BTC Dips Remain Supported, ETH Eyes Breakout
- Bitcoin price declined after the SEC rejected Winklevoss Bitcoin ETF.
- Ethereum is holding the USD 450 - USD 460 support area and is preparing for a break.
- VeChain spiked more than 20% after Binance announced airdrop of 100 million VTHO token.
Yesterday, bitcoin started a correction phase below the USD 8,400 support. However, BTC/USD declined sharply after the US Securities and Exchange Commission (SEC) rejected Winklevoss Bitcoin ETF application for the second time. It ignited profit booking and the price declined below the USD 8,000 handle. On the other hand, major altcoins were stable, including Ethereum and EOS. The market seems to be under bearish pressure, but declines are likely to be limited as long as bitcoin is above USD 7,500.
Bitcoin price broke the USD 8,250 and USD 8,000 supports during the recent decline. BTC/USD tested the USD 7,800 support area and is currently correcting higher. An initial resistance is near the previous support at USD 8,000, above which, the next resistance awaits near USD 8,250.
On the downside, the USD 7,800 support is very important. Below this, the next crucial support is USD 7,500, which is likely to act as a strong barrier for sellers.
Ethereum price remained stable above the USD 450 level. ETH/USD is currently trading in a tight range around the USD 460 level and is likely preparing for the next move.
On the upside, a break above USD 480 - USD 485 could open the doors for more gains. On the other hand, a close below USD 450 may accelerate declines in the near term.
Bitcoin Cash and Ripple
Bitcoin cash price declined and traded below the USD 840 and USD 820 support levels. BCH/USD tested the USD 780 - USD 800 support zone is currently consolidating losses. It must move back above the USD 820 level to trade in a positive zone.
Ripple price is holding the USD 0.450 support, but it is struggling to break the USD 0.460 and USD 0.465 resistance levels. Above this last, the price may perhaps trade towards USD 0.50.
Other Altcoins Market Today
There were no major moves in the altcoins arena except a solid upward move in VeChain. VEN jumped more than 20% and traded close to the USD 2.50 level. A major cryptocurrency exchange, Binance announced airdrop of 100 million VTHO token for VET holders, which sparked rally in VEN. (On 30th June 2018, VeChain [VEN] began the release of its Mainnet, which is called VeChainThor [VET].)
To sum up, the recent decline in bitcoin is a correction wave, but if BTC/USD breaks the USD 7,500 support, there could be sharp declines toward USD 7,000. On the upside, resistances are at USD 8,000 and 8,250. Moreover, one technical indicator is pointing to the beginning of a new prolonged rally in bitcoin prices.