Bitcoin failed to maintain gains above the USD 11,500 level and started a downside correction. Altcoins also followed the same pattern and declined. Cryptocurrencies such as Ethereum, bitcoin cash, litecoin and ripple traded lower and trimmed most of their weekly gains. At the moment, the current price action seems to be part of a correction. However, it must not extend further, otherwise, there lies a risk of additional losses.
Bitcoin started a fresh downside move from the USD 11,786 high and moved below the USD 11,200 and 11,000 support levels. It opened the doors for more losses and BTC/USD traded towards the USD 10,800.
At the moment, the pair is down 2.4% to USD 10,985 and is showing a few bearish signs. However, there are many support levels on the downside such as USD 10,600 and 10,200. As long as the pair stays above the USD 10,200, it could bounce back.
On the upside, an initial resistance is near USD 11,200. Above the mentioned level, the price could make an attempt to reclaim the USD 11,500 level.
Ethereum finally made the next move and declined. The ETH/USD pair was not move above the USD 950 resistance, which resulted in a downside move.
The pair traded below the USD 900 support and is currently down 5.4% to USD 883. Going forward, it must move back above USD 900 to avoid further declines.
Bitcoin Cash and Ripple
Bitcoin cash was one of the worst performers as it declined around 8% to USD 1,360. BCH/USD faced a lot of selling pressure and broke the USD 1,400 support, which may now act as a resistance if the price corrects higher.
Ripple declined around 7.5% and traded below the USD 1.00 level before recovering a few points. It is currently moving near the USD 1.00 level and is struggling to gain upside momentum.
Other Altcoins Market Today
Today’s best performer was DigixDAO as it jumped around 15.8% to USD 320. It was a technical upside break, but due to pressure on altcoins, DigixDAO may not gain further.
Overall, it seems like the market is in a correction phase from the recent highs. Having said that, there are also bearish signs emerging on the charts, which could push the price further lower in the near term.