Bitcoin price started a major downside correction after trading close to USD 18,500. BTC broke the USD 18,000 support level and even spiked below USD 17,750. The price is currently (05:00 UTC) holding the USD 17,500 support and facing many hurdles near USD 18,000.
Similarly, there was a bearish reaction in most 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 traded below USD 0.292 and it is at a risk of more losses below USD 0.290.
Total market capitalization
There was 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-through. The price recovered higher, but the bulls failed to push the price above the USD 18,000 level. A proper close above USD 18,000 is a must for a fresh increase towards USD 18,200 and USD 18,500.
On the downside, the USD 17,600 level is an initial support. The key support is forming near the USD 17,500 level, below which there is a risk of a larger decline.
Ethereum price topped near the USD 495 level and started a downside correction, similar to bitcoin. ETH traded below the USD 485 support and it is now trading well below USD 480. If there are more downsides below USD 470, 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 is down 4% and it is trading well below the USD 250 pivot level. An immediate support is at USD 245, but the first important support is near the USD 240 level. A downside break below USD 240 might call for a test of the USD 232 and USD 230 support levels. On the upside, the USD 255 level is a major hurdle for the bulls.
Litecoin (LTC) is holding the main USD 70.00 support area. It is trading near the USD 73.00 level, with a key resistance at USD 75.00. The breakout barrier is now forming near the USD 76.50 level, above which the bulls might aim for a new monthly high.
XRP price declined heavily below the USD 0.300 support level. The price even broke the USD 0.295 support and it is trading below USD 0.292. If the bears push the price below the USD 0.290 support, there could be a 5%-8% decline. The next major support is near the USD 0.278 level, where the bulls might take a strong stand.
Other altcoins market today
In the past few hours, a few altcoins climbed over 5%, including OKB, BTG, YFI, HT, DCR, ETC, and HEDG. Conversely, AMPL, ANT, RUNE, UNI, STX, EWT, ABBC, and OCEAN are down more than 5%.
Overall, bitcoin price is consolidating below the USD 18,000 resistance level. BTC must stay above the USD 17,500 support level to avoid a larger decline. On the upside, the bulls might struggle near USD 18,000 and USD 18,200.