Bitcoin Corrected Lower, Altcoins Bleed
Yesterday, we saw a strong upward move above the USD 5,500 resistance level. BTC/USD traded to a new yearly high to USD 5,600 and recently started a downside correction. The price declined more than 2% today and broke the USD 5,500 and USD 5,465 support levels. On the other hand, altcoins like ethereum, bitcoin cash, ripple and EOS are down. ETH is down around 7% and it broke the USD 165 support. XRP is under pressure and it remains at a risk of a break below the USD 0.292 support.
Total market capitalization
After topping near the USD 5,600 level, bitcoin price started a downside correction. It broke the key USD 5,500 support level to enter a short term bearish zone. BTC/USD even broke the USD 5,465 and USD 5,440 support levels, and traded close to the USD 5,400 support area.
It is down around 2% (08:10 UTC) and it seems like the USD 5,400 level may act as a strong support in the near term. If there is a downside break and close below USD 5,400, the price could revisit the USD 5,250 support.
Ethereum price declined after it topped near the USD 175 level. ETH broke the USD 170 and USD 165 support levels to move into a bearish zone.
The price recently tested the USD 160 support and is currently down around 7%. An immediate support is at USD 160 and it could drop towards USD 150 if the bulls fail to defend the USD 160 support. On the upside, the USD 165 and USD 167 levels may now act as resistances.
Bitcoin cash, eos and ripple price
Bitcoin cash price is down close to 10% and it recently broke the USD 285 and USD 280 support levels. BCH/USD tested the USD 270 support and it is consolidating losses. On the downside, the main supports are USD 270 and USD 250. On the upside, the USD 285 level may now prevent upsides.
EOS is also down around 10% and broke the main USD 5.05 and USD 5.00 support levels. It traded close to the USD 4.75 level and it is currently correcting higher towards the USD 4.90 and USD 5.00 resistance levels.
Ripple price nosedived and broke the USD 0.312 and USD 0.300 support levels. XRP/USD even broke the USD 0.295 support and it is now at a risk of a downside break below the USD 0.292 and USD 0.290 support levels in the near term.
Other altcoins market today
The recent corrective decrease in bitcoin increased selling in small cap altcoins and many declined by more than 10%, including WAX, PAI, IOST, DGTX, MONA, AION, ZIL, STRAT, ONT, ORBS, GXC and R. Out of these, WAX is down around 21% and PAI declined nearly 17%.
Overall, bitcoin price corrected lower, but the USD 5,400 support holds the key. If BTC/USD fails to stay above USD 5,400, there are chances of an extended drop in the near term. In the mentioned case, altcoins are likely to remain in a downtrend.