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Bitcoin and Altcoins Signaling Bearish Correction

  • Bitcoin price could correct lower if it continues to face sellers near USD 4,000.
  • Ethereum could test the USD 135 support and ripple may revisit USD 0.310.
  • KIN rallied more than 30% and RVN is up close to 15% today.

After a strong upward move, bitcoin price corrected lower and settled below the USD 4,000 level. BTC/USD is currently (UTC 08:00 AM) consolidating in a range and facing a solid resistance near the USD 4,000 level. If it continues to face sellers near USD 4,000, there could be a short-term bearish reaction towards the USD 3,900 support area. Similarly, ethereum price is now trading below the USD 140 resistance and struggling to climb higher. Ripple price seems to be consolidating above USD 0.312, but there is a risk of a downside extension towards the USD 0.310 support.

Total market capitalization

Bitcoin and Altcoins Signaling Bearish Correction 101
Source: coinmarketcap.com

Bitcoin price

After bullish moves, bitcoin price declined below USD 4,000 and tested the USD 3,950 support level. Later, BTC/USD started trading in a tight range and it seems like buyers are finding it hard to clear the USD 4,000 and USD 4,010 resistance levels. If they continue to struggle, there is a risk of a downside reaction towards the USD 3,950 or USD 3,900 support area.
On the other hand, a proper close and follow through above USD 4,000 may perhaps call for more upsides above the USD 4,050 resistance level in the coming sessions.

Ethereum price

Ethereum price corrected lower and settled below the USD 140 support level. ETH/USD is currently trading well below the USD 140 support, with a bearish angle and it seems like it could decline towards the USD 135 support.
On the upside, the main resistance is at USD 140, above which the price is likely to revisit the USD 145 resistance area and this month’s high.

Bitcoin cash, eos and ripple price

Bitcoin cash price faced a strong selling interest near the USD 165 level and it recently corrected below the USD 160 level. BCH/USD may continue to move down and it could test the next key support at USD 150.
EOS is moving lower and it is currently trading below USD 3.70. An immediate support is at USD 3.65, below which the price could decline towards the USD 3.62 support. On the upside, the key resistances are USD 3.75 and USD 3.80.
Ripple price failed to stay in the positive zone and declined below the USD 0.314 support. XRP/USD is currently holding the USD 0.312 support, but there is a risk of more losses towards the USD 0.311 or USD 0.310 support zone.

Other altcoins market today

Despite bearish moves in ethereum and ripple, a few small cap altcoins gained traction, including KIN, RVN, MXM, KCS, KNC, ENJ, XLM and WAN. Out of these, KIN rallied more than 35% and RVN is up close to 15%.

Overall, bitcoin is trading in a tight range and it seems to be preparing for the next break either above USD 4,000 or below USD 3,950. If there is a downside correction, BTC buyers are likely to protect the key USD 3,900 support, which was a solid resistance this past week.
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Bitcoin and Altcoins Signaling Bearish Correction 102

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