Bitcoin price began a downward correction from well above USD 38,000. BTC corrected below USD 37,800 and USD 37,500. It is currently consolidating (13:00 UTC) near USD 37,500 with a positive angle.
Also, most of the major altcoins are slowly gaining momentum. ETH / USD corrected sharply but remained well above the USD 1,600 level. XRP / USD is rising and an upside move above USD 0.400 could be attempted soon.
Total market capitalization
Bitcoin price began a downward correction after trading near USD 38,400. BTC traded below the USD 37,800 level and even broke the USD 37,500 support. The drops have been limited, however, and the price is now back above USD 37,500. On the upside, the USD 38,000 level is an initial resistance. A closing price above $ 38,000 could open the doors to a bigger move higher.
On the downside, the $ 37,500 level is decent support. Further losses could push the price towards the USD 37,000 and USD 36,800 support levels.
Ethereum price fell around $ 100 from its recent all-time high. ETH even got below $ 1,600, but the bulls were active. It’s back above USD 1,620 and showing positive signs. It seems like the price is slowly rising towards USD 1,680.
On the downside, the $ 1,600 level is a major support. If there is a downside pause, the price could fall towards the $ 1,500 support.
Bitcoin Cash, Litecoin and XRP Price
Bitcoin cash price failed to resolve USD 450 resistance and corrected lower. BCH fell below USD 430 but holds USD 425 support. As long as there is no break below USD 425, the price could rebound above the USD 440 level. The main hurdle to the upside remains at USD 450. If there is a break below USD 425, the price could fall towards USD 405.
Litecoin (LTC) didn’t stay above the USD 150 support level and tested USD 148. The next immediate support is at $ 145. The main support is near the USD 142 and USD 140 levels. On a positive note, if the price breaks significantly above USD 155, the price could gain momentum in a bullish manner.
XRP price is up over 3% and is testing the $ 0.392 resistance. Price could try to clear the USD 0.400 resistance soon. If there is a clear closing price above USD 0.400, the price could rise towards USD 0.420 and USD 0.432. On the downside, the $ 0.380 level is a short-term support followed by the $ 0.372 level.
Other altcoin market today
Many altcoins rose over 8%, including UMA, DOGE, CHSB, AAVE, NEXO, COMP, DCR, ALPHA, DOT, SOL, SUSHI, and ZRX. Of these, UMA is still in a strong uptrend and even surpassed USD 40.00.
In summary, Bitcoin price corrected gains but is still above USD 37,200. The current trend suggests that BTC might try again to clear the USD 38,000 resistance zone.
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