Bitcoin, Ethereum and Ripple Trimming Gains
- Bitcoin price formed a short-term top above USD 9,750 and declined sharply.
- Ethereum, Ripple and bitcoin cash trimmed most of their weekly gains.
- Bithumb exchange listed KNC and OMG, which sparked a sharp upside move.
Bitcoin and other major cryptocurrencies struggled to hold gains during the past three sessions. A fresh bearish wave initiated and prices tumbled by more than 10%. It seems like bitcoin price made a short-term top above USD 9,750, and it could continue to correct lower before staging an upside move. There was also an increase in selling pressure on small cap altcoins, but downsides were limited.
Bitcoin price declined and broke the USD 9,250 and USD 9,000 supports recently. BTC/USD is currently down 6% to USD 8,750. An hourly close below USD 9,000 is a bearish sign and it could increase bearish pressures on BTC in the short term.
An immediate support is at USD 8,600 and USD 8,500. A break and close below USD 8,500 may perhaps push the price towards the next crucial support at USD 8,200.
On the flip side, if the price moves back above USD 9,000, there may possibly be a push towards USD 9,500.
Ethereum declined more than USD 100 and tested the USD 600 support. ETH/USD is currently consolidating losses above the USD 600 support, but it remains at a risk of more losses.
An hourly close below USD 600 might spark further losses towards USD 560. On the other hand, if buyers succeed in preventing a downside break below USD 600, the price could bounce back towards USD 650 - USD 660.
Bitcoin Cash and Ripple
Bitcoin cash is currently trading near the USD 1,300 support. BCH/USD faced a lot of selling interest yesterday, which resulted in a sharp drop from USD 1,500 to USD 1,300. The pair may trade in a range for a few sessions before it makes the next move.
Ripple trimmed most of its gains and traded close to USD 0.75. XRP/USD is currently correcting higher towards the USD 0.80 and 0.82 resistance levels.
Other Altcoins Market Today
Most small cap altcoins declined today. However, OMG and KNC performed really well. Both coins were listed by a major cryptocurrency exchange Bithumb, which boosted the market sentiment.
To sum up, there are a few bearish signs on charts of bitcoin, but as long as the price is above USD 8,000, the current move can be considered as a correction.