05 Sep 2019 · 2 min read

Bitcoin Correcting Gains, Altcoins Signaling Weakness

Bitcoin is correcting its gains after retesting the USD 10,800 resistance area. Ethereum is down 2% and trading near USD 175, and ripple is declining towards USD 0.255. EGT, DRG and AOA are down more than 10% today.

After a short term downside correction, bitcoin price bounced back from the USD 10,350 support (as discussed yesterday). BTC/USD traded above USD 10,500 and retested the USD 10,800 resistance area. A new swing high was formed and the price is currently (08:00 UTC) correcting lower. On the other hand, most major altcoins failed to continue higher and trimmed gains, including ethereum, binance coin, ripple, BCH, litecoin, TRX and EOS. ETH/USD is down 2% and trading near the USD 175 support area. Besides, XRP/USD is declining towards the USD 0.255 and USD 0.254 support levels. Largely, bitcoin is still trading above the USD 10,500 support, while altcoins are showing signs of additional weakness.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After another failure to settle above USD 10,800, bitcoin price started a fresh downside correction. BTC/USD broke the USD 10,600 level and it is currently consolidating above the USD 10,500 level. On the upside, an immediate resistance is near the USD 10,600 level, followed by USD 10,650. The main resistance is still USD 10,800, above which the price could test USD 11,000.
On the downside, an initial support is near the USD 10,500 level. If there is a downside break below the USD 10,500 support, the price could revisit the USD 10,350 support level.

Ethereum price

Ethereum price struggled to continue higher and declined below USD 178. ETH/USD is currently consolidating near USD 174 and USD 175, and it seems like the price could decline further towards the USD 172 or USD 170 support.
On the upside, the main resistances are near USD 180 and USD 182. A successful close above USD 180 is needed for upside continuation in the near term.

Bitcoin cash, eos and ripple price

Bitcoin cash price failed to surpass the USD 300 and USD 305 resistance levels. As a result, BCH/USD started a downside correction and traded below the USD 295 level. The price is approaching the USD 290 support, below which it could test the USD 280 support area.
EOS topped just below the USD 3.500 resistance and recently started a fresh decline. The price traded below the USD 3.400 level and it is currently testing the USD 3.300 support. If there is a downside break below USD 3.300, the price could test the USD 3.200 level in the coming sessions.
Ripple price started a downward move after it failed to claim the USD 0.265 resistance level. XRP/USD broke the USD 0.260 support and it seems like the price is approaching the USD 0.255 support. If there are more downsides, the next stop for the bears may perhaps be USD 0.250.

Other altcoins market today

In the past three sessions, a few small cap altcoins declined and weakened more than 5%, including EGT, DRG, AOA, ATOM, REN, NEX, NRG, LAMB, SNX and HC. Out of these, ETG is down more than 18% and DRG declined nearly 12%.

Overall, bitcoin price is trading above the USD 10,500 and USD 10,350 support levels. Therefore, there are chances of a fresh increase in BTC/USD towards USD 10,800 or even USD 11,000, while altcoins may struggle in the near term.

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