Bitcoin Dips Remain Attractive To Buyers
Bitcoin failed to break the USD 7,130 – USD 7,150 resistance zone and later started a downside correction. BTC/USD traded below the USD 7,000 level, but it remains well bid near the USD 6,900 and USD 6,800 supports. Similarly, major altcoins like ethereum, ripple and bitcoin cash retreated from weekly highs and are consolidating above important support levels. Going forward, there could be ranging moves in bitcoin and altcoins before buyers take control again.
Total market capitalization:
Bitcoin price corrected lower and declined around 1.5% to USD 6,950. BTC/USD may decline further towards the next support at USD 6,900, below which the most important support is USD 6,800 (the previous resistance and a pivot zone).
Therefore, dips from the current levels towards the USD 6,800 support are likely to find a strong buying interest. On the upside, the price is facing resistance near the USD 7,050 level. Above this, the price could make another attempt to surpass the USD 7,130 – USD 7,150 resistance.
Ethereum price struggled a lot during the past two sessions and is currently (UTC 08:30 AM) down around 3%. ETH/USD is slowly declining toward the USD 280 support, which is a crucial zone for both sellers and buyers.
If the price fails to hold the USD 280 support, it might extend losses towards the USD 275 and USD 270 levels. On the upside, resistances are aligned near USD 288, USD 290 and USD 298.
Bitcoin cash and ripple
Bitcoin cash price remained stable above the USD 540 support and is currently trading in a range. BCH/USD must break the USD 570 resistance for a fresh upward move towards USD 600. On the other hand, a close below USD 540 may perhaps push the price back in a bearish zone.
Ripple price trimmed most of its gains and is currently down more than 3.5% to USD 0.331. The immediate support is USD 0.330, below which the price is likely to test the USD 0.320 support.
Other altcoins market today
Most small cap altcoins corrected lower during the past two sessions, including nano, IOTA, ONT, LINK, IOST, NPXS, BCN, WAN and ELF. However, two altcoins, NOAH and DOGE gained traction recently and climbed around 41% and 20% respectively.
Overall, it seems like bitcoin has started a short-term correction, but as long as BTC/USD is above the USD 6,800 support, it might to bounce back. Ethereum, on the other hand remains at a risk of a downside break below the USD 280 support.
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