Bitcoin Retreats Sharply From USD 18.5K, Altcoins Drop Too
Bitcoin price surged over 10% and it broke the USD 18,000 resistance before correcting sharply. Ethereum surpassed USD 490 before correcting lower, XRP seems to be consolidating gains above USD 0.300.
Bitcoin price extended its rise above the USD 17,500 and USD 18,000 resistance levels. BTC even broke the USD 18,200 level and traded close to USD 18,500. The price is currently (05:00 UTC) correcting gains, with many supports on the downside, starting with USD 17,650 and USD 17,500.
Besides, there were positive moves in most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD climbed above the USD 480 and USD 490 resistance levels. XRP/USD settled above USD 0.300 and it is showing a lot of positive signs.
Total market capitalization
After a close above the USD 17,500 level, bitcoin price rallied over 10%. BTC broke many hurdles near USD 17,800 and USD 18,000. The price even climbed towards the USD 18,500 level before correcting lower. An initial support is near the USD 17,650 level. The first major supports seem to be forming near the USD 17,500 level. The next key support is at USD 17,350.
On the upside, the USD 18,000 level is a key hurdle. A clear break above USD 18,000 may perhaps open the doors for a push towards the USD 18,500 and USD 18,800 levels in the near term.
Ethereum price also followed a bullish path similar to bitcoin, and it surpassed the USD 485 resistance. ETH even broke the USD 490 level and it traded close to the USD 495 resistance. It seems like the bulls are aiming for a test of the USD 500 level in the near term,
On the downside, the USD 480 level is an initial support for the bulls. The first key support is now forming near the USD 470 level.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is showing positive signs above USD 250 and it might continue higher towards the USD 255 and USD 260 levels. Any more upsides are might lead BCH price towards the USD 280 level. If there is a downside break below the USD 250 support, the price might decline towards the USD 235 support.
Litecoin (LTC) settled above the USD 70.00 level after a sharp rally. LTC price is now consolidating gains above the USD 70.00 level and it might resume its upward move towards the USD 75.00 and USD 78.00 levels. On the downside, there is a strong support forming near the USD 70.00 level.
XRP price is stuck above the USD 0.298 and USD 0.300 support levels. On the upside, the bulls are facing hurdles near USD 0.305. A clear break above the USD 0.305 level could lead the price towards the USD 0.312 level. Conversely, a close below the USD 0.298 support level might call for a test of the USD 0.292 level.
Other altcoins market today
In the past few hours, many altcoins rallied over 10%, including BCD, BTG, DGB, SNT, YFI, NEXO, RSR, HEDG, BAND, SNX, and NXM.
Overall, bitcoin price is gaining bullish momentum above USD 17,500 and USD 18,000. There were a couple of harsh bearish waves from USD 18,500, but dips might remain attractive in the coming sessions.