Bitcoin and Altcoins Remain in Positive Area Despite Correction
Bitcoin price remained in a strong uptrend and it was able to climb above the USD 8,000 and USD 8,200 resistance levels. As a result, there was a solid rise towards USD 8,500 resistance before the price started a downside correction. On the downside, there are many supports near USD 8,200 and USD 8,120.
On the other hand, most major altcoins corrected lower but remained in a positive zone, including ethereum, XRP, bitcoin cash, litecoin, EOS, BNB, ADA, TRX and XLM. ETH/USD is consolidating above the USD 142 support level, while XRP/USD trimmed a lot of its gains and traded below the USD 0.220 and USD 0.215 levels.
Total market capitalization
Recently, bitcoin price surged above the key USD 8,000 resistance level. It opened the doors for more gains and the price traded to a new yearly high at USD 8,450. It is currently (09:00 UTC) correcting lower and trading below USD 8,300. However, there are many supports on the downside near USD 8,200 and USD 8,150.
Any further losses may perhaps lead the price towards the USD 8,000 support. On the upside, the USD 8,400 and USD 8,450 levels are initial hurdles, above which the price may even climb above USD 8,500.
Ethereum price extended its rally above the USD 145 resistance. ETH/USD traded to a new 2020 high near USD 148 before it started a downside correction. The price is now consolidating above the USD 142 support, with positive moves.
The next key supports are near USD 140 level. On the upside, the price must surpass USD 148 and USD 150 for another increase towards the USD 155 and USD 160 levels in the near term.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price remained in a positive zone and settled above the USD 240 level. However, BCH/USD is struggling to gain momentum above the USD 250 and USD 255 resistance levels. Therefore, there is a risk of a downside correction towards the USD 235 support. Any further losses may lead the price towards USD 230.
Litecoin extended its rise and traded above the USD 45.50 and USD 46.50 resistance levels. LTC/USD traded towards USD 48.50 and it is currently correcting lower. It could test the USD 46.50 support area before it starts a fresh upward move in the coming sessions.
XRP price trimmed most of its gains and traded below the USD 0.220 and USD 0.215 support levels. XRP/USD is now approaching the USD 0.210 support level, below which it could even test the USD 0.206 support level. On the upside, the USD 0.215 level might once again act as a hurdle.
Other altcoins market today
In the past three sessions, many small capitalization altcoins surged more than 5%, including QNT, LINK, RLC, ZEN, ENG, CRO, CRPT, SNX, NEXO, ADK, RIF, ZB, XTZ and MKR. Out of these, QNT is up around 18% and LINK rallied close to 15%.
To sum up, bitcoin price is showing a lot of bullish signs above USD 8,000. In the short term, there could be a minor drop in BTC/USD, but as long as the price is above USD 8,000 and USD 8,050, there are chances of another leg higher.
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