Bitcoin And Altcoins Stuck in Range Above Key Supports
Bitcoin price is slowly declining towards the USD 9,200 support area. Ethereum failed to stay above USD 190 and XRP is declining towards USD 0.250. ICX, AION, HBAR, ELF, and ENJ rallied more than 20% today.
After a steady rise, bitcoin price failed once again to stay above the USD 9,500 resistance. BTC/USD corrected lower and declined below the USD 9,400 level. It is now approaching a couple of important supports near the USD 9,250 and USD 9,200 levels.
Similarly, there was a downside correction in most major altcoins, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD topped near the USD 195 level and declined below the USD 190 level. Conversely, XRP/USD is stable in a range above the USD 0.250 support area.
Total market capitalization
After a short term spike above the USD 9,600 level, bitcoin price started a downside correction. BTC/USD traded below the USD 9,500 and USD 9,400 levels. It is now (09:00 UTC) trading near the USD 9,250 support. The main support is near the USD 9,200 level. If there is a daily close below USD 9,200, there is a risk of a larger drop below the USD 9,000 support.
On the upside, an initial resistance is near the USD 9,350 level. The main resistances are still near USD 9,550 level, above which bitcoin price is likely to gain momentum towards the USD 10,000 level.
Ethereum price failed to test the USD 200 level and started a downside correction from USD 195. ETH/USD is now trading below the USD 190 level and testing USD 188. An immediate support is at USD 185, below which it could slide towards USD 178.
On the upside, the USD 192 and USD 195 levels are initial hurdles for the bulls. The main barrier is near the USD 200 level, followed by USD 204.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is stuck in a range below the USD 390 and USD 395 resistance levels. On the downside, the main range support is at USD 370, below which it could slide towards USD 350. On the upside, BCH/USD must surpass USD 395 for a clear break above USD 400.
Litecoin started a downside correction from the USD 71.20 swing high. LTC/USD traded below the USD 70.00 level and tested the USD 68.50 support. It seems like there are chances of more losses towards the USD 65.50 support level in the near term. Conversely, USD 70.00 and USD 71.20 are likely to act as key resistances.
XRP price remained well bid above the USD 0.250 and USD 0.251 levels. If there is an increase in selling pressure, there is a risk of a drop towards the USD 0.245 and USD 0.242 support levels. On the upside, the USD 0.258 and USD 0.262 are important hurdles for the bulls.
Other altcoins market today
In the past three sessions, many small-capitalization altcoins surged more than 10%, including ICX, AION, HBAR, ELF, ENJ, REN, KNC, MATIC, SOLVE, DX, ALGO, THETA, and RVN. Out of these, ICX rallied around 75% and AION is up around 40%.
To sum up, bitcoin price is declining and approaching the key USD 9,200 support level. If BTC/USD fails to bounce back from USD 9,200, there is a risk of a nasty decline below the USD 9,050 and USD 9,000 levels in the near term.