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The price of bitcoin extended its rise above the USD 19,200 level before the bears appeared near the USD 19,450 level. BTC initiated a downward correction and was trading below USD 19,000. The price is currently (05:00 UTC) trading near the USD 18,800 support, below which it could extend its decline.
Likewise, there has been a downward correction in most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH / USD traded below the USD 600 and USD 592 support levels. XRP / USD took a sharp correction from well over USD 0.750, but is now holding the USD 0.600 support zone.
Total market capitalization
Bitcoin price
There has been a decent rise in the price of bitcoin above the USD 19,000 and USD 19,200 levels. However, BTC failed to continue above USD 19,450 and USD 19,500. There was a slight decline and the price fell below the USD 19,000 zone. The price now holds the USD 18,800 support zone (the previous resistance now supports).
If there are more losses below USD 18,800, the price may even slide below the USD 18,550 level. On the upside, the bulls may face sellers near USD 19,200 and USD 19,450.
Ethereum price
The price of Ethereum has started a steady decline from the high of 621 USD. ETH has weakened by 5% and is now trading below the USD 600 level. The bulls are protecting the USD 580 support, below which there is a possibility of a sharp decline towards the USD 565 and USD 560 levels.
If a new hike occurs, the USD 598 and USD 600 levels could be an immediate hurdle. A clear break above USD 600 is a must to start a new upward move towards USD 620.
Bitcoin cash, litecoin and XRP price
The cash price of bitcoin cut earnings from the high of $ 375 by more than 25%. BCH was trading below the USD 350 support and is trading just above USD 330. If there are more losses, the bears may be aiming for a test of the USD 308 and USD 300 support levels. Conversely, a wave of recovery towards USD 350 could face obstacles.
Litecoin (LTC) is down 5% and is trading below the USD 88.50 pivot level. LTC even traded below USD 86.50 and tested USD 85.00. The next major support is found at USD 82.20. On the upside, the USD 88.50 level is a key breakout zone, followed by the USD 90.00 barrier.
The XRP price started a sharp downward correction after a massive rally towards USD 0.800. The price has fallen below USD 0.700 and recently started consolidating above USD 0.600. On the upside, the bulls may encounter resistance near USD 0.655 and USD 0.662.
More altcoin markets today
In the past few hours, many altcoins have gained over 8%, including XVG, ZIL, XLM, ZEN, DGB, KSM, DASH, GNT, CRO, SNT, QNT, DOGE, LUNA and SC. Of these, XVG rallied above the USD 0.008 resistance level and may even revisit USD 0.010.
Overall, the bitcoin price is correcting below USD 19,000. If BTC stays above USD 18,800, it could start a new rise. Conversely, there is a risk of further losses towards the USD 18,500 and USD 18,200 levels.
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