Bitcoin Tumbles While Altcoins Start Downside Correction
Yesterday, we saw a few bearish signs for bitcoin below the USD 10,250 support area. Finally, BTC/USD accelerated its decline and broke the USD 10,000 support area. The price even spiked below USD 9,850 and it is currently (08:00 UTC) correcting higher. Also, most major altcoins started a downside correction, including ethereum, ripple, bitcoin cash, binance coin, cardano, tron, litecoin and EOS. ETH/USD is down around 5% and it broke the USD 210 support area. Similarly, XRP/USD declined below the USD 0.305 and USD 0.300 support levels.
Total market capitalization
After a close below USD 10,250, bitcoin price extended its decline below the USD 10,000 support area. The bears gained control and pushed BTC/SUD below the USD 9,900 and USD 9,850 support levels. It traded close to USD 9,620 and is currently correcting higher. An immediate resistance is near the USD 9,900 level, above which the price may face a strong barrier near USD 10,000.
On the downside, the USD 9,800 level is an initial support followed by USD 9,650. If there are further downsides, the price could revisit the USD 9,500 support area.
Ethereum price traded towards the USD 218 – USD 220 zone and recently started a downside correction. ETH/USD broke the USD 210 support level and tested the USD 200 – USD 202 support area. If there is a downside break below USD 200, the price could test the USD 192 support.
On the upside, the USD 210 level is likely to act as a resistance. If there is an upside break above USD 210, the price could continue to rise towards the USD 215.
Bitcoin cash, eos and ripple price
Bitcoin cash price climbed towards the USD 330 level before it started a downside correction. BCH/USD is down around 5% and it broke the USD 320 and USD 315 levels. The main support on the downside is near the USD 305 and USD 300 levels. On the upside, the previous support near USD 320 might act as a resistance in the near term.
EOS struggled to retain momentum above the USD 4.200 level and recently corrected lower. It broke the USD 4.100 and USD 4.000 support levels. It is currently holding the USD 3.850 support area and it seems like it could bounce back above USD 4.000. Below USD 3.850, the price might decline towards USD 3.600.
Ripple price topped near the USD 0.326 level and recently started a sharp decline. XRP/USD broke the USD 0.305 and USD 0.300 support levels. It tested the USD 0.285 support level and is currently climbing higher. On the upside, the USD 0.300 and USD 0.305 levels might now prevent gains.
Other altcoins market today
In the past three sessions, a few small cap altcoins extended gains and gained more than 10%, including XLM, AOA, ABBC and NEX. On the other hand, many altcoins corrected by more than 5% such as ATOM, QNT, RIF, KCS, MAID, VSYS, VET, ETC and BNB.
To sum up, bitcoin declined heavily and moved into a bearish zone below USD 10,000. It seems like BTC/USD might continue to decline towards USD 9,650 or USD 9,500 in the near term. On the other hand, altcoins might bounce back once they complete the current correction.
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