Bitcoin and Altcoins Showing Signs of Corrective Decrease
- Bitcoin price failed to stay above USD 10,350 and declined below USD 10,200.
- Ethereum is correcting gains from USD 275 and XRP is consolidating above USD 0.320.
- THETA, STEEM, and ELF are up more than 15% today.
After yet another rejection close to USD 10,500, bitcoin price started a downside correction. BTC/USD broke the USD 10,350 and USD 10,200 support levels. It is now consolidating losses, with signs of a corrective decrease towards USD 9,850.
Similarly, there was a minor decline in most major altcoins in the past three sessions, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD started a downside correction from the USD 275 high and declined below USD 268. Besides, XRP/USD corrected from above USD 0.335 and it is currently (08:30 UTC) consolidating above the USD 0.320 support.
Total market capitalization
Recently, bitcoin price corrected below the USD 10,350 and USD 10,200 support levels. The next key supports are seen near USD 10,050 and USD 10,000. If BTC/USD fails to stay above USD 10,000, the next major uptrend support is seen near USD 9,850. Any further losses could put a lot of pressure on the bulls.
On the upside, an initial resistance could be USD 10,200 level. To start a fresh increase, the price must move back above USD 10,350. The main hurdles are still near USD 10,450 and USD 10,500.
Ethereum price topped near the USD 275 level and recently started a downside correction. ETH/USD broke the USD 270 and USD 268 levels. It is now trading near the USD 265 support, below which it could correct lower towards USD 258.
On the upside, the USD 270 level might act as an initial resistance area. The next key resistance is near USD 275, above which the price could start a steady rise towards the USD 292 and USD 295 resistance levels.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price remained in a range below the USD 480 and USD 485 resistance levels. If BCH/USD bulls gain pace above USD 485, the price could even surge above the USD 500 resistance area. Conversely, there is a risk of a downside correction below the USD 265 support. The next important support is seen near the USD 435 level.
Litecoin corrected a few points from above the USD 84.00 level. However, LTC/USD found support above USD 78.50 and it is currently consolidating near USD 80.00. To start a fresh increase, the price must surpass the USD 82.50 resistance area. The main resistance levels are USD 84.50 and USD 85.00.
XRP price started a downside correction from the USD 0.340 resistance area. It corrected below USD 0.330, but it found support above USD 0.310. It is currently trading in a range above USD 0.320 and facing sellers near the USD 0.328 and USD 0.330 levels.
Other altcoins market today
In the past three sessions, many small-capitalization altcoins gained more than 5%, including THETA, STEEM, ELF, SC, CENNZ, SNT, KNC, RVN, BCN, ZRX, BTS, CHZ, XTZ, and GNT. Conversely, HBAR, DX, ICX, ALGO, LSK, SEELE, and REP are down more than 5%.
To sum up, bitcoin price is showing a few signs of a corrective decrease below USD 10,050 and USD 10,000. However, BTC/USD could find a strong buying interest near the USD 9,850 support area in the coming sessions.