Bitcoin and Altcoins Sell-off Settles, Possible Recovery Underway
Bitcoin price started a major downside correction below the USD 18,000 level. BTC declined over 10% and it even spiked below USD 17,000. Finally, the bulls were able to protect the USD 16,500 support level and the price is currently (13:00 UTC) recovering above USD 17,000.
Also, there was a strong decline in most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD broke many important supports near USD 580 and USD 550, and it even spiked below USD 500. XRP/USD declined almost 30% before it found support near the USD 0.475 level.
Total market capitalization
After a close below the USD 18,000 level, bitcoin price accelerated its decline. BTC traded below the USD 17,500 and USD 17,000 support levels. Finally, it found support near USD 16,500 and USD 16,350. The price is recovering and trading above USD 17,000. On the upside, the first key resistance sits at USD 17,650, above which the price could test USD 18,000.
An initial support on the downside is near the USD 17,000 level. A close below the USD 17,000 level may possibly push the price back towards the USD 16,500 level.
Ethereum price declined over USD 100 and it broke the USD 500 support level. ETH found support near the USD 485 zone and recovered above USD 500. However, the price is struggling to recover above the USD 525 and USD 530 levels.
If it continues to struggle near USD 530, there could be another bearish reaction. An initial support is near the USD 500 level, below which the price could revisit the USD 485 support level.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is down 18% and it is now trading below the USD 300 and USD 288 levels. BCH might continue to move down towards the USD 270 support level. Any more losses below USD 270 might spark a sharp decline towards the USD 250 support zone.
Litecoin (LTC) declined sharply below the USD 82.00 and USD 80.00 support levels. LTC traded close to the USD 70.00 before correcting higher. The price is testing the USD 75.00 level and it could recover further towards the USD 76.50 and USD 78.00 levels. The main resistance is now forming near the USD 80.00 level.
XRP price nosedived below the USD 0.600 support level. The bears gained strength and the price even spiked below the USD 0.520 support. The price tested the USD 0.475 support and recovered above USD 0.520. On the upside, the bulls might face a strong challenge near the USD 0.555 and USD 0.565 levels.
Other altcoins market today
In the past few hours, many altcoins declined over 15%, including XVG, XLM, SNT, ALGO, MIOTA, VET, ZRX, LRC, ICX, DGB, ETC, ANT, TRX and ZIL. Conversely, STX remained stable and gained more than 5%.
To sum up, bitcoin price corrected lower sharply below USD 18,000 and USD 17,500. However, BTC is still holding a couple of medium-term uptrend supports such as USD 16,500 and USD 15,000. On the upside, the bulls might struggle to surpass USD 17,800 and USD 18,000.
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