Bitcoin and Ethereum Correct Gains, Altcoins Remain Elevated
- Bitcoin price started a downside correction and traded below USD 37,500.
- Ethereum saw swing move towards USD 1,600, XRP is approaching the USD 0.400 resistance.
- UMA extended its rally and surged 150%, DOGE and CHSB are up over 40%.
Bitcoin price started a downside correction from well above USD 38,000. BTC corrected below USD 37,800 and USD 37,500. It is currently (13:00 UTC) consolidating near USD 37,500, with a positive angle.
Besides, most major altcoins are slowly gaining momentum. ETH/USD corrected sharply, but it remained well bid above the USD 1,600 level. XRP/USD is moving higher and it may soon attempt an upside break above USD 0.400.
Total market capitalization
After trading close to USD 38,400, bitcoin price started a downside correction. BTC traded below the USD 37,800 level and it even broke the USD 37,500 support. However, dips were limited and the price is now back above USD 37,500. On the upside, the USD 38,000 level is an initial resistance. A close above USD 38,000 could open the doors for a larger increase.
On the downside, the USD 37,500 level is a decent support. Any more losses could push the price towards the USD 37,000 and USD 36,800 support levels.
Ethereum price declined roughly USD 100 from the recent all-time high. ETH even spiked below USD 1,600, but the bulls were active. It is back above USD 1,620 and is showing positive signs. It seems like the price might slowly move higher towards the USD 1,680 level.
On the downside, the USD 1,600 level is a major support. If there is a downside break, the price could decline towards the USD 1,500 support.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price failed to clear the USD 450 resistance and corrected lower. BCH declined below USD 430, but it is holding the USD 425 support. As long as there is no break below USD 425, the price could recover above the USD 440 level. The main hurdle on the upside remains at USD 450. If there is a break below USD 425, the price could dive towards USD 405.
Litecoin (LTC) failed to stay above the USD 150 support level and tested USD 148. The next immediate support is at USD 145. The main support is near the USD 142 and USD 140 levels. On the upside, the price could gain bullish momentum if there is a clear break above USD 155.
XRP price is up over 3% and it is testing the USD 0.392 resistance. The price may soon attempt to clear the USD 0.400 resistance. If there is a clear close above USD 0.400, the price could rise towards the USD 0.420 and USD 0.432 levels. On the downside, the USD 0.380 level is a short-term support, followed by USD 0.372.
Other altcoins market today
Many altcoins climbed over 8%, including UMA, DOGE, CHSB, AAVE, NEXO, COMP, DCR, ALPHA, DOT, SOL, SUSHI, and ZRX. Out of these, UMA remains in a strong uptrend and it even surpassed USD 40.00.
To sum up, bitcoin price corrected gains, but it is still holding above USD 37,200. The current bias suggests BTC could again make an attempt to clear the USD 38,000 resistance zone.