Bitcoin and Altcoins In Corrective Increase But Downtrend Intact

In the past few sessions, there was a downside extension in bitcoin price below the USD 8,250 and USD 8,050 support levels. BTC/USD even tested the USD 8,000 handle and it is currently (09:00 UTC) correcting higher. However, there are many resistances on the upside near USD 8,250 and USD 8,320.
Similarly, most major altcoins are currently correcting higher, including ethereum, XRP, bitcoin cash, litecoin, EOS, BSV, ADA and XLM. ETH/USD is trading above the USD 175 level and it could test the USD 178 and USD 180 resistance levels. XRP/USD is gaining momentum and it is now trading above the USD 0.250 level.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After a downside break below the USD 8,250 support, bitcoin price tagged the USD 8,000 area. BTC/USD traded to a new monthly low and it is currently correcting higher from the USD 8,000 support. It surpassed the USD 8,120 level, but there are many resistances on the upside, starting with USD 8,250 and up to USD 8,320.
On the downside, the USD 8,050 and USD 8,000 levels are decent supports. If there is a break below USD 8,000, the price could continue to move down towards the USD 7,850 support area.

Ethereum price

Ethereum price traded below the USD 175 level and tested the USD 172 level. ETH/USD is currently correcting higher and it is back above USD 175. However, there are two key resistances near USD 178 and USD 180, above which the price could continue to rise towards USD 188.
On the downside, the USD 172 and USD 170 levels are decent support. Any further losses may set the pace for more losses towards the USD 164 level.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price is struggling to recover and it is now trading well below the USD 250 level. BCH/USD tested the USD 235 level and it is currently down more than 1.5%. If there are more downsides, the price could revisit the USD 210 level. On the upside, the USD 250 and USD 255 levels are seen as hurdles.
Litecoin settled…

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