Bitcoin and Altcoins Continue Post-Rally Correction

After trading to a new 2020 high near USD 10,200, bitcoin price started a corrective decrease. BTC/USD traded below the USD 10,000 level and even broke the USD 9,850 support area. The price is now approaching the USD 9,650 and USD 9,550 support levels, where the bulls are likely to emerge.

Similarly, there was a corrective decrease in most major altcoins, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD traded below the USD 222 and USD 220 support levels. XRP/USD traded below USD 0.275 and it seems like it could retest the USD 0.262 support.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After a close below USD 10,000, bitcoin price failed to stay above the key USD 9,850 support area. BTC/USD is now (09:00 UTC) trading near the USD 9,700 area, with an immediate support near the USD 9,650 level. The main support on the downside is near the USD 9,550 level, below which there is a risk of a larger decline.
On the upside, the USD 9,850 level is likely to act as a hurdle for the bulls. To start a fresh increase, the bulls need to gain traction above USD 9,850 and lead the price above the USD 10,000 handle.

Ethereum price

Ethereum price started a steady corrective decrease and broke the USD 222 and USD 220 support levels. ETH/USD is now trading below USD 220 and it seems like the bears are aiming a test of the USD 215 support or the USD 212 pivot level.
On the upside, a clear break above the USD 225 level is needed for a fresh increase. In the mentioned case, the price is likely to climb above the USD 230 swing high.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price started consolidating gains after it was rejected below the USD 460 level. BCH/USD is now trading above the USD 440 level, below which there is a risk of a large correction towards the USD 420 support. On the upside, the USD 455 and USD 460 levels are important hurdles.
Litecoin is correcting lower below the USD 75.00 level. LTC/USD…

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