Bitcoin and Altcoins Could Stage Short Term Recovery
Recently, there was a significant drop in bitcoin price below the USD 12,500 and USD 12,000 support levels. BTC/USD traded close to the USD 11,000 support level and later started consolidating losses. It is currently (06:30 UTC) correcting higher, but it might face hurdles near USD 11,650 and USD 11,850. Similarly, there were significant losses in major altcoins, including ethereum, bitcoin cash, ripple, EOS, litecoin and stellar. ETH/USD broke the USD 280 support and tested the USD 260 support. XRP/USD declined sharply below USD 0.350 and tested the USD 0.315 support.
Total market capitalization
After a strong decline, bitcoin price found support near the USD 11,000 level. BTC/USD is currently consolidating, with corrective moves above the USD 11,200 level. On the upside, an immediate resistance is near the USD 11,450 and USD 11,600 levels. If there is an extended recovery, the price could test the main USD 11,850 resistance area.
On the downside, an initial support is near the USD 11,120, followed by USD 11,000. If the bulls fail to keep the price above USD 11,000, there could be another drop towards the USD 10,200 or USD 10,000 level.
Ethereum price declined below USD 300 and USD 280. ETH/USD tested the key USD 260 support area and recently started an upside correction. There was a break above the USD 270 level, but the price is facing many hurdles near the USD 275 and USD 280 levels.
On the downside, the USD 260 support holds the key. If there are more losses, the price could test the USD 250 level.
Bitcoin cash, eos and ripple price
Bitcoin cash price fell significantly below the USD 360 and USD 350 support levels. BCH/USD tested the USD 315 level and recently recovered above USD 340. However, the price is likely to face a strong resistance near the USD 360 and USD 375 levels in the near term. The main supports are near USD 325 and USD 315.
EOS broke the USD 5.000 support area and even spiked below USD 4.500. It tested the USD 4.400 level and recently corrected above USD 4.700. On the upside, the price may perhaps struggle to surpass the USD 4.850 and USD 4.900 resistance levels in the near term.
Ripple price tumbled below the USD 0.350 and USD 0.342 support levels. XRP/USD even broke USD 0.320 and tested USD 0.315. It is currently consolidating gains near USD 0.325 and it might decline further below USD 0.320.
Other altcoins market today
In the past two sessions, a few small cap altcoins recovered and corrected more than 5%, including JCT, WTC, BZNT, BTG, ABBC, CCCX and KMD. Out of these, JCT gained more than 25% and WTC is up nearly 16%.
To sum up, bitcoin price tested a major support zone near USD 11,000 and it is currently correcting higher. However, upsides are likely to remain capped near USD 11,650 or USD 11,850 and BTC/USD is likely to resume its slide in the near term.