After tagging the USD 8,350 level, bitcoin price started a downside correction. BTC/USD broke the key USD 7,680 support level and declined heavily. The price is down around 10% and it recently tested the USD 7,000 support area. Similarly, there were sharp downsides in most altcoins such as ethereum, ripple, bitcoin cash, stellar, litecoin, BNB and ADA. ETH/USD is down around 8% (08:10 UTC) and it broke the USD 265 and USD 250 support levels. Ripple price fell and is down nearly 15% to USD 0.378.
Total market capitalization
After strong gains, bitcoin price struggled to break the USD 8,300 and USD 8,350 resistance levels. As a result, BTC/USD started a much needed downside correction and traded below the USD 8,000 and USD 7,800 support levels. More importantly, there was a break below the key USD 7,680 support level, sparking a strong drop towards the USD 7,000 support.
The price is currently recovering and is trading above the USD 7,200 level. An immediate resistance is at USD 7,350, above which the price could test USD 7,500. The main hurdles are USD 7,680 and USD 7,800. On the downside, the key supports are USD 7,100, USD 7,000 and USD 6,840.
Ethereum price followed a similar pattern and declined below the key USD 265 and USD 250 support levels. ETH/USD tested the USD 235 level and it is currently consolidating near the USD 240 level.
If it continues to move down below USD 235, the next key supports are near USD 228 and USD 220. The main support for the current uptrend is near the USD 208 level.
Bitcoin cash, eos and ripple price
Bitcoin cash price trimmed most its gains and traded below the USD 420 and USD 400 support levels. BCH/USD even broke the USD 385 support level and it is currently down more than 12%. The next key support is at USD 365, below which the price might test the USD 350 support area.
EOS corrected lower below the USD 6.450 and USD 6.150 support levels. The price even traded below the USD 6.000 support and it seems like the price could test the main support at USD 5.800 in the near term.
Ripple price nosedived below the USD 0.425 and 0.405 support levels. XRP/USD broke the USD 0.385 support and it is currently down more than 14%. The next support is at USD 0.365, below which the price may test the USD 0.350 support area.
Other altcoins market today
In the past three sessions, many small cap altcoins started a downward move and dived more than 15%, including IOST, GXC, DENT, RDD, XLM, GNT, ZIL, ARDR, WTC, FCT and KMD. Out of these, IOTS is down around 18% and GXC declined nearly 17%.
Overall, bitcoin price started a significant downside correction below the USD 8,000, USD 7,680 and USD 7,400 support levels. On the downside, the main support is at USD 7,000, below which there are chances of an extended decline to USD 6,500 in the coming sessions.