Dips in Bitcoin and Altcoins Remain Attractive

Dips in Bitcoin and Altcoins Remain Attractive
(Source: www.tradingview.com)

This week, we saw solid gains in bitcoin price above USD 8,500. BTC/USD traded towards the USD 8,900 and USD 9,000 resistance levels and recently started a short term downside correction. The price declined below the USD 8,750 support level, but there are many crucial supports on the downside near the USD 8,350 and USD 8,220 levels. Similarly, there was a minor pullback in ethereum price below USD 270, but the price is currently (08:10 UTC) holding the USD 264 - USD 265 support area. On the other hand, ripple price is currently flat and is consolidating above the USD 0.425 support area.

Total market capitalization

Bitcoin price

After the bulls struggled near USD 8,900, bitcoin price started a downside correction below USD 8,800 and USD 8,750. BTC/USD even traded below the USD 8,650 support and it is currently trading near the USD 8,550 level. An immediate support is at USD 8,500, below which the price may test the USD 8,350 support area. On the upside, the previous support near USD 8,650 might act as a resistance. The next key resistances are near USD 8,750 and USD 8,800.

Ethereum price

Ethereum price extended gains and spiked to a new weekly high above the USD 275 level. However, ETH/USD failed to surpass the main USD 280 resistance and recently corrected lower. The pair traded below the USD 274 support and it seems like it could test the USD 264 or USD 262 support. On the upside, the key resistances are near USD 275 and USD 280. If there is an upside break above USD 280, the price could test the USD 295 level.

Bitcoin cash, eos and ripple price

Bitcoin cash price topped near the USD 458 level and recently corrected below the USD 440 and USD 430 support levels. BCH/USD is currently trading near the USD 428 level, with an immediate support at USD 425 and USD 420. If there is a downside break below the USD 420 support, the price might test the USD 400 area. EOS retreated sharply from the USD 8.25 swing high and declined below USD 8.00 and USD 7.80. The price tested the USD 7.60 support area and it is currently trading near USD 7.85. If there is an upside break above the USD 8.00 level, the price is likely to grind higher towards USD 8.20 in the near term. Ripple price also corrected lower after an upward move above the USD 0.450 level. However, downsides were limited and the price is trading flat today near the USD 0.430 level. An immediate support is at USD 0.425, below which the price might test the USD 0.412 support area.

Other altcoins market today

Despite corrective moves in bitcoin and ethereum, a few small cap altcoins gained more than 6%, including NPXS, AOA, ETP, MIOTA, KMD, HOT, ORBS, NEX and TRUE. Out of these, NPXS is up around 22% and AOA climbed nearly 21%.

Overall, bitcoin price is currently correcting gains, but it is likely to hold the USD 8,350 support level. Once the current correction is complete, BTC might climb above USD 8,700. Conversely, a downside break below USD 8,350 could push the price towards USD 8,000. __

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