Bitcoin and Altcoins Recovery Could Be Short-Lived

Yesterday we saw a strong bearish wave below the USD 9,550 support zone. It opened the doors for more losses and the BTC price traded under the USD 9,200 support. The price tested the USD 8,800 support and is currently correcting (08:30 UTC) above USD 9,000.
Likewise, most major altcoins plummeted under many supports, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA and XLM. ETH / USD tested the key USD 192 support zone and is currently correcting higher above USD 198. XRP is also correcting higher, but may struggle near the USD 0.200 and USD 0.202 levels.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After a successful pause under the main USD 9,550 support, bitcoin price extended the drop below USD 9,200 support. BTC even peaked below USD 9,000 and tested the USD 8,800 support. The price is currently rising and is trading above $ 9,000. Initial upward resistance is near the USD 9,200 and USD 9,250 levels. The main resistance is now near the USD 9,550 level.
On the downside, the USD 9,000 level is a short-term support. Key support is near USD 8,800, below which the price could drop to USD 8,400.

Ethereum price

Ethereum price followed bitcoin and fell sharply below the USD 200 support. ETH / USD even broke the USD 195 support, but found strong support near the USD 192 level. The price is currently recovering and trading above USD 200 .
To go back to a positive zone, the price needs to regain the USD 202 level. The next key resistance may be near the USD 205 and USD 206 levels.

Bitcoin cash, litecoin and XRP price

Bitcoin Cash price dipped below the USD 240 and USD 230 support levels. BCH tested the USD 220 support and is currently rising. The price is testing the USD 230 level and it looks like it could correct further towards the USD 235 and USD 240 level. On the other hand, the main bull support zone remains near the USD 220 level.
Litecoin also fell sharply, breaking support of $ 43.20. LTC tested the USD 42.00 support zone and is currently correcting higher. On the upside, the price may struggle to get back above the USD 44.50 and USD 45.00 resistance levels. Conversely, a break below $ 42.00 could potentially lead the price to $ 40.00.
XRP price did not stay above the USD 195 support zone and even peaked below USD 0.192. It tested the USD 0.190 support zone and recently recovered. The price is now trading above the USD 0.195 level, but is likely to struggle near the USD 0.200 and USD 0.202 resistance levels.

Other altcoins market today

In the past few hours, a few small altcoins rose by more than 10%, including OMG, SOLVE, HC, BCN, ELF, STX, DGB, BHT and ZIL. In contrast, THETA, STEEM, ZRX, LEND and FXC fell by more than 8%.

Overall, bitcoin price is back in a bearish zone below USD 9,550 and USD 9,200. If BTC falls below the key support of USD 8,800, there is a chance of a strong bearish continuation towards USD 8,400 or USD 8,200.
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Bitcoin and Altcoins recovery can be short-lived 102

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