Bitcoin and Altcoins Vulnerable to a Further Correction
Bitcoin price started a fresh decline after multiple failures below USD 10,000. Ethereum is now trading below USD 210 and XRP broke the USD 0.200 support. THETA outperformed the market and rallied more than 40% to USD 0.315.
Bitcoin price made many attempts to overcome the USD 9,950 and USD 10,000 resistance levels, but it failed. As a result, BTC reacted to the downside and broke a couple of key supports near the USD 9,550 level. It has opened the doors for a downside correction towards USD 9,000 or even USD 8,850.
Similarly, most major altcoins started a fresh decline and followed bitcoin, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is down (08:30 UTC) close to 3% and it broke the USD 210 support zone. XPR is also sliding and it is now trading below the USD 0.200 support.
Total market capitalization
After another rejection close to USD 9,900, bitcoin price started a decline. BTC broke the USD 9,600 and USD 9,550 support levels to move into a short term bearish zone. The price is down close to 4% and it is now approaching the USD 9,400 level. The next key supports on the downside are near USD 9,200 and USD 9,000.
On the upside, the previous supports near USD 9,550 and USD 9,600 may now act as hurdles in the coming sessions.
Ethereum price followed bitcoin and declined from the USD 215 resistance zone. ETH traded below the USD 212 and USD 210 support levels. It is now approaching the USD 205 support level, below which the bears are likely to aim a test of the USD 200 handle.
To move back into a positive zone, the price must climb above USD 212. Still, the main hurdles are near the USD 215 and USD 216 resistance levels.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price declined steadily and broke the USD 240 support level. BCH is likely to continue lower towards the USD 230 support level. Any further losses might lead the price towards the USD 222 and USD 220 support levels. To the topside, the USD 245 and USD 250 levels are likely to prevent an upside break in the near term.
Litecoin broke the USD 45.00 support zone to start a fresh decline. LTC even traded below the USD 44.00 level and it is likely to continue lower towards the USD 42.20 support. The main uptrend support is near USD 40.00, below which the bears could take control and push the price towards the USD 38.00 and USD 36.50 levels.
XRP price struggled to stay above the USD 0.205 and declined recently. The price broke the USD 0.202 and USD 0.200 support levels. The current price action suggests that the bears are aiming a test of the USD 0.192 and USD 0.190 support levels in the next 2-3 sessions.
Other altcoins market today
In the past three sessions, many small altcoins declined more than 5%, including STEEM, ETN, HYN, ABBC, DGB, CRPT, NANO, SNT, and MATIC. Out of these, STEEM is down more than 25% and ETN declined nearly 20%.
To sum up, bitcoin price finally reacted to the downside and broke the key USD 9,550 support. If BTC continues to move down below USD 9,400, it could even revisit the USD 9,000 support zone.