Recently, there were positive moves in bitcoin above the USD
6,550 level. BTC/USD even traded above the USD 6,600 level and
later started a downside correction. The price is currently (UTC
08:30 AM) consolidating gains above the USD 6,550 support and
dips remain supported. Similarly, ethereum retreated from the USD
225 resistance and it is currently trading near the USD 215
support. Besides, ripple and bitcoin cash have corrected lower and
both are approaching important support levels.
Total market capitalization
Bitcoin price
A fresh correction wave was initiated from well above the USD
6,600 level in bitcoin price . BTC/USD traded below the USD
6,575 level and tested the USD 6,550 support (the previous
resistance). The price is currently consolidating and it seems like
there could be a renewed upside above USD 6,580 in the near term.
On the flip side, if there is an extended downside correction, the
price may perhaps test the next major support at USD 6,500. The
overall price action is positive as long as bitcoin is above USD
6,550 and USD 6,500.
Ethereum price
Ethereum price also corrected lower recently and traded below the
USD 220 level. ETH/USD tested the USD 215 level and it is
currently consolidating. If it stays above USD 215, there might be
an upward move above the USD 220 level.
If not, the price could slide further towards the USD 208 support,
which was a significant barrier for buyers previously and now it is
likely to hold losses.
Bitcoin cash and ripple price
Bitcoin cash price started a sharp downside correction below the
USD 600 level. BCH/USD is down more than 4% and it is
currently heading towards the USD 570 support. If there are further
losses, the price may well test the USD 550 support. On the
upside, an initial resistance is near USD 600, above which the
price may retest USD 630.
Ripple price is slightly under pressure as it failed to stay above
the USD 0.530 and USD 0.525 support levels. The next major
support awaits near USD 0.500 where XRP/USD will most likely
find a strong buying interest. On the upside, the previous
supports at USD 0.525 and USD 0.530 might act as resistances.
Other altcoins market today
Despite the recent correction in bitcoin, a few small cap altcoins
traded higher between 5%-8%, including POLY, WAX, BAT and
NPXS. Out of these, POLY is up around 8% and WAX gained
roughly 7%.
To sum up, it seems like bitcoin is correcting recent gains, but
there are many supports on the downside between USD 6,560 and
USD 6,500. If there is a downside break below USD 6,500, there
are chances of a sharp decline in BTC/USD. Similarly, ethereum
must stay above the USD 208 and USD 202 support levels. If not,
there is a risk of a fresh bearish wave below USD 200.
6,550 level. BTC/USD even traded above the USD 6,600 level and
later started a downside correction. The price is currently (UTC
08:30 AM) consolidating gains above the USD 6,550 support and
dips remain supported. Similarly, ethereum retreated from the USD
225 resistance and it is currently trading near the USD 215
support. Besides, ripple and bitcoin cash have corrected lower and
both are approaching important support levels.
Total market capitalization
Bitcoin price
A fresh correction wave was initiated from well above the USD
6,600 level in bitcoin price . BTC/USD traded below the USD
6,575 level and tested the USD 6,550 support (the previous
resistance). The price is currently consolidating and it seems like
there could be a renewed upside above USD 6,580 in the near term.
On the flip side, if there is an extended downside correction, the
price may perhaps test the next major support at USD 6,500. The
overall price action is positive as long as bitcoin is above USD
6,550 and USD 6,500.
Ethereum price
Ethereum price also corrected lower recently and traded below the
USD 220 level. ETH/USD tested the USD 215 level and it is
currently consolidating. If it stays above USD 215, there might be
an upward move above the USD 220 level.
If not, the price could slide further towards the USD 208 support,
which was a significant barrier for buyers previously and now it is
likely to hold losses.
Bitcoin cash and ripple price
Bitcoin cash price started a sharp downside correction below the
USD 600 level. BCH/USD is down more than 4% and it is
currently heading towards the USD 570 support. If there are further
losses, the price may well test the USD 550 support. On the
upside, an initial resistance is near USD 600, above which the
price may retest USD 630.
Ripple price is slightly under pressure as it failed to stay above
the USD 0.530 and USD 0.525 support levels. The next major
support awaits near USD 0.500 where XRP/USD will most likely
find a strong buying interest. On the upside, the previous
supports at USD 0.525 and USD 0.530 might act as resistances.
Other altcoins market today
Despite the recent correction in bitcoin, a few small cap altcoins
traded higher between 5%-8%, including POLY, WAX, BAT and
NPXS. Out of these, POLY is up around 8% and WAX gained
roughly 7%.
To sum up, it seems like bitcoin is correcting recent gains, but
there are many supports on the downside between USD 6,560 and
USD 6,500. If there is a downside break below USD 6,500, there
are chances of a sharp decline in BTC/USD. Similarly, ethereum
must stay above the USD 208 and USD 202 support levels. If not,
there is a risk of a fresh bearish wave below USD 200.
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