Bitcoin and Altcoins Start Corrective Decrease
As discussed yesterday, bitcoin price started a downside correction below the USD 11,800 level. BTC even broke the key USD 11,500 support level. It is currently (08:30 UTC) down over 2% and it seems like there are chances of more losses towards the USD 11,200 and USD 11,000 levels.
Also, many major altcoins broke many key supports to move into a short-term bearish zone, including ethereum, XRP, litecoin, bitcoin cash, EOS, TRX, XLM, and ADA. ETH/USD traded below the USD 285 and USD 280 support levels, with a bearish angle. XRP/USD trimmed most of its yesterday’s rally and tumbled over 8% before recovering above USD 0.280.
Total market capitalization
Yesterday, we saw a few bearish signs for bitcoin price below USD 12,000. As a result, there was a bearish reaction below the USD 11,800 support. BTC declined over 2% and it even settled below USD 11,500. If the bears remain in action, there are chances of a push towards the USD 11,050 and USD 11,000 support levels.
On the upside, the previous support near USD 11,500 may perhaps act as a resistance. The first major hurdle is now forming near the USD 11,800 level, but the main resistance is still near USD 12,000.
Ethereum price is now below the USD 385 and USD 380 support levels. It declined close to 4% and it is currently trading near USD 378. If there are more downsides, the price could retest the USD 365 support level. The next major support is seen near USD 355.
Conversely, the price might move back above the USD 380 and USD 385 levels. If there is a proper close above USD 385, the bulls could make another attempt to clear the USD 400 resistance.
Bitcoin cash, ADA and XRP price
Bitcoin cash price dropped below the USD 285 and USD 280 support levels. BCH traded close to the USD 365 support level and it is currently recovering. The price is back above USD 280, but it might struggle to climb back above the USD 285 and USD 288 levels in the near term.
ADA failed to gain strength above the USD 0.145 resistance and it declined below the USD 0.140 support. The price dived below the USD 0.132 support and traded close to the USD 0.122 level. It is currently recovering higher, but the previous support near USD 0.140 might act as a resistance.
XRP price crashed below the USD 0.292 support zone. It even dived below the USD 0.280 support and tested the USD 0.275 zone. It is currently recovering above USD 0.280, but the USD 0.284 level might act as a resistance. The main resistance is now near the USD 0.292 level. On the downside, there are many supports, starting with USD 0.275 and up to USD 0.265.
Other altcoins market today
In the past three sessions, a few small altcoins gained more than 10%, including ANT, COMP, AMPL, MKR, LEND, and SNX. Conversely, HBAR, MIOTA, ERD, BTM, ONT, LSK, and XMR are down over 5%.
Overall, bitcoin has started a major downside correction below USD 11,800. It could even test the USD 11,000 handle, but there are chances of a comeback in the near future.
Learn more: Bitcoin Tumbles While Market Optimistic About the ‘Main Bull Phase’
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