Bitcoin Starts Upside Correction, Altcoins Trade Sideways
Bitcoin price is slowly recovering towards the USD 9,050 and USD 9,200 resistances. Ethereum is facing hurdles near USD 205 and XRP could correct higher towards USD 0.200. ZIL rallied more than 20% and ENJ is up close to 18% today.
After a sharp downside correction, bitcoin price found support near the USD 8,650 level. BTC started an upside correction and it is now (08:30 UTC) trading near the USD 9,000 level. To continue higher, it must clear the USD 9,050 and USD 9,200 resistance levels.
On the other hand, most major altcoins are trading in a range above key supports, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is holding the main USD 200 and USD 198 support levels. Similarly, XRP is above the USD 0.190 support and it might start recovering towards the USD 0.200 level.
Total market capitalization
The current technical structure for bitcoin price suggests a short-term upside correction above USD 8,850 and USD 8,900. To move into a positive zone, the price must break the USD 9,200 resistance area. If the bulls succeed in clearing the USD 9,200 resistance, BTC might continue to rise towards the USD 9,500 resistance.
On the downside, the USD 8,850 level is an initial support zone. The main supports are near USD 8,650 and USD 8,550, below which the price might continue to move down towards the USD 8,200 level.
Ethereum price is currently trading above the USD 200 support level. On the upside, ETH seems to be struggling near the USD 205 level. The main resistance on the upside is near the USD 210, above which the bulls are likely to take control in the coming sessions.
Conversely, a downside break below the USD 200 and USD 198 support levels might put a lot of pressure on the bulls. In this case, the price could dive towards the USD 192 and USD 188 levels.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is currently trading in a range near the USD 230 level. On the upside, BCH is facing a lot of hurdles near the USD 240 level, above which the price might start a steady rise. If not, there is a risk of a bearish extension towards the USD 220 support zone.
Litecoin is currently testing the USD 42.20 and USD 42.00 support levels. LTC could decline further towards the USD 40.00 level, which is a crucial support. To move into a positive zone, the price must break the USD 43.50 level and then gain traction above the USD 45.00 resistance.
XRP price is consolidating above the USD 0.190 and USD 0.192 support levels. The price is currently trading near USD 0.195 and it might climb towards the USD 0.200 resistance level. If there is a successful close above USD 0.200, the bulls might attempt to gain strength and push the price towards the USD 0.205 and USD 0.208 levels.
Other altcoins market today
In the past three sessions, a few smaller altcoins gained more than 5%, including ZIL, ENJ, THETA, HBAR, MATIC, ZRX, MANA, SNT, IOST, NEXO, LUNA, and DX. Out of these, ZIL climbed around 20% and ENJ jumped more than 15%.
Overall, bitcoin price is currently correcting higher and reaching the USD 9,000 level. To continue higher, BTC price must surpass the USD 9,200 hurdle. If not, there is a risk of another decline towards the USD 8,550 level.