Bitcoin and Altcoins Corrects Lower, Uptrend Remains Intact
Bitcoin and altcoins extended gains yesterday before starting a downside correction. BTC/USD is currently correcting lower and is down roughly 2%. Neo price is down after it failed to move above the USD 150 level. The current price action is stable and corrective in structure as long as there is no major downward spike.
Bitcoin price moved above the USD 11,000 level recently, but it was not able to continue higher. BTC/USD started a downside correction and traded below the USD 10,800 and 10,600 support levels.
At the moment, the pair is down 2% to USD 10,580. On the downside, an initial support is at USD 10,500. If the price fails to stay above the USD 10,500 support, it may perhaps test the USD 10,000 level.
On the upside, the price could move towards USD 11,000. However, a follow through is required to retain the bullish momentum.
Ethereum failed to test the USD 900 resistance. ETH/USD traded as high as USD 892 and is currently down 3.1% to USD 864. On the downside, supports are at USD 850 and 840.
The pair has to gain strength above USD 890 to rise further. The USD 890-900 region represents a major hurdle for buyers. A break and close above USD 900 would open the doors for more gains.
Bitcoin Cash and Ripple
Bitcoin cash is showing a few negative signs and is currently trading 5.3% lower from the USD 1,291 high. BCH/USD must stay above the USD 1,200 level to remain in the bullish zone. If it breaks the USD 1,200 support, sellers may gain control.
Ripple seems to be struggling near the USD 0.9500 resistance. XRP/USD is currently down 4.4% to USD 0.9230, with the next support on the downside at USD 0.9000.
Other Altcoins Market Today
Today’s best performer so far is DigixDAO. DGD price surged above the USD 500 level and is currently up 55% to USD 550. The recent Digix dev update was taken on a positive note by the community, which helped the price in gaining traction.
To sum up, the current price action suggests a short term correction. However, bitcoin price must stay above an important support at USD 10,000 to resume its upside.