Bitcoin and Altcoins Could Correct In Short Term
This past week, we saw an extended decline in bitcoin price below the USD 3,500 and USD 3,400 support levels. BTC/USD tested the USD 3,200 – USD 3,220 support area and later recovered. The price traded above USD 3,400, but there are many resistances near USD 3,600 and USD 3,640. Ethereum price settled below the USD 100 support area. ETH/USD traded towards the USD 80 level and later started forming a support base near USD 85. Ripple price failed to surpass the USD 0.355 resistance and it recently tested the USD 0.300 support. The overall price structure is currently neutral above recent lows, with chances of a short term upside correction in bitcoin and altcoins.
Total market capitalization
There was a decent upward move above the USD 3,400 resistance in bitcoin price . BTC/USD is currently up around 2% and it is trading near the USD 3,500 level. On the upside, an initial support is at USD 3,540, above which the price may test the USD 3,600 level. The main weekly resistance is near USD 3,640, above which there are chances of a decent rebound toward USD 4,000 and USD 4,200.
On the flip side, the USD 3,450 is a short term support. If buyers fail to surpass the USD 3,540 resistance, there could be a fresh drop below the USD 3,450 and USD 3,400 supports. The key weekly support is at USD 3,200, below which the price may even decline below USD 3,000 or USD 2,800.
Ethereum price declined heavily this past week and settled below the USD 100 level. ETH/USD traded close to the USD 80 level and later it corrected higher.
On the upside, the price is facing a couple of important hurdles near USD 95 and USD 100. A daily close above the USD 100 level could really boost the market sentiment in favor of buyers. If there is no break and close above USD 100, the price may decline towards USD 80 or USD 75.
Bitcoin cash and ripple price
Bitcoin cash is back above the USD 100 support. BCH/USD must break the USD 110 and USD 120 resistance levels to start a decent rebound in the near term. On the other hand, BCHSV declined below USD 100 and it is currently trading above the USD 98 support below which the price may slide towards USD 92.
Ripple price climbed back above USD 0.300 and it is currently consolidating losses. XRP/USD is facing resistance near the USD 0.310 and USD 0.315 levels, and supports on the downside are USD 0.300 and USD 0.292.
Other altcoins market today
A few small cap altcoins gained bullish momentum recently and jumped more than 8%, including DEX, CENNZ, ELF, XIN, MAID, ETP and EOS. Out of these, DEX rallied more than 50% and CENNZ is up close to 20%.
Overall, bitcoin price is currently consolidating above USD 3,400. To start a substantial recovery, BTC/USD must break the USD 3,640 resistance. If not, there is a risk of a fresh bearish wave in bitcoin and altcoins like ethereum, ripple, litecoin, eos, neo and tron in the near term.