Bitcoin and altcoins technical analysis; they will correct lower

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Bitcoin price started a major downside correction after trading near USD 18,500 and technical analysis suggests more correction. BTC broke the USD 18,000 support level and even spiked below USD 17,750. The price is currently trading around USD 17,500 support and seeing many hurdles near USD 18,000.
Similarly, there was a bearish reaction in most altcoins like ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD is now trading well below USD 485 and USD 480. XRP/USD traded below USD 0.292 and it is at a risk of more drop below USD 0.290.
Bitcoin technical analysis
There was some nasty spikes in bitcoin price below the USD 17,750 and USD 17,600 levels. BTC even broke the USD 17,500 level, but there was no proper follow-through. The price recovered higher, but the bulls couldn’t push the price above the USD 18,000 level. A proper close above USD 18,000 is necessary for a new increase towards USD 18,200 and USD 18,500.
On the downside, the USD 17,600 level is an initial support level. The key support is forming near the USD 17,500 level, below which there is a risk of a larger drop.
Ethereum technical analysis
Ethereum price topped close to USD 495 level and started a downside correction, similar to BTC. ETH traded below the USD 485 support and it is now trading well below USD 480. If there are more downsides below USD 470, the price could revisit the USD 452 support.
On the upside, the USD 480 level is a short-term resistance level. The major resistance is now forming near the USD 485 level.
Bitcoin cash, litecoin and XRP technical analysis
Bitcoin cash price is down 4% and it is trading well below the USD 250 pivot level. An immediate support level is at USD 245, but the first key support is near the USD 240 level. A downside break below USD 240 can call for a test of the USD 232 and USD 230 support levels. On the upside, the USD 255 level is a n important hurdle for the bulls.
Litecoin (LTC) is holding the main USD 70.00 support area. It is currently trading near the USD 73.00 level, with a major resistance at USD 75.00. The breakout barrier is now forming near the USD 76.50 level, above which the bulls might go for a new monthly high.
XRP price dropped heavily below the USD 0.300 support level. The price even broke the USD 0.295 support and it is now trading below USD 0.292. If the bears push the price below the USD 0.290 support, there may be a 5%-8% drop. The next key support is near the USD 0.278 level, where the bulls might take a strong stand.
Other altcoins market today
In the past few hours, a few altcoins soared over 5%, such as OKB, BTG, YFI, HT, DCR, ETC, and HEDG. Conversely, AMPL, ANT, RUNE, UNI, STX, EWT, ABBC, and OCEAN are down more than 5%.
To sum up, bitcoin price is consolidating below the USD 18,000 resistance level. BTC must stay above the USD 17,500 support level to avoid a larger fall. On the upside, the bulls might struggle near USD 18,000 and USD 18,200.

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