Bitcoin and Altcoins Turn South But Key Supports Intact
- Bitcoin price started a substantial correction and declined below USD 8,000.
- Ethereum is struggling to stay above USD 138 and XRP is trading near USD 0.205.
- Lisk (LSK) rallied more than 25% and BCN is up close to 12% today.
Bitcoin price struggled to continue above the USD 8,450 and USD 8,500 resistance levels. As a result, BTC/USD started a downside correction below the USD 8,350 and USD 8,200 support levels. The price even traded below USD 8,000, but it is holding the key USD 7,850 support (09:00 UTC).
Similarly, most major altcoins extended their downside correction, including ethereum, XRP, bitcoin cash, litecoin, EOS, BNB, ADA, TRX and XLM. ETH/USD declined below USD 142, but it is still above the USD 135 support. Besides, XRP/USD declined below the USD 0.212 support and it could even test the USD 0.202 support before recovering higher.
Total market capitalization
After forming a short term top near USD 8,450, bitcoin price started a downside correction. BTC/USD traded below the USD 8,350 and USD 8,200 support levels. It even declined below USD 8,000, but the USD 7,850 support area is acting as a strong buy zone. If there is a downside break below USD 7,850, the price could accelerate its decline towards USD 7,350 and it might even decrease the chances of a near-term rise above USD 8,500.
On the upside, the previous supports near USD 8,200 are likely to prevent gains. A clear break above USD 8,200 and USD 8,350 might set the pace for a break above USD 8,500.
Ethereum price failed to stay above the USD 142 support level. ETH/USD even declined below USD 140, but it is trading above USD 138. The main support is USD 135, below which the price could continue lower.
To start a fresh increase, the price must gain momentum above the USD 142 resistance and then settle above the USD 145 resistance in the near term.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price started a downside correction from the USD 245 high. BCH/USD traded below USD 240 and it seems like it could correct further towards the USD 230 support. On the upside, the USD 245 and USD 250 levels are key hurdles for the bulls.
Litecoin formed a new 2020 high near USD 48.00 before starting a corrective decrease. LTC/USD traded below the USD 46.00 support, but the USD 44.00 level is acting as strong support. On the upside, the price must surpass the USD 46.50 level to start a fresh increase.
XRP price mostly followed a bearish path after it was rejected near the USD 0.225 level. XRP/USD broke the key USD 0.212 support and settled below USD 0.210. The price might continue to move down to test the USD 0.202 support before the bulls attempt a fresh increase.
Other altcoins market today
In the past three sessions, a few small capitalization altcoins gained more than 5%, including LSK, BCN, BCD, DX and ZRX. Conversely, CENNZ, BTS, RLC, ZB, SNX, KCS, DOGE, HC and CRPT are down more than 5%.
Overall, bitcoin is down more than 5% from the recent 2020 high. The main supports are near USD 7,850 and USD 7,550, below which BTC/USD is likely to turn bearish. On the other hand, the price could start a fresh increase if it settles above USD 8,200 in the coming sessions.