Bitcoin and Altcoins Drop, But Remain Supported
This past week, we saw a strong rise in bitcoin above the USD 5,400 and USD 5,600 resistance levels. BTC/USD even climbed above USD 5,750 and USD 5,800. Finally, it struggled to retain momentum and started a downside correction. It recently broke the USD 5,700 support and it seems like the price may test the USD 5,550 support level in the near term. Similarly, ethereum price moved down and revisited the key USD 160 support level. On the other hand, ripple price moved into a bearish zone, with a close below the USD 0.302 and USD 0.300 support levels in the near term.
Total market capitalization
After starting a downside correction, bitcoin price traded below the key USD 5,720 and USD 5,700 support levels. BTC/USD is currently (08:10 UTC) testing USD 5,650 and it seems like it could extend correction in the near term. An immediate support is at USD 5,600, below which the price could test the USD 5,550 weekly support level.
On the upside, the recent supports near USD 5,700 and USD 5,720 are likely to act as hurdles in the near term. A close back above the USD 5,750 weekly resistance may start a fresh increase to USD 5,850 and USD 6,000.
Ethereum price failed to climb above the main USD 170 weekly resistance and declined recently. ETH/USD broke the USD 165 support and recently tested the key USD 160 weekly support.
If there is a downside break below the USD 160 support, the price is likely to decline below the USD 158 and USD 155 support. The next major support is close to USD 150.
Bitcoin cash, eos and ripple price
Bitcoin cash price trimmed most its gains and traded below USD 290. BCH/USD even broke the USD 285 support and it is currently down around 3.5%. If the price continues to move down, it could test the main weekly support near the USD 270 level. On the upside, the USD 295 and USD 300 levels are likely to act as a crucial barrier.
EOS is down more than 4% and it recently broke the USD 4.85 and USD 4.80 support levels. The price even broke the USD 4.70 support and it seems like it could test the main support near the USD 4.55 and USD 4.50 levels in the near term.
Ripple price is under a lot of pressure and it recently broke the USD 0.302 and USD 0.300 support levels. XRP/USD is down 2% and it is trading below the USD 0.298 level. On the downside, the next key supports are near USD 0.290 and USD 0.285.
Other altcoins market today
In the past three sessions, many small cap altcoins corrected lower and declined more than 5%, including MXM, DGD, ATOM, PAI, SC, MCO, LTC, NEO, XEM, ONT, BAT, MONA, MIOTA and ICX. Out of these, MXM is down around 20% and DGD declined nearly 14%.
Overall, it seems like bitcoin price started a major downside correction. BTC could extend losses in the short term, but the USD 5,550 or USD 5,480 levels are likely to act as strong supports in the near term.
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