Bitcoin and Ethereum Correct Lower, Dips Remain Supported
Bitcoin price started a downside correction after testing USD 59,800. Ethereum is consolidating near USD 1,800, XRP is struggling to stay above USD 0.550. BTT and FIL are up over 25%.
Bitcoin price extended its rise above the USD 59,000 and USD 59,500 levels. However, BTC failed to test the USD 60,000 resistance. It tested USD 59,800 and it is currently (12:00 UTC) correcting gains.
Similarly, most major altcoins are correcting lower. ETH retreated from USD 1,860 and it is now trading near the USD 1,800 zone. XRP/USD is consolidating near USD 0.550 and it might attempt a fresh increase.
Total market capitalization
There was an upside extension in bitcoin price above the USD 59,500 level. However, BTC bulls failed to lead the price for a test of the USD 60,000 resistance. A high was formed near USD 59,800 before the price started a downside correction. There was a break below the USD 59,000 level and it is now trading near the USD 58,000 support.
If there are more losses, there is a risk of a drop towards the USD 57,000 support zone. On the upside, the USD 58,800 level is a short-term resistance. The main resistance is now near USD 59,800 and USD 60,000.
Ethereum price failed to settle above the USD 1,850 resistance and started a downside correction. ETH traded below USD 1,820 and it is consolidating near the USD 1,800 level. If there are more losses, the bears might test the USD 1,750 support.
Conversely, the price might start a fresh increase above the USD 1,820 and USD 1,825 levels. The key breakout zone is near USD 1,850, above which the price might rise towards USD 1,920.
BNB, ADA, litecoin, and XRP price
Binance Coin (BNB) is consolidating gains near the USD 295 and USD 300 levels. If there is a fresh decline, the bulls might take a stand near the USD 280 support zone. On the upside, the USD 315 level might act as a breakout zone.
Cardano (ADA) is still struggling to settle above the USD 1.220 resistance level. ADA is now trading below USD 1.200, with a major support at USD 1.165. On the upside, there could be a strong increase if there is a successful daily close above USD 1.220.
Litecoin (LTC) retreated once again from the USD 200 resistance. LTC is now trading near USD 190 and it might correct lower towards the USD 182 and USD 180 support levels. As long as there is no close above USD 200, there is a risk of a sharp bearish wave.
XRP price is struggling to settle above USD 0.550. To start a fresh increase towards the USD 0.600 resistance, the price must break the USD 0.565 resistance. On the downside, the next key support is at USD 0.520, below which the price might test USD 0.500.
Other altcoins market today
A few altcoins climbed over 8%, including BTT, FIL, CKB, ICX, HOT, TRX, ZRX, NPXS, and XMR. Conversely, FTM, HBAR, REN, and DODO are down over 8%.
To sum up, bitcoin price is correcting gains from USD 59,800. It seems like BTC could even retest USD 57,000 before it might attempt to reach the USD 60,000 resistance again.