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Bitcoin price initiated a major downward correction after trading near USD 18,500. BTC broke the USD 18,000 support level and even jumped below USD 17,750. The price currently (05:00 UTC) holds the USD 17,500 support and faces many hurdles around USD 18,000.
Likewise, there has been 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 is at risk of further losses below USD 0.290.
Total market capitalization
Bitcoin price
There have been a couple of nasty spikes in the bitcoin price below the USD 17,750 and USD 17,600 levels. BTC even broke the USD 17,500 level, but there wasn’t an adequate follow-up. 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 required for a new rise 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 major decline.
Ethereum price
Ethereum’s price touched the USD 495 level and started a downward correction, similar to bitcoin. ETH traded below the USD 485 support and is now trading well below USD 480. If there are more disadvantages below USD 470, the price may 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
The cash price of bitcoin fell 4% and is trading well below the USD 250 pivot level. Immediate support is at USD 245, but the first major support is near the USD 240 level. A break to the downside below USD 240 may require a test of the USD 232 and USD 230 support levels. On the upside, the USD 255 level is a major obstacle for the bulls.
Litecoin (LTC) holds the main support area of USD 70.00. 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 may aim for a new monthly high.
The XRP price has fallen significantly below the USD 0.300 support level. The price even broke the USD 0.295 support and is trading below USD 0.292. If the bears push the price below the USD 0.290 support, there could be a 5% -8% drop. The next major support is near the USD 0.278 level, where the bulls could take a strong stance.
More altcoin markets today
In the past few hours, some altcoins have risen by more than 5%, including OKB, BTG, YFI, HT, DCR, ETC and HEDG. Conversely, AMPL, ANT, RUNE, UNI, STX, EWT, ABBC and OCEAN are down by more than 5%.
Overall, the bitcoin price is consolidating below the USD 18,000 resistance level. BTC needs to stay above the USD 17,500 support level to avoid a major drop. On the upside, the bulls may struggle near USD 18,000 and USD 18,200.
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