Bitcoin and Altcoins Extending Downside Correction
Yesterday, we discussed that bitcoin price could start a downside correction below USD 6,700 in the short term. BTC/USD did move down and broke a couple of important supports like USD 6,600 and USD 6,500. Similarly, major altcoins like ethereum and bitcoin cash declined between 5% – 8%. More importantly, ripple price fell by more than 15% and moved below the USD 0.500 support level. Going forward, there could be more losses, but bitcoin price must hold the USD 6,250 support.
Total market capitalization:
Bitcoin price declined below the USD 6,500 support recently and is currently down around 3.2%. BTC/USD is about to test the USD 6,400 support and it seems like it could continue to move down towards the USD 6,300 and USD 6,250 support levels.
If there is an upward move, the USD 6,500 level may act as an initial resistance. Above this, the price could test the previous support near the USD 6,600 level, which is likely to act as a resistance in the near term.
Ethereum price also followed bitcoin and started a downside correction below the USD 240 level. ETH/USD may perhaps continue to move down towards the USD 200 level, which is a crucial support.
On the upside, an initial resistance is near the USD 220 level, followed by the all-important USD 235 level. Above this last, the price will most likely retest USD 250.
Bitcoin cash and ripple price
Bitcoin cash price broke the USD 460 and USD 450 support levels to move into a bearish zone. BCH/USD is currently under pressure and it could test the USD 420 support. The most important support is close to USD 400. On the upside, the USD 460 level must be breached for a push towards USD 480.
Ripple price was one of the worst performers as it declined around 18% and settled below the USD 0.500 support. The next important supports for XRP/USD are USD 0.430 and USD 0.422.
Other altcoins market today
Today, many small cap altcoins declined between 5%-15%, including AION, MONA, WAN, EOS, SNT, ONT, ADA, FUN, SC, XLM, ICX and TRX.
Overall, the current price action for bitcoin is slightly bearish below the USD 6,600 level. On the downside, the USD 6,250 support could play an important role for the next move in BTC/USD and altcoins in the near term.
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