Bitcoin and Altcoins Uptrend Intact Despite Recent Setback
- Bitcoin price started a downside correction from the USD 9,200 resistance.
- Ethereum corrected lower towards USD 160 and XRP tested the USD 0.228 support.
- CKB, STEEM and BCD are down more than 10% today.
This past week, there was a strong rally in bitcoin price above the USD 8,500 and USD 8,850 resistance levels. BTC/USD even surpassed the USD 9,000 level, before sellers appeared near USD 9,200. Recently, there was a sharp downside correction and the price declined to test the USD 8,550 support.
Similarly, there was a substantial downside correction in most major altcoins, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD declined more than USD 15 and tested the USD 160 support area. Besides, XRP/USD declined from USD 0.255 and tested the USD 0.228 support area.
Total market capitalization
After trading to a new yearly high at USD 9,200, bitcoin price started a downside correction. BTC/USD declined below USD 8,850 and even spiked below the USD 8,650 support. However, the USD 8,550 support area acted as a strong buy zone. The price is currently (09:00 UTC) rising, but it is facing a lot of hurdles near USD 8,700 and USD 8,720.
A clear break above USD 8,720 and a follow through above USD 8,850 are needed for a fresh increase. The main weekly resistance for the bulls is near the USD 9,200 area. On the downside, the key weekly support is near USD 8,550. A daily close below USD 8,550 might trigger a drop to USD 8,050.
Ethereum price faced a strong selling interest near the USD 178 zone. As a result, ETH/USD declined below USD 175 and USD 170. It even broke the USD 165 support and traded close to USD 160.
The price is slowly recovering and trading near USD 165. However, a close above the USD 170 level is needed for a steady rise towards the USD 178 and USD 180 resistance levels.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price topped near the USD 400 barrier and recently declined more than 10%. BCH/USD broke the USD 360 and USD 350 support levels. It is now trading near USD 330 support and it could even test USD 300 before a fresh upward move in the coming days. On the upside, the main hurdle is at USD 360, followed by USD 385.
Litecoin spiked above the USD 60.00 level this past week before it started a downside correction. LTC/USD broke the USD 58.00 support and tested the USD 55.50 area. Any further losses may perhaps lead the price towards the USD 56.50 support. On the upside, the USD 60.00 level could once again prevent gains.
XRP price topped near the USD 0.255 level and recently declined heavily along with bitcoin. XRP/USD broke the USD 0.240 support and even spiked below the USD 0.230 level. It tested the USD 0.228 support and currently consolidating losses. On the upside, the price must settle above the USD 0.240 level to start a strong rise towards USD 0.255 and USD 0.260.
Other altcoins market today
In the past three sessions, a few smaller altcoins trimmed gains more than 5%, including CKB, STEEM, BCD, ETC, BTM, IOST, BTS, HC, SNT and TRX. Out of these, CKB is down around 15% and STEEM declined nearly 14%.
Overall, bitcoin price is still trading above the key USD 8,550 and USD 8,050 support levels. Therefore, BTC/USD is likely to start a fresh increase unless it breaks the USD 8,050 support and pivot level in the coming days.