Bitcoin and Altcoins Trend Overwhelmingly Bearish
Bitcoin price failed to recover and declined below the USD 6,000 support. All major altcoins are under selling pressure and targeting new lows. Ethereum, ripple, bitcoin cash, ICX, tron, ADA and litecoin registered heavy declines.
Yesterday, we discussed the importance of the USD 6,000 support. Bitcoin price failed to stay above the stated support, resulting in a fresh round of selling. BTC/USD stayed above the USD 5,650 low, but many major altcoins declined sharply and traded to new monthly lows. Ethereum dropped close to the USD 405 level and ripple settled below the USD 0.45 support. Overall, the market turned red once again and trimmed chances of a short-term recovery.
Bitcoin price failed a crucial test and broke the USD 6,000 support, opening the doors for more losses. BTC/USD declined towards USD 5,750 before buyers appeared. The price is currently in a bearish zone with resistances on the upside at USD 5,950 and USD 6,000 (GMT 08:30 AM).
On the downside, an initial support is at USD 5,750, below which, the price could test the last low at USD 5,650. More importantly, if sellers gain control, the price could drop to a new multi-month low.
Ethereum price was under a lot of pressure as it failed to hold the USD 420 – USD 425 support zone. ETH/USD declined more than 6% and traded towards the USD 405 level.
It is currently consolidating losses with an initial resistance near USD 425. Above this, the next resistances are at USD 430 and USD 440. Supports on the downside are at USD 405 and USD 400. Below this last, there could be a sharp decline towards USD 360.
Bitcoin Cash and Ripple
Bitcoin cash price declined further and tested the USD 650 support. It is currently down 5% and is trading near the USD 660 level. On the upside, resistances are seen near the USD 680 and USD 700 levels. Supports are at USD 650 and USD 640, followed by the all-important USD 600.
Ripple price is struggling to recover above the USD 0.45 resistance. On the downside, supports are at USD 0.42 and USD 0.40. XRP/USD may continue to trade in a range before the next move either above USD 0.45 or towards USD 0.42.
Other Altcoins Market Today
Almost all altcoins moved into the red zone during the past three sessions. A few worst performers were KCS, aion, komodo, THETA, CNX, MANA, BCD, cortex and decred.
The overall market sentiment is again in a negative zone and it seems like chances of a short-term recovery diminished by more than 75%. To recover, bitcoin price must move back above the USD 6,200 resistance. If not, it could extend declines toward USD 5,650 or even USD 5,500.