Bitcoin Consolidating Gains While Altcoins Continue Higher
After a strong rally, bitcoin price started a downside correction below USD 8,200. BTC/USD declined below USD 8,000 and it is currently consolidating gains. On the downside, there are many supports near USD 7,860, USD 7,750 and USD 7,680. Conversely, there were further gains in ethereum and ripple. ETH/USD climbed above the USD 220 and USD 225 levels. XRP/USD extended gains and surged above USD 0.420 and USD 0.430. The current (08:10 UTC) market sentiment is positive and it seems like there could be range moves in bitcoin, whereas altcoins are likely to continue higher.
Total market capitalization
Recently, bitcoin price surged above the USD 8,200 and USD 8,300 levels. BTC/USD tested the USD 8,350 level and corrected lower in the past three sessions. It broke the USD 8,000 and USD 7,860 support levels. However, the USD 7,680 and USD 7,660 levels acted as supports and the price bounced back towards USD 8,000.
At the outset, the price is currently consolidating gains near USD 7,950 and it could soon climb back above USD 8,000 and USD 8,050. The next key resistances are near USD 8,140 and USD 8,220.
Ethereum price remained elevated and climbed further above the USD 212 resistance. ETH/USD traded above the USD 220 and USD 225 levels. It traded close to the USD 230 level and it is currently consolidating gains.
On the downside, an initial support is near the USD 225 level, below which it could retest the USD 220 support. On the upside, the price is likely to surpass the USD 230 level to trade further higher towards USD 238 or USD 240.
Bitcoin cash, eos and ripple price
Bitcoin cash price started a major downside correction after it tested the USD 400 barrier. BCH/USD is down more than 5% and it recently broke the USD 385 support area. The next key support is at USD 375, below which the price could extend the decline towards the USD 362 level. On the upside, the recent supports at USD 385 and USD 388 might prevent upsides.
EOS traded higher and settled above USD 6.00. The price is currently consolidating above USD 6.00, with an immediate resistance at USD 6.10. The next major hurdle is at USD 6.20 and USD 6.22. On the downside, the main support remains USD 6.00.
Ripple price remained in a strong uptrend and extended gains by more than 10%. XRP/USD surpassed the USD 0.400 and USD 0.420 resistance levels. It traded close to the USD 0.442 level and it is currently correcting gains towards USD 0.418 and USD 0.405.
Other altcoins market today
In the past three sessions, many small cap altcoins extended gains by more than 10%, including PAI, XTZ, LINK, RVN, THETA, NEO, XVG, XEM and ELF. Out of these, PAI is up around 22% and XTZ gained nearly 21%.
To sum up, it seems like bitcoin price is consolidating recent gains, but it is likely to start a fresh increase above USD 8,100 and USD 8,220. On the downside, the main supports and buy zones could be near USD 7,860, USD 7,750 and USD 7,680.
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