Bitcoin and Altcoins Show Post-Crash Recovery Signs
Bitcoin price declined heavily and it tested the USD 8,550 support area. Ethereum nosedived towards USD 210 and XRP tagged the USD 0.222 support. Many altcoins declined more than 10% today, including SXP, BCN, CKB, LTC, and ETC.
Yesterday, we discussed the chances of more losses in bitcoin below the USD 9,200 and USD 9,000 support levels. BTC/USD did decline heavily and broke many supports near USD 9,000 and USD 8,850 level. It tested the USD 8,550 support area and it is currently (09:00 UTC) correcting higher.
Similarly, there were significant losses in most major altcoins, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD broke many supports near USD 220 and tested the USD 210 level. More importantly, XRP dived below the USD 0.232 support before the bulls appeared near the USD 0.222 level.
Total market capitalization
In the past two days, bitcoin price saw a steady decrease below the USD 9,000 support level. BTC/USD even declined below the USD 8,850 support level and tested the USD 8,550 level. It is currently correcting losses and trading above the USD 8,700 level. On the upside, the first resistance is near the USD 8,850 level, above which the bulls may struggle to clear the USD 9,000 barrier.
On the downside, the bulls are likely to find and protect the USD 8,650 and USD 8,550 support levels in the near term.
Ethereum price declined below the USD 232 and USD 230 support levels. As a result, ETH/USD broke the USD 220 support and even spiked below USD 210. It is currently correcting higher, but the previous supports near USD 230 are likely to act as resistances.
If there is no upside break above the USD 230 and USD 232 levels, the price is likely to resume its decline below USD 215 and USD 210. The main support is near the USD 200 handle.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price gained bearish momentum below the USD 340 and USD 320 support levels. BCH/USD tested the USD 300 support area and it is currently correcting above USD 320. On the upside, there are a few key hurdles visible near the USD 340 and USD 350 levels.
Litecoin failed to stay above the USD 65.00 support area and extended its decline below USD 60.00. LTC/USD found support near USD 58.00 and it is currently correcting higher above USD 60.00. However, the previous key support near the USD 65.00 level is likely to act as a strong resistance for the bulls.
XRP price struggled to stay above the main USD 0.235 and USD 0.232 support levels. The price even broke the USD 0.225 level and tested the USD 0.222 support. Currently, the price is recovering and trading above USD 0.232.
Other altcoins market today
In the past three sessions, many small-capitalization altcoins declined more than 8%, including SXP, BCN, CKB, ETC, WAVES, RLC, MIOTA, XZC, CRO, AE, and SEELE. Conversely, AION, WAXP, and LSK are up more than 10%.
To sum up, bitcoin price extended its decline below USD 8,850, but it found a strong support near USD 8,550. If BTC/USD continues to rise and recovers above USD 9,000, there could be a decent comeback above USD 9,200.