Bitcoin And Altcoins Trim Gains, But Dips Likely To Remain Supported
Bitcoin price started a downside correction below USD 9,700 and USD 9,600. Ethereum could retest the USD 240 support and XRP might decline below USD 0.185. Bancor (BNT) rallied more than 20% and ZEC is up over 10% today.
Yesterday, we saw a sharp increase in bitcoin price above the USD 9,550 resistance level. BTC traded close to USD 9,800 before starting a downside correction. The price traded below USD 9,600 and it might soon test the USD 9,500 region.
Similarly, most major altcoins trimmed gains and are correcting lower, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD retested the USD 250 resistance level before it declined below USD 245. XRP/USD remained well below the USD 0.190 resistance zone, and it may perhaps go below USD 0.185.
Total market capitalization
After a decent rally, bitcoin price faced sellers near USD 9,800. BTC started a downside correction below USD 9,700. It is currently (08:30 UTC) trading below USD 9,550 and the bears are attempting more losses. A bearish close below USD 9,500 might put a lot of pressure on the bulls and the price could decline towards USD 9,300.
If the price stays above USD 9,550 and recovers above USD 9,600, it could continue to rise towards USD 9,700. The first major resistance is near USD 9,800, followed by the USD 10,000 region.
Ethereum price made another attempt to clear the USD 250 resistance level today. However, ETH failed to continue higher and declined sharply below USD 245. It seems like the price could retest USD 240, below which the bears are likely to aim USD 235.
On the upside, the USD 250 level remains a major hurdle for the bulls. A successful close above USD 250 may possibly kick-start a strong increase in the near term.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is still stable above the USD 240, but it facing a couple of key hurdles near USD 248 and USD 250. If it settles below USD 240 and USD 238, there could be a downside continuation towards the USD 230 support. Any further losses might lead the price towards the USD 220 support.
Litecoin remained below the USD 45.00 resistance. LTC is currently moving lower and testing the USD 43.20 support. The next major supports are USD 42.20 and USD 42.00, below which there is a risk of more downsides towards the USD 40.00 level.
XRP price failed to clear the USD 0.190 resistance level. It is currently declining and approaching the USD 0.185 support. A clear break below USD 0.185 might open the doors for a push towards the USD 0.182 support. However, it seems like the price might continue to trade in a broad range above USD 0.180 and below USD 0.190 in the near term.
Other altcoins market today
In the past three sessions, a few small altcoins extended upside by over 5%, including BNT, ZEC, DX, SNX, REN, LINK and XVG. Conversely, COMP, DGB, IOST, REP, CEL and SC are down more than 5%.
To sum up, the bitcoin price is trimming gains from the USD 9,800 resistance. BTC struggled to stay above the USD 9,550 support (the recent breakout resistance), which is a bearish sign. Having said that, if the bulls defend USD 9,500, the price could bounce back above USD 9,600.