19 Aug 2020 · 2 min read

Bitcoin and Altcoins Trim Gains As Market Takes Much Needed Break

Bitcoin price started a downside correction below USD 12,200 and USD 12,000. Ethereum is down over 5%, XRP dived below the USD 0.300 support region. YFI outperformed and gained 15% to surpass the USD 11,000 resistance today.

Bitcoin price failed to extend gains above USD 12,500 and started a corrective decrease. BTC declined below the USD 12,200 and USD 12,000 support levels. The price is currently (08:30 UTC) trading below USD 12,000 and it might continue lower towards the USD 11,550 support zone.

Similarly, most major altcoins started a substantial decline, including ethereum, XRP, litecoin, bitcoin cash, EOS, TRX, XLM, LINK and ADA. ETH/USD is down over 5% and it traded close to the USD 405 support level. XRP/USD declined nearly 8% before the bulls took a stand near USD 0.288.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After struggling to continue higher, bitcoin price started a major downside correction. It declined close to 5% and even broke the USD 12,000 support. BTC is now holding the USD 11,600 and USD 11,550 support levels. Any further losses could initiate a larger decline towards the USD 11,200 and USD 11,000 levels in the near term.

On the upside, the previous support near USD 12,000 and USD 12,050 levels are likely to act as a hurdle. A successful close above USD 12,050 is likely to restart uptrend.

Ethereum price

Ethereum price failed to remain above the USD 425 and USD 420 support levels. ETH declined towards the USD 400 support and tested USD 405. The price is currently consolidating losses and it might even test the USD 400 support.

If there is a downside break below USD 400, the price might dive towards the USD 385 support. Conversely, the price must clear the USD 420 and USD 425 resistance levels to move back into a positive zone.

Bitcoin cash price is down 6% and it traded below the USD 305 and USD 300 support levels. It seems like BCH might continue to move down towards the USD 285 and USD 280 support levels. The next key support is near the USD 262 level. On the upside, the USD 305 and USD 312 levels are likely to prevent an upside break.

Chainlink (LINK) extended its downside correction below USD 16.50 and USD 16.00. However, the bulls are protecting the USD 15.50 level and it seems like the price is forming a new base for a fresh increase. On the upside, the price must overtake the USD 16.80 and USD 17.00 levels to climb towards USD 18.00 or even USD 18.80.

XRP price gained bearish momentum after it broke the USD 0.305 and USD 0.300 support levels. The price even declined below USD 0.295, but the bulls were able to protect the USD 0.285 support. The price is currently recovering above USD 0.292, but it must reclaim the USD 0.300 resistance area to move into a bullish zone.

Other altcoins market today

In the past three sessions, many small altcoins declined more than 10%, including FET, NMR, ANT, OCEAN, RUNE, ZRX, ZIL, TRX, JST, KAVA, BTT, RLC, LEND, BAND, KNC and MANA. Conversely, YFI remained in a positive zone and it broke the USD 11,000 resistance zone.

Overall, bitcoin price is correcting gains from the USD 12,500 resistance. BTC could continue to move down, but the USD 11,550 support zone is likely to act as a strong barrier for more losses in the near term.
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