After a decent upward move, bitcoin price faced sellers near the USD 19,450 and USD 19,500 levels. BTC started a downside correction and traded below the USD 19,200 support. The price is currently (13:00 UTC) above USD 19,000, but there is a risk of more losses.
Similarly, most major altcoins are trimming gains and approaching key supports, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD traded below USD 580 and it could continue to move down towards USD 570. Also, XRP/USD is down 5% and it is now trading below the USD 0.500 support.
Total market capitalization
In the past two sessions, bitcoin price traded in a range well below the USD 19,450 and USD 19,500 levels. BTC is trading just above USD 19,000 support, below which it could decline towards USD 18,800. Any more losses may possibly start another bearish wave and the price might revisit USD 18,500 or even USD 18,200.
On the upside, the price is facing hurdles, starting with USD 19,200. The main breakout resistance is near the USD 19,450 and USD 19,500 levels.
Ethereum price is also correcting lower from the USD 595 resistance zone. ETH is down 2% and it is trading below the USD 580 support. The next key support is near the USD 570 level, followed by the USD 565 pivot level.
On the upside, the USD 585 level may once again act as a resistance. The main resistance for the bulls is still near the USD 595 and USD 600 levels.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is down 3% and it broke the USD 270 support zone. BCH might continue lower even below the USD 265 support. The next major support is near the USD 260 level. Conversely, the price must clear the USD 270 and USD 272 levels to move higher towards the USD 280 resistance zone.
Litecoin (LTC) is also down 2% and it failed to stay above the USD 80.00 support level. An initial support is near the USD 78.80 level. If there is a downside break below USD 78.80, the price might retest USD 76.50. The next major support is near the USD 75.00 level.
XRP price declined 5% and it traded below the key USD 0.500 support level. The price is trading near USD 0.495 and it could continue to move down towards the USD 0.488 and USD 0.485 levels. On the upside, the previous support at USD 0.500 may possibly act as a resistance.
Other altcoins market today
In the past few hours, a few altcoins are showing bearish signs, including NEXO, REN, ZIL, VET, ANT, OCEAN, XVG, DASH, and DGB. Out of these, NEXO is down almost 5% and it is approaching the USD 0.510 support.
To sum up, bitcoin price is again showing bearish signs below USD 19,200 and USD 19,400. If BTC clears the USD 19,000 and USD 18,800 support levels, there is a risk of a fresh bearish wave in the coming sessions.