Bitcoin Corrects Lower While Altcoins Gain Bullish Momentum
Bitcoin price traded close to USD 9,600 before correcting lower. Ethereum broke the USD 180 resistance and XRP settled above the USD 0.240 region. VSYS, XZC, and BST are up more than 15% today.
Recently, bitcoin price climbed above the USD 9,450 and USD 9,500 resistance levels. However, BTC/USD failed to continue above USD 9,550 and topped near the USD 9,600 area. It is currently (09:00 UTC) correcting lower and it seems like the bears are eyeing a test of the USD 9,250 support.
On the other hand, there are positive moves in most major altcoins, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD jumped more than 5% to surpass the USD 180 and USD 182 levels. Besides, XRP/USD is trading above the USD 0.240 area and showing signs of more gains.
Total market capitalization
After climbing above the USD 9,500 level, bitcoin price started a downside correction. BTC/USD traded below the USD 9,400 level and it is currently testing the USD 9,350 support. If there is a downside break below the USD 9,350 support, there is a risk of a larger downside correction towards the USD 9,250 and USD 9,050 support levels.
On the upside, the price is likely to face hurdles near USD 9,500 and USD 9,550. If there is a successful close above the USD 9,550 level, there are chances that bitcoin might surge towards USD 10,000.
Ethereum price performed well and climbed above the USD 180 and USD 182 resistance levels. ETH/USD even surpassed the USD 185 level, but it failed to test USD 190 and it is currently trimming gains.
On the downside, the previous support near the USD 178 and USD 180 levels could provide support. Any further declines might lead the price towards the USD 170 level.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is currently consolidating above the USD 375 and USD 380 support levels. On the upside, BCH/USD is facing hurdles near the USD 395 and USD 400 levels. A clear break above the USD 400 barrier could open the doors for a push towards the USD 425 level. On the downside, the main support is near the USD 380 level, followed by USD 375.
Litecoin rallied in the past three sessions and gained more than 10%. LTC/USD surpassed the USD 62.50 and USD 65.00 resistance levels. It tested the USD 70.00 level and it is currently consolidating gains. Any further gains might lead the price towards the USD 72.50 and USD 73.20 levels in the near term.
XRP price remained well bid above the USD 0.232 and USD 0.235 levels. As a result, it climbed above the USD 0.240 level and it is currently correcting gains. However, the USD 0.240 and USD 0.238 levels are likely to provide support. On the upside, the first hurdle is near the USD 0.244 level, followed by USD 0.250.
Other altcoins market today
In the past three sessions, many small-capitalization altcoins are up more than 5%, including VSYS, XZC, BST, MONA, ICX, BEAM, LSK, BCN, RLC, KNC, OMG, and NEXO. Out of these, VSYS rallied around 25% and XZC is up around 20%.
To sum up, bitcoin price is currently correcting lower below USD 9,400. If BTC/USD fails to stay above USD 9,350 and USD 9,250, it could start a substantial decline. If not, there are high chances of a test of the USD 10,000 level.