Bitcoin and Altcoins Correcting Gains
This past week, bitcoin price climbed towards the USD 8,400 level and later started a major downside correction. BTC/USD declined more than USD 1,000 and tested the USD 6,600 support area. However, the price bounced back sharply in the past two days and rebounded above USD 7,450 and USD 7,800. Similarly, ethereum price rebounded above USD 235 and USD 240, but ETH/USD seems to be struggling to surpass the USD 250 and USD 260 resistances. Ripple price is currently (08:10 UTC) down 3% and it is trading below the USD 0.420 and USD 0.405 support levels. The next key support for XRP is near the USD 0.388 and USD 0.378 levels. Overall, the market bounced back from lows and it is currently correcting gains. As long as bitcoin is trading above USD 7,600, it is likely to continue higher in the coming days.
Total market capitalization
There was a strong upward move in bitcoin price above the USD 7,800 and USD 8,000 resistance levels. However, BTC/USD failed to stay above the USD 8,000 level and recently corrected lower. An immediate support is at USD 7,800, below which the main weekly support is at USD 7,600. If there is a downside break below USD 7,600, the price could retest the USD 7,000 support.
On the upside, the main weekly resistances are at USD 8,000 and USD 8,220. If the bulls remain in action, there are high chances of a push above USD 8,300 in the near term.
Ethereum price traded above the USD 260 level recently, but it failed to climb above USD 264 and USD 265. ETH/USD is currently correcting lower towards the USD 245 and USD 242 support levels.
If the price fails to stay above the USD 242 support, the next key weekly support is at USD 225. On the upside, there are many hurdles for the bulls near USD 255, USD 262 and USD 265.
Bitcoin cash, eos and ripple price
Bitcoin cash price bounced back from lows and surged above the USD 380 and USD 400 resistance levels. BCH/USD traded close to the USD 430 level and it is currently correcting lower towards the USD 400 and USD 392 support levels.
EOS is back above the key USD 6.00 support area and it recently tested the main USD 6.45 and USD 6.50 resistance levels. The bulls failed to gain momentum above USD 6.50 and the price is currently correcting lower towards the USD 6.20 and USD 6.10 support levels. The main support is at USD 6.00 and the key resistance is USD 6.50.
Ripple price tested the USD 0.425 resistance area recently and it is currently moving lower. XRP/USD is down more than 3% and is trading below USD 0.400. There are many supports on the downside near USD 0.385 and USD 0.378. On the upside, a break above USD 0.425 is needed for a fresh rise to USD 0.450 or USD 0.465.
Other altcoins market today
Despite downsides in bitcoin, a few small cap altcoins gained bullish momentum and are up more than 5%, including JCT, NET, SOLVE, DASH, XVG and LA. Out of these, JCT is up around 44% and NET climbed nearly 40%.
Overall, bitcoin price is trading in a bullish zone above USD 7,800 and USD 7,600, with high chances of more upsides above USD 8,000 and USD 8,220 in the coming days.
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