Bitcoin and Altcoins Testing Crucial Supports
- Bitcoin price started a downside correction and tested the USD 3,825 support.
- Ethereum and ripple extended losses and tested key supports.
- Groestlcoin (GRX) rallied more than 140% and CRO gained around 130% today.
Yesterday, we discussed a possible decline in bitcoin below the USD 3,900 and USD 3,850 supports. The BTC/USD pair did correct lower recently and traded below the USD 3,850 level. It traded towards the USD 3,825 support and later rebounded above USD 3,850. Similarly, there was a downside extension in ethereum price below the USD 132 support before ETH buyers appeared near the USD 130 level. Ripple price declined below the USD 0.310 support and tested the next key support at USD 0.306. The current price action (UTC 08:30 AM) is slightly bearish, but BTC and altcoins are trading near key supports, which may result in a decent recovery in the near term.
Total market capitalization
There was a downside break below the USD 3,850 support in bitcoin price . However, there was no test of the USD 3,800 support and declines were contained near the USD 3,825 level. BTC/USD rebounded above USD 3,850, but it is facing a lot of hurdles near the USD 3,900 level.
If there is an upside break above USD 3,900, the price could revisit the USD 3,980 - USD 4,000 resistance area. On the downside, an initial support is at USD 3,825, below which the price could test the USD 3,800 support level in the near term.
Ethereum price declined below the USD 135 and USD 132 support levels. ETH/USD tested the USD 130 support and it is currently correcting above USD 132. An immediate resistance is at USD 135, followed by the USD 136 pivot level.
On the downside, the USD 132 level is an initial support. If there are more losses, sellers may attempt to clear the USD 130 support. Having said that, if ETH stays above USD 130, it could slowly climb above USD 135.
Bitcoin cash, eos and ripple price
Bitcoin cash price declined below the USD 128 support and tested the USD 126 support. BCH/USD is currently consolidating losses and it seems like it could correct higher towards the USD 130 or USD 132 resistance.
EOS tested the key USD 3.50 support level and bounced back. The price broke the USD 3.55 and USD 3.60 resistance levels. The next resistance is at USD 3.70, above which the price could move into a positive zone in the coming sessions.
Ripple price extended losses below the USD 0.310 and USD 0.308 support levels. XRP/USD tested the USD 0.306 support level and later corrected above USD 0.308. If it clears the USD 0.310 and USD 0.312 resistances, buyers are likely to gain control.
Other altcoins market today
In the past two sessions, a few small cap altcoins gained a strong bullish momentum and rallied sharply, including GRS, CRO, R, GNT, QBIT, ARK, POWR and LOOM. Out of these, GRS rallied more than 140% and CRO is up close to 135%.
To sum up, bitcoin traded close to the key USD 3,800 support and bounced back. However, BTC must move above the USD 3,900 resistance to climb back in a positive zone. Likewise, ethereum needs to surpass the USD 135 resistance to start a fresh upward move.