Bitcoin and Ethereum Remain Sell on Rallies
Bitcoin price is currently trading in a bearish zone below USD 6,380 and USD 6,400. Ethereum price seems to be preparing for the next leg lower. Major altcoins like dash, bitcoin cash and litecoin are currently trading near 2018 lows.
Yesterday, bitcoin price moved into a bearish zone below the USD 6,400 support level. BTC/USD is currently consolidating above the USD 6,300 level, but there are a lot of bearish signs visible on lower timeframe charts. Equally, ethereum is trading below the USD 200 support with a negative bias, which could spark a fresh decline towards the USD 180 level.
Other major altcoins like dash, bitcoin cash, neo and litecoin are struggling to recover. They are trading near yearly lows and remain at a risk of more losses. LTC/USD is currently trading well below the Oct 31, 2017 low of USD 56.00 and just above the US 47.80 yearly low. It seems like litecoin could decline further to trade to a new yearly low below USD 47.00 if it continues to struggle. Similarly, dash, neo and bitcoin cash are down and trading well below levels seen one year ago on Oct 31, 2017. More importantly, if sellers remain in action, these coins could accelerate declines and trade to a new 2018 low in the near term.
Total market capitalization
Bitcoin price
After yesterday’s decline bitcoin price found support near the USD 6,300 level and later started consolidating losses. BTC/USD is currently trading above the USD 6,330 level with an immediate resistance at USD 6,360. However, main hurdles for buyers are USD 6,380 and USD 6,400, above which the price might move back in a positive zone.
On the other hand, if the price fails to recover, it may perhaps slide back towards USD 6,300. Any further declines will most likely push the price towards the USD 6,250 support area.
Ethereum price
Ethereum price is currently consolidating losses below the USD 200 level. ETH/USD seems to be preparing for the next decline if buyers fail to push the price back above the USD 200 and USD 202 resistance levels.
On the downside, an immediate support is at USD 195, below which the price could trade to a new monthly low. The main support for buyers on the downside is near the USD 180 level.
Bitcoin cash and ripple price
Bitcoin cash price is struggling a lot below the USD 430 level. It seems like BCH/USD may continue to slide and it could break the USD 400 handle as well to form a new yearly low.
Ripple price is slowly declining towards the USD 0.440 support. If XRP/USD fails to stay above the USD 0.440 support, sellers may well gain strength to take the price towards the USD 0.420 level. On the upside, resistances are seen near USD 0.450 and 0.455.
Other altcoins market today
Despite the current market sentiment, a few small cap coins traded higher between 6%-12%, including dentacoin, chainlink and pivx.
Overall, bitcoin price is slowly approaching key supports like USD 6,250, below which there is a risk of a sharp decline. If buyers continue to struggle, there is a possibility of a larger downward move in bitcoin, ethereum, ripple, bitcoin cash, litecoin, dash, neo and other major cryptocurrencies.
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