Bitcoin and Altcoins: Short-term Bounce Possible, Weakness Remains
- Bitcoin price extended its downside correction below the USD 6,400 support.
- Ripple bounced back, but it is facing sellers near USD 0.545.
- Ethereum and bitcoin cash trading above important supports.
Recently, there was a downside correction initiated in bitcoin price from well above the USD 6,600 level. BTC/USD broke the USD 6,500 and USD 6,400 support levels and tested the USD 6,300 level. Similarly many altcoins tested key supports and are currently consolidating losses. It seems like the market is currently trading in a range with possibilities of a short-term bounce.
Total market capitalization
Bitcoin price traded towards the USD 6,300 level and is currently (UTC 08:30 AM) attempting an upward move. It moved above the USD 6,400 level, but there are many resistances waiting for buyers near the USD 6,500 and USD 6,550 levels. Above this last, the price could move into a positive zone above the USD 6,600 level.
On the downside, an initial support is near the USD 6,400 level, below which bitcoin could retest the USD 6,300 level. The most important support for buyers is near the USD 6,250 level.
Ethereum price is holding the crucial USD 200 support. ETH/USD needs to trade back above USD 220 level to gain traction for a test of the USD 230 level.
On the downside, an initial support is at USD 205, below which there is a risk of a bearish break below the USD 200 support. The next major support is close to the USD 190 level.
Bitcoin cash and ripple price
Bitcoin cash price stayed above the USD 420 support and is currently recovering towards the USD 450 level. If BCH/USD surpasses the USD 450 resistance, there are chances of more gains towards the USD 475 and USD 480 levels.
Ripple price performed really well and bounced back above the USD 0.500 level. On the upside, XRP/USD is now facing key barriers near the USD 0.545 and USD 0.550 levels.
Other altcoins market today
Today, two altcoins, XET and ETN outperformed the market and gained 77% and 18% respectively. Other altcoins like MONA, XIN, SNT, LOOM and MITH traded higher by more than 8%.
Overall, bitcoin must hold the USD 6,350 and USD 6,250 levels to bounce back. If not, there is a risk of more losses below the USD 6,200 level. On the upside, a push above the USD 6,550 level is very important for more gains in BTC/USD and altcoins.