Bitcoin price began a significant downward correction after trading near USD 18,500. BTC broke the USD 18,000 support level and even rose below USD 17,750. The price is currently (05:00 UTC) at $ 17,500 and faces many hurdles near $ 18,000.
Similarly, there has been a bearish reaction on most of the major altcoins including Ethereum, XRP, Litecoin, EOS, XLM, LINK, BNB, TRX, Bitcoin Cash and ADA. ETH / USD is now trading well below USD 485 and USD 480. XRP / USD is trading below USD 0.292 and there is a risk of further losses below USD 0.290.
Total market capitalization
There have been a couple of nasty spikes in Bitcoin price below the USD 17,750 and USD 17,600 levels. BTC even broke the USD 17,500 level, but there was no proper follow-up. The price rebounded higher but the bulls failed to push the price above the USD 18,000 level. A decent closing price above $ 18,000 is a must for a further rise to $ 18,200 and $ 18,500.
On the downside, the USD 17,600 level is an initial support. The main support is forming near the $ 17,500 level below which there is a risk of a larger decline.
Ethereum price was close to the $ 495 level and began a downward correction, similar to Bitcoin. ETH traded below the USD 485 support and is now trading well below the USD 480 support. If there are further downsides below the USD 470 support, the price could revisit the USD 452 support.
On the upside, the USD 480 level is a short term resistance. The main resistance is now forming near the USD 485 level.
Bitcoin Cash, Litecoin and XRP Price
Bitcoin cash price has fallen 4% and is trading well below the $ 250 pivot level. Immediate support is at USD 245, but the first major support is near the USD 240 level. A downside break below $ 240 could require a test of the $ 232 and $ 230 support levels. On the upside, the USD 255 level is a major hurdle for the bulls.
Litecoin (LTC) holds the main support area at USD 70.00. It is trading near the USD 73.00 level with a major resistance at USD 75.00. The breakout barrier is now forming near the USD 76.50 level above which the bulls could target a new monthly high.
The XRP price fell sharply below the USD 0.300 support level. The price even broke the USD 0.295 support and is trading below USD 0.292. If the bears push the price below the USD 0.290 support, it could see a 5% to 8% decline. The next big support is near the $ 0.278 level where the bulls could take a strong position.
Other altcoin market today
In the past few hours, some altcoins have soared over 5%, including OKB, BTG, YFI, HT, DCR, ETC and HEDG. Conversely, AMPL, ANT, RUNE, UNI, STX, EWT, ABBC and OCEAN have decreased by more than 5%.
Overall, Bitcoin price is consolidating below the resistance level of $ 18,000. BTC needs to stay above the USD 17,500 support level to avoid a major decline. On the upside, the bulls could struggle near USD 18,000 and USD 18,200.