Bitcoin and Altcoins Start Corrective Decrease, Key Supports Nearby
Bitcoin price started a corrective decrease from the USD 9,500 resistance zone. Ethereum corrected below USD 240, and XRP is now trading below USD 0.200. ERD rallied 35% and BTT is up close to 20% today.
Bitcoin price failed to clear the USD 9,500 resistance level and recently started a downside correction. BTC traded below the USD 9,300 support level and it is currently (08:30 UTC) struggling to stay above USD 9,150. If it fails to stay above USD 9,050 and USD 9,000, there are chances of a strong decline.
Similarly, most major altcoins started a downside correction, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is down close to 3% and it is trading below USD 240. XRP/USD is also down over 3% and it is trading well below USD 0.200.
Total market capitalization
After a steady rise, bitcoin price struggled to continue higher above the USD 9,480 and USD 9,500 levels. BTC is currently correcting lower and it is trading well below USD 9,300. The price is now approaching the USD 9,150 support and it might revisit the USD 9,050 and USD 9,000 support levels.
If there are more losses below USD 9,000, there is a risk of more downsides. If not, the price is likely to bounce back above the USD 9,300 resistance level.
Ethereum price is down over 2% and it is trading below the USD 240 level. It seems like ETH is approaching the USD 235 support level. The next major support is near the USD 230 level, below which the bears are likely to take control.
Conversely, the price might start a fresh increase above the USD 240 and USD 242 resistance levels. The next major resistance is seen near USD 248.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price failed to continue above USD 245 and recently declined below the USD 240 support. The current price action suggests BCH is likely to continue lower towards the USD 232 and USD 230 support levels. On the upside, the USD 240 level might once again act as a barrier in the near term.
Litecoin failed to stay above the USD 45.50 pivot level and it recently started a downside correction. LTC is trading below USD 45.00 and it is approaching the USD 44.00 level. The first key support is near the USD 43.20 level, below which the price might test the main USD 42.20 support zone.
XRP price traded to a new weekly high above USD 0.210 before starting a fresh decrease. The price broke the USD 0.202 and USD 0.200 support levels. XRP is now approaching the USD 0.196 support and it might even continue to move down towards the USD 0.192 support. On the upside, the USD 0.202 is a hurdle before the USD 0.205 resistance.
Other altcoins market today
In the past three sessions, a few small-capitalization altcoins gained over 10%, including ERD, BTT, SERO, and TMTG. Conversely, FXC, HEDG, DOGE, VET, SC, and SNT are down more than 10%.
Overall, bitcoin price is showing a few bearish signs below USD 9,200. If BTC continues to move down towards USD 9,000, there is a risk of a sharp decline. On the other hand, the bulls are likely to aim a fresh increase towards USD 9,500.