After struggling to surpass the USD 7,200 resistance, bitcoin price started a downside correction. BTC/USD broke the USD 7,000 support and it is currently struggling to stay above USD 6,850. Any further losses may perhaps push the price towards the key USD 6,550 support zone.
Similarly, there was a corrective decrease in most major altcoins, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is down close to 8% and it tested the USD 168 support level. Besides, XRP/USD declined below the USD 0.185 support and tested the USD 0.178 region.
Total market capitalization
After forming a short term top near USD 7,250, bitcoin price started a downside correction. BTC/USD declined below the USD 7,000 support and even spiked below USD 6,850. It is currently (08:40 UTC) trading in a range, with an immediate resistance near USD 7,000. The main resistance is now forming near the USD 7,200 level.
On the downside, a follow-through move below the USD 6,850 support could lead the price towards the USD 6,650 and USD 6,550 support levels in the coming sessions.
Ethereum price started a fresh decline after it failed to stay above the USD 180 support. ETH/USD is down close to 8% and it tested the USD 168 support. Any further losses may perhaps call for a test of the USD 162 and USD 160 support levels in the near term.
On the upside, an initial resistance is near the USD 175 level. The first major hurdle is near the USD 180 and USD 182 levels, above which the price is likely to retest the USD 190 zone.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is down more than 6% and it broke the USD 230 support. BCH/USD is trading below the USD 220 support and it seems like the bears are aiming more downsides. An initial support is near the USD 212 level, below which the price could even struggle to stay above the USD 205 and USD 200 support levels.
Litecoin declined below the USD 41.20…