Bitcoin and Altcoins Showing Signs of Downside Correction
Bitcoin price declined sharply after another rejection near USD 12,000. BTC broke the USD 11,800 support, but it found support near USD 11,500. Recently, there was a strong recovery, but the price is still struggling to gain bullish momentum above the USD 12,000 resistance zone.
Similarly, most major altcoins are facing key hurdles and showing a few signs of a short-term downside correction, including ethereum, litecoin, bitcoin cash, EOS, TRX, XLM, and ADA. XRP/USD is outperforming major altcoins. It is currently (08:30 UTC) trading above USD 0.298 and USD 0.300, with a positive angle. On the other hand, ETH/USD is struggling to gain traction to clear the USD 400 barrier.
Total market capitalization
Yesterday, bitcoin price corrected lower below the USD 11,800 support area. BTC even tested the USD 11,500 support, where the bulls appeared. A base was formed near USD 11,500 and the price started a fresh increase. However, the bulls are facing an uphill task near the USD 12,000 resistance, above which the price might start a fresh rally.
On the downside, an initial support is near the USD 11,640 level. The main support is now forming near the USD 11,500 level, below which the price might start an extended correction wave.
Ethereum price is facing a strong selling interest near the USD 400 and USD 402 resistance levels. If ETH continues to struggle near the USD 400 barrier, there is a risk of a sharp downward move below the USD 385 and USD 380 support levels.
Conversely, the price might clear the USD 400 resistance and gain bullish momentum above the USD 405 level. The next key resistance on the upside is near USD 420.
Bitcoin cash, ADA and XRP price
Bitcoin cash price is slowly moving lower and it might settle below the USD 300 pivot level. In the mentioned case, BCH could start a steady downside correction towards USD 285 and USD 280 support levels. On the upside, the price must surpass USD 312 for a steady rise in the near term.
ADA is holding the USD 0.140 support area and it might continue to trade in a range in the short-term. On the upside, the price might gain bullish momentum if it clears the USD 0.145 resistance. The next major resistance is near the USD 0.150 level. Conversely, there is a risk of more downsides below USD 0.140 and USD 0.138.
XRP price remained stable above the USD 0.295 support and it climbed higher earlier this morning. The price traded above the USD 0.300 resistance and it seems like the bulls are aiming more upsides above the USD 0.305 and USD 0.308 levels. On the downside, the USD 0.298 and USD 0.295 levels are decent supports.
Other altcoins market today
In the past three sessions, many small altcoins climbed more than 10%, including YFI, JST, LUNA, STX, HBAR, XTZ, SXP, THETA, MIOTA, KSM, ANT, ALGO, MATIC, SC, and BTT. Out of these, YFI rallied over 40% and surpassed the USD 6,000 level.
Overall, bitcoin needs to settle above USD 12,000 to continue higher. If BTC continues to struggle, there are chances of another downside correction towards the USD 11,500 support zone.
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