Bitcoin price struggled to climb further above USD 39,200 and a downward correction began. BTC has passed the USD 38,500 support level and is currently (13:00 UTC) trading below USD 38,000. It appears the bears are aiming for a test of the $ 36,500 support zone.
Similarly, most major altcoins correct lower. ETH / USD is trading below USD 1,220 and could continue falling towards USD 1,165 or USD 1,150. XRP / USD is slowly moving down and could even revisit the USD 0.265 support.
Total market capitalization
Bitcoin price began to consolidate gains after rising above USD 40,000. BTC failed to stay above the USD 38,500 support level and is now correcting gains. The next major support is near USD 36,500 and USD 36,400. Further losses could move the price towards the USD 35,500 support.
On the upside, the USD 38,000 level is a short term resistance. The key resistance is at $ 38,500, above which the price could rise to $ 39,200.
Ethereum price is also correcting lower and trading below the USD 1,220 support. ETH is also struggling to stay above $ 1,200. A close below the USD 1,200 level could potentially push the price further towards the USD 1,165 and USD 1,150 support levels (the most recent breakout zone).
On the upside, the USD 1,220 level is a minor hurdle. The main breakout zone is forming near the $ 1,250 level above which the price could rise towards the $ 1,320 level in the short term.
Bitcoin cash, Litecoin and XRP price
Bitcoin cash price did not stay above the USD 505 and USD 500 support levels. BCH could fall towards the USD 485 support. Further losses could encourage the bears to test the USD 450 support level. On the upside, the price could struggle to move back above USD 510 in the short term.
Litecoin (LTC) is now trading below the USD 150 pivot level. Immediate support is at USD 145. Main support is at USD 142, below which the price could trigger a new drop towards the USD 132 support zone. Conversely, a close above $ 150 could trigger a decent move up towards the $ 158 and $ 165 levels.
The XRP price is slowly gaining bearish momentum and is now trading well below the USD 0.300 level. Initial support is at USD 0.280, below which it could drift towards the USD 0.265 support. Support for key breakdowns is still near the $ 0.255 level.
Other altcoin market today
Many altcoins rose over 10%, including HEDG, VGX, IOST, CRV, BTCB, ATOM, DOT, NEXO, LINK, and ABBC. Of these, IOST started a sharp surge after breaking the USD 0.020 resistance.
In summary, the Bitcoin price corrects gains of USD 40,000. The previous breakout zone near $ 36,500 could provide strong support. As long as BTC is above $ 36,500, a new surge to the $ 40,000 level could begin.
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