Bitcoin Holds Ground, Altcoins Correct Lower
Bitcoin price started a downside correction below the USD 16,200 and USD 16,050 support levels. BTC even broke the USD 16,000 level before it found support near USD 15,800. The price is currently (04:30 UTC) trading above USD 16,000, but it must climb above USD 16,200 to start a fresh increase.
Conversely, there was a substantial decline in most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD is down 2% and it broke the USD 460 and USD 455 support levels. XRP/USD performed well in the past 2-3 days, but there was a sharp correction from the USD 0.278 resistance.
Total market capitalization
In the past 2-3 sessions, bitcoin price saw bearish moves below the USD 16,200 support. BTC even broke the USD 16,000 level, but the bulls were able to defend more losses below USD 15,800. The price is now recovering and trading above USD 16,000. To continue higher, the price must clear the USD 16,200 resistance zone. The main weekly resistance sits at USD 16,500.
If there is no clear break above the USD 16,200 resistance, there is a risk of another decline below USD 16,000. In this case, there is a risk of a drop towards the USD 15,500 level.
Ethereum price started a major decline below the USD 460 support level. ETH even broke USD 450 before the bulls appeared near USD 440. The price is correcting losses and trading above USD 450. However, it must clear USD 455 and USD 460 to move back into a positive zone.
On the downside, the USD 445 and USD 440 levels are important supports. A close below the USD 440 support may perhaps start a sharp decline in the coming days.
Bitcoin cash, chainlink and XRP price
After a hard fork, Bitcoin cash price is down 3% and it settled below the USD 250 support level. BCH is holding the USD 245 level, but there is a risk of more losses towards USD 240. The next major support is seen near the USD 232 level. On the upside, the bulls need to gain strength above USD 255 for a sustained upward move.
Chainlink (LINK) failed to stay above the USD 13.00 support and it started a major decline. There was a break below the USD 12.50 support level and the price tested the USD 12.00 zone. If there are more losses, the price could revisit the USD 11.50 support zone. On the upside, the USD 12.80 and USD 13.00 levels are major hurdles.
XRP price rallied sharply after it broke the USD 0.255 and USD 0.260 resistance levels. The price even spiked above USD 0.272 before the bears took a stand near USD 0.278. There was a downside correction below USD 0.270, but the price is still trading above the USD 0.262 and USD 0.260 support levels.
Other altcoins market today
In the past few hours, a few altcoins gained over 5%, including SUSHI, RDD, SOL, RUNE, WAVES, HEDG, NXM, LTC, CRV, and SNX. Conversely, ABBC, TMTG, AMPL, UNI, CELO, and ZRX are down over 5%.
Overall, bitcoin price is holding gains above the USD 16,000 and USD 15,800 support levels. Having said that, there are chances of more losses unless BTC surges above USD 16,000 and USD 16,350.
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