Bitcoin and Altcoins Correcting Toward Key Supports
Recently, bitcoin price tested the USD 5,300 resistance, where it faced a strong selling interest. As a result, BTC/USD started a downside correction and traded below the USD 5,200 and USD 5,150 support levels. The price tested the USD 5,080 support and it is currently (08:30 UTC) consolidating above USD 5,100. Similarly, there was a correction in Ethereum below the USD 178 and USD 175 supports. However, the USD 170 support seems to holding losses in ETH. Ripple price also declined recently and approaching the key USD 0.340 support area.
Total market capitalization
After a decent bounce, bitcoin price faced a strong resistance near the USD 5,300 level. BTC started a fresh downside correction and traded below the USD 5,200 and USD 5,150 support levels. However, the USD 5,080 support acted as a strong buy zone. The next key support is at USD 5,050, below which the price might test USD 5,000.
On the upside, an initial resistance is near the USD 5,200 level. If buyers gain momentum above USD 5,200, the price is likely to revisit the USD 5,300 resistance.
Ethereum price started a downside correction after it topped near the USD 185 level. ETH traded below the USD 180, USD 178 and USD 175 support levels before buyers appeared near the USD 170 level.
On the upside, an initial resistance is near the USD 178 level, above which sellers are likely to defend gains above the USD 180 level.
Bitcoin cash, eos and ripple price
Bitcoin cash price failed once again to stay above the USD 300 support and declined more than 5%. BCH/USD is currently trading near the USD 290 level and it could continue to move down towards the USD 182 and USD 180 support levels in the near term. On the upside, the broken support at USD 300 is likely to act as resistance.
EOS is holding gains above the USD 5.25 support level. However, the price seems to be facing a strong resistance near the USD 5.40 and USD 5.50 levels. On the downside, the next key support below USD 5.25 is at USD 5.10.
Ripple price failed again near the USD 0.370 resistance and declined below the USD 0.365 and USD 0.355 support levels. XRP/USD is currently trading below USD 0.350 and it could test the USD 0.340 support, where buyers are likely to take a stand.
Other altcoins market today
Despite a downside correction in bitcoin and ETH, a few small cap altcoins gained traction and climbed higher, including REPO, ABBC, WICC, NANO, ENJ and RVN. Out of these, REPO rallied close to 100% and ABBC coin gained nearly 17%.
The current price action is slightly bearish, with corrective moves in bitcoin below USD 5,200. BTC must stay above the USD 5,080 and USD 5,050 support levels. If not, there is a risk of an extended decline below the USD 5,000 support in the coming sessions.
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