Volatility Hits Bitcoin and Altcoins
Bitcoin price started a downside correction below USD 23,000. Ethereum declined over 5% to USD 600, XRP is down over 12%. LTC, VET, and UNI were down over 10%
Bitcoin price failed to clear the USD 24,000 resistance zone. BTC broke a couple of key supports near USD 23,000 and USD 22,500.
Similarly, most major altcoins are correcting gains and showing bearish signs, including ethereum, XRP, EOS, XLM, LINK, BNB, TRX, bitcoin cash, litecoin, and ADA. ETH/USD broke the USD 630 and USD 620 support levels. XRP/USD declined heavily after it broke USD 0.550 and it even spiked below USD 0.500.
Total market capitalization
After struggling to clear the USD 24,000 resistance, bitcoin price started a corrective decrease. BTC broke the USD 23,000 support level to move into a short-term bearish zone. The bears even pushed the price below the USD 22,500 support and it was approaching the USD 22,000 support zone before it returned above USD 22,500.
The previous support near USD 22,800 and USD 23,000 could act as a strong resistance. The next major resistance sits near USD 23,500.
Ethereum price is down more than 5% and it broke the USD 630 and USD 620 support levels. ETH is now testing the USD 600 support level, with a bearish angle. If there are more downsides, the price could revisit the USD 575 support level in the near term.
If there is a fresh increase, the previous support levels near USD 620 and USD 630 might prevent upsides. The next major resistance is near the USD 640 level.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price trimmed most of its gains and it is now trading well below the USD 350 and USD 330 levels. BCH is approaching the USD 300 support level, where the bulls might take a stand. If there are more downsides, the USD 285 level might provide support. On the upside, the USD 330 level may possibly act as a strong resistance once again in the near term.
Litecoin (LTC) was down over 10% and it traded below the USD 105.00 support. LTC was approaching the USD 100.00 support level, below which it could test the main USD 92.80 support level. If it stays above the USD 100.00 support level, there are chances of a corrective wave towards the USD 108.00 level.
XRP price declined heavily below the USD 0.550 support level. It even traded below the USD 0.520 support level and spiked below the USD 0.500 level. If there are more downsides, the price could find support near the USD 0.485 level. On the upside, the USD 0.520 and USD 0.535 levels are immediate hurdles.
Other altcoins market today
In the past few hours, many altcoins declined over 8%, including OCEAN, AMPL, UNI, VET, SNT, COMP, MIOTA, YFI, XEM, XLM, AVAX, NEO, and KNC. Out of these, OCEAN is gaining bearish momentum below the USD 0.380 support level.
To sum up, bitcoin price is signaling a larger downside correction below USD 23,000 and USD 22,500. If BTC fails to stay above USD 22,000, it could even revisit the USD 21,000 level in the coming sessions.