Bitcoin Corrects Lower, Altcoins Reverse Gains

  • 28 October 2020, Wednesday, 11:06

After a strong increase, bitcoin price faced sellers near USD 13,850. BTC started a corrective decrease and traded below the USD 13,600 and USD 13,500 support levels. The price is currently (13:00 UTC) trading well below USD 13,500 and it seems like the bears are aiming for a test of USD 13,000.

Most major altcoins faced renewed selling interest after morning’s recovery, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, and ADA. ETH/USD failed to clear the USD 410 resistance and it declined sharply below USD 400. XRP/USD also broke the USD 0.250 support and it could soon test the USD 0.245 support. Conversely, bitcoin cash price remained in a positive zone and it even climbed above the USD 275 resistance.

Total market capitalization

Bitcoin price

After trading to a new monthly high near USD 13,850, bitcoin price started a downside correction. BTC traded below the USD 13,600 and USD 13,500 support levels. It even broke the USD 13,350 support level and it might continue to move down towards the USD 13,200 level. The next key support is near the USD 13,000 level. On the upside, the USD 13,500 level could again act as a hurdle for the bulls. A fresh increase above USD 13,500 might lead the price towards USD 13,800.

Ethereum price

Ethereum price failed to clear the key USD 410 resistance level. As a result, there was a bearish reaction below the USD 400 support level. ETH is down 3% and it even broke the USD 392 level. The main support is still near the USD 385 level. If there is a fresh increase, the bulls might face a heavy resistance near the USD 398 and USD 400 levels. The main resistance is still near the USD 410 level.

Bitcoin cash, chainlink and XRP price

Bitcoin cash price outperformed bitcoin and ether, with a strong move above the USD 270 resistance. BCH even broke the USD 275 level and it could accelerate higher above the USD 280 level. The next major resistance is near USD 288, above which the bulls might test the USD 300 level. Chainlink (LINK) resumed its decline below the USD 12.00 support level. The price even broke the USD 11.80 support and it is struggling to stay above the USD 11.50 support. Any further losses may perhaps lead the price towards the main USD 11.20 support zone in the coming sessions. XRP price failed to test the USD 0.255 resistance level and started a fresh decline. There was a break below the USD 0.250 support level and the price is currently declining towards the USD 0.246 and USD 0.245 levels. Conversely, the bulls might face a major barrier near the USD 0.250 and USD 0.252 levels.

Other altcoins market today

In the past few hours, many altcoins declined over 5%, including ABBC, RSR, QNT, XEM, AMPL, CVT, NEAR, AAVE, NANO, DOT, BAND, KSM, and ADA. Conversely, NEXO is up over 8% and COMP gained nearly 6%.

To sum up, bitcoin price is correcting lower from the USD 13,850 zone. BTC broke the key USD 13,500 support level and it could even test the USD 13,000 support level. __

Find the best price to buy/sell cryptocurrency: