Bitcoin and Altcoins Move Deep in Red
Bitcoin price fell further and declined to a new low below USD 7,600. All major cryptocurrencies are under pressure and are down between 8-15%. The current market sentiment is bearish and there are chances of more losses.
It is turning out to be a major declining phase this week as all major cryptocurrencies such as bitcoin, ethereum, ripple, bitcoin cash and litecoin moved deep red. Bitcoin price moved below a few key supports and it seems like it could even break the USD 7,500 support.
Bitcoin price has settled below the USD 8,000 level and declined more than 4.5% to well below USD 7,600. An immediate support is at USD 7,500, which remains at a risk of a downside break.
Below the mentioned USD 7,500, BTC/USD could even trade towards the USD 7,200 level today. Further below USD 7,200, the pair may perhaps test the USD 7,000 level.
On the upside, the USD 7,800 level is a major hurdle. A push above the USD 7,800 level may call for a test of the USD 8,000 level.
Ethereum extended losses and is now trading well below the USD 440 level. It seems like the ETH/USD level may continue to move down towards the USD 400 level.
There could be a solid buying interest near the USD 400 level, but if it fails to hold the USD 400 level, the price will most likely move deep in the bearish zone.
Bitcoin Cash and Ripple
Bitcoin cash is down more than 10% and is currently trading near USD 775. A break below the USD 775 level may push the price towards the USD 750 and 725. On the upside, the previous support at USD 800 may now act as a resistance, followed by USD 850.
Ripple is likely heading towards the USD 0.50 level, which holds a lot of importance. A push below the USD 0.50 level could open the gates for further losses towards USD 0.40.
Other Altcoins Market Today
Almost all other altcoins are down between 5-15%. The current market sentiment is super bearish, with very less chances of a recovery in the short term. It would take a lot of strength and a brief consolidation before the price could start an upside correction.
On the flip side, if the market fails to recover, then bitcoin might trade towards the USD 7,000 support before attempting an upside correction.