Bitcoin price started a downside correction below the USD 46,000 support level. BTC even failed to stay above USD 45,000. It is currently (05:00 UTC) down around 4% and it might continue to move lower towards the USD 43,200 support zone.
Similarly, ethereum struggled to stay above USD 1,800 and corrected towards USD 1,700. Besides, a few major altcoins are still showing signs of more upsides. XRP/USD is up 5% and it is trading above the USD 0.500 resistance.
Total market capitalization
After a close below USD 46,000, bitcoin price extended its decline below the USD 45,000 support level. BTC even spiked below USD 44,000 and tested USD 43,750. It is now consolidating above USD 44,400 and it might attempt a fresh increase. To move into a positive zone, the price must settle above USD 46,000.
If not, there is a risk of more downsides below the USD 44,000 level. The next key support is near USD 43,200, below which the price could revisit the USD 42,000 level.
Ethereum price failed to stay above USD 1,800 after it traded to a new all-time high at USD 1,840. There was a drop below the USD 1,750 support and ETH even spiked below USD 1,700. It is consolidating above USD 1,700, below which there could be a move towards the USD 1,650 support.
On the upside, an initial resistance is near the USD 1,750 level. A close above the USD 1,750 might start a fresh move towards the USD 1,800 and USD 1,830 levels.
ADA, litecoin and XRP price
Cardano (ADA) is up over 15% and it is now trading well above the USD 0.850 resistance. It traded close to the USD 0.950 level and it is now consolidating gains. It seems like the bulls are aiming for a test of the key USD 1.00 level in the coming sessions. A close above USD 1.00 might open the doors for more upsides (20%-30%).
Litecoin (LTC) is correcting gains from the USD 195 high. LTC failed to test USD 200, but it remains well supported above the USD 175 and USD 172 levels. If there is a fresh increase, the USD 185 level is an immediate resistance. The next major resistance sits near the USD 195 level, followed by USD 200.
XRP price was able to surpass the USD 0.500 resistance and it is now showing a few positive signs. An immediate resistance is near the USD 0.520 level. A close above the USD 0.520 might open the doors for a larger increase. The next major stop for the bulls could be USD 0.550.
Other altcoins market today
A few altcoins gained over 15%, including QTUM, ICX, SNT, CELO, AVAX, GRT, MIOTA, KNC, MATIC, ONT, and XEM. Out of these, ICX surged over 50% and it cleared the USD 1.40 level.
Overall, bitcoin price is correcting gains and it might continue dropping towards USD 42,000. The overall trend is still positive and a close above USD 46,000 could start a fresh increase.
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Originally Posted on: https://cryptonews.com/news/bitcoin-and-ethereum-correct-lower-altcoins-edge-higher-9192.htm
By: Aayush Jindal