD 280 support level. However, it seems like BCH/USD could extend its decline and trade towards the USD 265 support level. On the upside, there are a few important resistances near the USD 295 and USD 300 levels.
EOS is currently correcting lower and it broke the USD 3.300 support level. An immediate support is near USD 3.250, below which there is a risk of a drop towards the USD 3.050 support area. On the upside, there are resistances near the USD 3.350 and USD 3.400 levels.
XRP price is facing a lot of hurdles near the USD 0.300 levels. XRP/USD made many attempts to surpass the USD 0.300 and USD 0.304 resistances, but it failed. Therefore, there is a risk of a drop towards the USD 0.290 and USD 0.284 support levels.
Other altcoins market today
In the past three sessions, a few small capitalization altcoins corrected lower and declined more than 5%, including SXP, CENNZ, IOST, RLC, NEX, AE, XVG, NOAH and NRG. Out of these, SXP declined more than 20% and CENNZ weakened around 12%.
To sum up, bitcoin is correcting lower, but finding bids near the USD 9,000 level. Therefore, it could start a fresh increase above the USD 9,250 resistance level. If not, it might decline towards the USD 8,850 and USD 8,700 support levels.