Bitcoin and Altcoins Target Fresh Monthly Lows
Bitcoin price started a major downside correction from well above USD 12,200. Ethereum settled below the key USD 210 support and ripple price declined below USD 0.300. MXM rallied more than 25% while JCT declined around 15% today.
This past week, bitcoin price traded to a new monthly high close to USD 12,320 before starting a major downside correction. BTC/USD broke the key USD 11,800 and USD 11,500 support levels. It tested the USD 11,200 support area and is currently (08:00 UTC) correcting higher. However, upsides are likely to remain capped near USD 11,800 and USD 12,000. Similarly, there were extended losses in most major altcoins, including ethereum, ripple, EOS, litecoin, and bitcoin cash. ETH/USD tested the USD 200 support and it is currently correcting higher. XRP/USD broke the key USD 0.300 and USD 0.294 support levels. On the other hand, binance coin (BNB) settled above the key USD 30.00 resistance area.
Total market capitalization
After testing the USD 11,200 support, bitcoin price started an upside correction. BTC/USD corrected above USD 11,450 and USD 11,500, but it struggled to continue higher. The price is now trading below the USD 11,500 level, with an immediate support at USD 11,320. The main weekly support is near the USD 11,200, below which the price might decline towards USD 10,800.
On the upside, an immediate resistance is near the USD 11,500 level. However, the key weekly resistance is at USD 11,800. If there is a successful daily close above USD 11,800, the price could start a fresh increase towards USD 12,200 or USD 12,400.
Ethereum price declined heavily after it broke the USD 220 support level. ETH/USD tested the USD 200 support and it is currently correcting higher. The price is trading above USD 210, but the bulls seem to be facing a lot of hurdles near the USD 215 and USD 220 levels.
On the downside, the USD 210 support is an initial buy zone. The main weekly and monthly support is at USD 200, below which there is a risk of sharp losses in the near term.
Bitcoin cash, eos and ripple price
Bitcoin cash price tested the key USD 310 support level and recently started a decent recovery. BCH/USD is currently up around 5% and it surpassed the USD 330 resistance. If there are more gains, the price could climb above the USD 340 resistance. The next key resistance is near the USD 355 level.
EOS extended its decline below the USD 4.000 support level. The price tested the USD 3.800 support and recently recovered above USD 4.000. However, the USD 4.200 and USD 4.250 levels are major resistances and are likely to cap upsides in the short term.
Ripple price is trading in a bearish zone below the USD 0.305 and USD 0.312 resistance levels. On the downside, XRP/USD might continue to find bids near the USD 0.292 level. However, if there is a downside break below USD 0.292, there are chances of more losses in the near term towards USD 0.285 and USD 0.272.
Other altcoins market today
In the past three sessions, a few small cap altcoins advanced more than 5%, including MXM, EKT, WIX, XIN, QNT and XVG. On the other hand, JCT, CRO, ABBC, NEX and EGT declined more than 5%.
Overall, bitcoin price seems to have started a downside correction below USD 11,800 and USD 11,500. Unless it climbs back above USD 11,800, there is a risk of more downsides towards USD 11,000 and USD 10,800 in the coming sessions.