Bitcoin Retreats From Highs, Altcoins Correct Lower
- Bitcoin price corrected below USD 19,000 after trading close to USD 19,500.
- Ethereum is down 5% and trading below USD 600, XRP is consolidating above USD 0.600.
- XVG rallied over 30%, and ZIL is up almost 15%.
Bitcoin price extended its rise above the USD 19,200 level before the bears appeared near the USD 19,450 level. BTC started a downside correction and traded below USD 19,000. The price is currently (05:00 UTC) trading near the USD 18,800 support, below which it could extend its decline.
Similarly, there was a downside correction in most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD traded below USD 600 and USD 592 support levels. XRP/USD corrected sharply from well above USD 0.750, but it is now holding the USD 0.600 support zone.
Total market capitalization
There was a decent increase in bitcoin price above the USD 19,000 and USD 19,200 levels. However, BTC failed to continue higher above USD 19,450 and USD 19,500. There was a minor pullback and the price declined below the USD 19,000 zone. The price is now holding the USD 18,800 support zone (previous resistance now support).
If there are more losses below USD 18,800, the price may even slide below the USD 18,550 level. On the upside, the bulls might face sellers near USD 19,200 and USD 19,450.
Ethereum price started a steady decline from the USD 621 high. ETH weakened 5% and it is now trading below the USD 600 level. The bulls are protecting the USD 580 support, below which there are chances of a sharp decline towards the USD 565 and USD 560 levels.
If there is a fresh increase, the USD 598 and USD 600 levels could act as immediate hurdles. A clear break above USD 600 is a must to start a fresh upward move towards USD 620.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price trimmed more than 25% of gains from the USD 375 high. BCH traded below the USD 350 support and it is trading just above USD 330. If there are more losses, the bears might aim for a test of the USD 308 and USD 300 support levels. Conversely, a recovery wave towards USD 350 might face hurdles.
Litecoin (LTC) is down 5% and it is trading below the USD 88.50 pivot level. LTC even traded below USD 86.50 and tested USD 85.00. The next major support sits at USD 82.20. On the upside, the USD 88.50 level is a key breakout zone, followed by the USD 90.00 barrier.
XRP price started a sharp downside correction after a massive rally towards USD 0.800. The price declined below USD 0.700 and recently started consolidation above USD 0.600. On the upside, the bulls might face resistance near USD 0.655 and USD 0.662.
Other altcoins market today
In the past few hours, many altcoins gained over 8%, including XVG, ZIL, XLM, ZEN, DGB, KSM, DASH, GNT, CRO, SNT, QNT, DOGE, LUNA, and SC. Out of these, XVG rallied above the USD 0.008 resistance level and it could even revisit USD 0.010.
Overall, bitcoin price is correcting lower below USD 19,000. If BTC stays above USD 18,800, it could start a fresh increase. Conversely, there is a risk of more losses towards the USD 18,500 and USD 18,200 levels.