Bitcoin price continued to climb above the USD 19,200 level before the bears appeared near the USD 19,450 level. BTC started a downward correction and traded below USD 19,000. The price is currently trading (05:00 UTC) near the USD 18,800 support below which it could extend its decline.
Similarly, there has been a downward correction on most major altcoins, including Ethereum, XRP, Litecoin, EOS, XLM, LINK, BNB, TRX, Bitcoin Cash, and ADA. ETH / USD traded below USD 600 and USD 592 support levels. XRP / USD corrected sharply from well above USD 0.750 but is now holding the USD 0.600 support zone.
Total market capitalization
Bitcoin price rose neatly above USD 19,000 and USD 19,200. However, BTC was unable to climb any further above USD 19,450 and USD 19,500. There was a small drop and the price fell below the USD 19,000 zone. The price now holds the USD 18,800 support zone (previous resistance now support).
If there are more losses below the USD 18,800, the price may even drop below the USD 18,550 level. On the upside, the bulls could face sellers near USD 19,200 and USD 19,450.
The price of Ethereum started steadily from the high of USD 621. ETH lost 5% and is now trading below the USD 600 level. The bulls are protecting the USD 580 support below which the likelihood of a sharp decline towards the levels of $ 565 and $ 560.
If it rises again, the USD 598 and USD 600 levels could act as immediate hurdles. A clear break above USD 600 is a must to start a new uptrend towards USD 620.
Bitcoin Cash, Litecoin and XRP Price
Bitcoin cash price reduced more than 25% of profits from the USD 375 high. BCH has been trading below the USD 350 support and is trading just above the USD 330. If there are more losses, the bears could aim to test the USD 308 and USD 300 support levels. Conversely, a recovery wave towards USD 350 could face hurdles.
Litecoin (LTC) is down 5% and is trading below the USD 88.50 pivot level. LTC even traded below $ 86.50 and tested $ 85.00. The next major support is at $ 82.20. On the upside, the $ 88.50 level is a major breakout zone followed by the $ 90.00 barrier.
XRP price started a sharp downward correction after a massive rally towards USD 0.800. The price fell below USD 0.700 and recently began consolidating above USD 0.600. On the upside, the bulls could face resistance near USD 0.655 and USD 0.662.
Other altcoin market today
In the past few hours, many altcoins have gained over 8%, including XVG, ZIL, XLM, ZEN, DGB, KSM, DASH, GNT, CRO, SNT, QNT, DOGE, LUNA and SC. Of these, XVG rose above the $ 0.008 resistance level and could even revisit $ 0.010.
Overall, the Bitcoin price corrects itself below USD 19,000. If BTC stays above USD 18,800, it could see another spike. Conversely, there is a risk of further losses towards the USD 18,500 and USD 18,200 levels.