Bitcoin price corrected lower and settled below USD 4,000.
Ethereum and ripple started a short term downside correction.
DEX and ELA declined more than 12% today.
After a decent upward move above USD 4,000, bitcoin price started a downside correction. BTC/USD declined below USD 4,000 and USD 3,980 supports levels. The price is currently (UTC 08:30 AM) consolidating above USD 3,900 and USD 3,920 support and it could soon resume uptrend. Similarly, ethereum declined below the USD 150 support and it may correct further towards the USD 140 support. Ripple price struggled to hold gains above the USD 0.370 support and later corrected below the USD 0.362 and USD 0.360 supports. The current price action is slightly bearish, but dips in bitcoin and altcoins remain supported.
Total market capitalization
There is no successful close above the USD 4,000 level in bitcoin price . BTC/USD started a downside correction below USD 4,000 and declined below the USD 3,980 support. The price tested the USD 3,925 support and it is currently consolidating losses. To bounce back, the price must break the USD 3,980 and USD 4,000 resistance levels. On the downside, an initial support is at USD 3,925, below which the price may decline further towards the USD 3,900 or USD 3,875 support level.
Ethereum price started a downside correction below the USD 155 support. ETH/USD is down more than 4% and it is currently trading near the USD 146 support. If the price declines further, it could test the USD 142 and USD 140 support levels. On the upside, an initial resistance is at USD 150 (the previous support), above which the price may move back in a positive zone towards USD 160.
Bitcoin cash, eos and ripple price
Bitcoin cash price declined recently below the USD 160 support. BCH/USD is down more than 4% and it may continue to move down towards the USD 152 and USD 150 support levels. On the upside, the main resistance is at USD 160, above which it could test USD 165. EOS declined below the USD 2.75 support recently. It must stay above the USD 2.60 support to start a decent recovery. Resistances are seen at USD 2.75 and USD 2.82. Ripple price failed to stay above the USD 0.370 support and declined below USD 0.365. The next major support is at USD 0.350, which could produce a short term bounce in XRP.
Other altcoins market today
During the past few hours, a few small cap altcoins declined more than 10%, including DEX, ELA, WAVES, WTC and LINK. Out of these, DEX dived more than 16% and ELA is down close to 12%. Meanwhile, Ethereum Classic is down by 7% after it has suffered a serious attack on its network.
Overall, bitcoin price is currently consolidating above the USD 3,900 support. As long as BTC/USD is above USD 3,900 and USD 3,850, it could bounce back and move past USD 4,000. If not, there is a risk of a downside move in bitcoin and altcoins in the coming days.
According to sources who are analysing the current situation regarding the bitcoin price consistently, it appears that the cryptocurrency may be in line for a major breakout.
An analysis from Telegram groups and recent comments on Discord channels have also appeared to confirm this sentiment.
Bitcoin has officially made a higher high on the daily, testing a big resistance at $7,800 (inverted head and shoulders target) and testing the mid-term downtrend line. The top line has now broken and one can expect a big run up in the days ahead. According to sources, if the line is broken more this week at the right time, it will cause a flood of buying followed by a small retracement or correction.
At present, the bitcoin price is trading just above the $7,700 level on Bitfinex, with turnover slightly on the lower side when compared to last week’s levels. What is different from the usual is that all major cryptocurrencies have either registered small drops or are stable, with BTC being the only real gainer alongside bitcoin cash and cardano. Sources said that it is still not the season for alts –- these continue to perform sluggishly although that could change when bitcoin starts its upward ride.
The fact that BTC pushed a higher high is already bullish, and we also closed the daily with a higher low. The RSI keeps peaking into overbought conditions and cooling off, maintaining bull momentum for the upcoming ETF news. The news regarding a new bitcoin ETF would certainly send the market skyrocketing upwards.
It appears that bitcoin is nearing bull confirmation, with high volume coming from buyers. A break of $7,800 can send BTC into a run to $8,250, which is the level needed to break and confirm at least mid-term bull, as it is a swing high of the recent downtrend.
Sentiment remains bullish, with bears struck in fear with every leg up. This is looking great for BTC; however, we are still in a 6-month bear market trend, so it would be good to keep an eye on price movements.
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