Bitcoin and Altcoins Correcting Losses but Facing Uphill Task
After a steady decline, bitcoin price found support near the USD 7,500 level. BTC/USD started an upside correction and recovered above the USD 7,650 and USD 7,700. The price is currently (08:00 UTC) consolidating and facing a lot of hurdles on the upside near USD 7,900 and USD 8,000. Similarly, there were corrective moves in altcoins such as ethereum, ripple and bitcoin cash. ETH/USD corrected above USD 240 and USD 242, but it could struggle near USD 248 and USD 250. Ripple price also started an upward move and corrected above USD 0.400.
Total market capitalization
After bitcoin price tested the USD 7,500 support area and recently started an upside correction. BTC/USD traded above the USD 7,700 pivot level and it is currently facing resistance near USD 7,840 and USD 7,880. The main resistance is near the USD 8,000 level, above which the price is likely to recover towards the next crucial hurdle near USD 8,250.
On the downside, an initial support is at USD 7,700, below which the price might test the USD 7,620 support area. The main support is near the USD 7,500 pivot area.
Ethereum price recovered above the USD 240 level after testing the USD 235 support. ETH/USD is currently trading above USD 242 and testing the USD 245 resistance area. A successful break above USD 245 might push the price towards USD 250.
On the downside, an initial support is near the USD 240 level. If there is a fresh decline, the price could retest the USD 235 support area.
Bitcoin cash, eos and ripple price
Bitcoin cash price attempted a strong recovery from the USD 360 support area. BCH/USD climbed sharply, but the price struggled to gain momentum above the USD 400 barrier. As a result, the price declined again by around 5% and it is currently trading near the USD 390 level. An immediate support is at USD 382, followed by USD 375.
EOS started trading in a range above the USD 6.00 support area. The price climbed above the USD 6.25 level, but it is struggling to surpass the USD 6.35 and USD 6.40 resistance levels. On the downside, an initial support is at USD 6.20, below which it could retest the USD 6.00 support area.
Ripple price tested the USD 0.385 support area and recently corrected above the USD 0.392 and USD 0.395 levels. XRP/USD is currently consolidating near USD 0.400, with resistances near the USD 0.405 and USD 0.410 levels. The main supports are near USD 0.388 and USD 0.385, below which it could test USD 0.362.
Other altcoins market today
In the past three sessions, a few small cap altcoins recovered and gained more than 6%, including SOLVE, GXC, LINK, TFUEL, BNB, VET, ZRX, MKR and ETP. Out of these, SOLVE is up around 69% and GXC gained nearly 27%.
Overall, bitcoin price is slowly recovering above USD 7,720 and USD 7,750. Having said that, BTC/USD needs to surpass the USD 8,000 pivot level to move into a positive zone. If it fails to recover USD 8,000, there could be a fresh decline towards USD 7,500.
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