Bitcoin and Altcoins Start Strong Downside Correction
Yesterday, there was a sharp rise in bitcoin price above the USD 13,000 resistance levels. BTC/USD traded to a new yearly high towards USD 13,800. However, an outage of Coinbase’s website and API triggered a nasty decline below the USD 13,000 support level. The price even broke the USD 12,000 support and it is currently (09:10 UTC) trading below this level. ETH/USD traded close to USD 365 before it fell below the USD 350 and USD 340 support levels and is now trading at c. USD 314. Ripple price was under pressure and it recently broke the USD 0.462 and USD 0.450 support levels.
Total market capitalization
After a significant upward move, bitcoin price topped near the USD 13,800 level. Finally, there was a downside correction in BTC/USD below the USD 13,500, USD 13,000 and USD 12,000 levels. If there are more losses, the price might struggle to hold the main USD 12,000 support area.
Ethereum price rallied sharply above the USD 342 and USD 350 resistance levels. ETH/USD topped near the USD 365 level and followed bitcoin’s slide. It declined more than USD 30 and broke the USD 340 support level.
If the bulls fail to keep the price above the USD 325 support, there is a risk of an extended downside correction towards the USD 310 level.
Bitcoin cash, eos and ripple price
Bitcoin cash price failed to stay above the USD 500 and USD 505 levels. BCH/USD declined sharply below USD 485 and it is currently down around 9%.
EOS is struggling a lot below the USD 7.000 support and it recently declined around 12%. The price is trading below the USD 6.600 support and it seems like there could be more losses towards the USD 6.200 or USD 6.100 support area.
Ripple price mostly traded with a bearish bias below the USD 0.480 level. XRP/USD is down around 9% and it recently broke the USD 0.462 and USD 0.450 support levels. It traded close the USD 0.415 level and it is currently trading near USD 0.427, with a bearish angle.
Other altcoins market today
In the past three sessions, many small cap altcoins retreated and declined more than 10%, including NRG, HC, LAMB, ELF, IOST, EKT, ATOM, ETC, NEX, BSV, BTG, ZIL, GRIN, CRO and PAI. Out of these, NRG is down around 26% and HC declined 22 %.
To sum up, bitcoin price started a much needed downside correction, however, BTC/USD is likely to find a strong buying interest near the USD 12,000 support area.
Read more: Parabolic Bitcoin Rally Prompts Warnings