Bitcoin and Altcoins Are Plunging And Remain At Risk
Bitcoin price is down close to 5% and broke the USD 9,200 support area. Ethereum declined sharply below USD 250 and XRP tumbled towards the USD 0.235 support. Many altcoins are down more than 15% today, including MANA, BTS, ALGO, MONA, ELF, and LSK.
Yesterday, we saw the start of a fresh bearish wave in bitcoin below the USD 9,650 support. Later, BTC/USD gained bearish momentum and it traded below the USD 9,550 and USD 9,200 support levels. The next key support is near USD 9,050, below which there is a risk of a sharp decline.
Similarly, there was a strong decline in most major altcoins, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is down close to 10% and it tested the USD 235 area. XRP declined below the USD 0.250 and USD 0.242 support levels. The overall market sentiment turned bearish (09:00 UTC), with many signs of more losses.
Total market capitalization
Recently, bitcoin price settled below the USD 9,550 support area, sparking a major decline. BTC/USD even dived below the USD 9,250 and USD 9,200 support levels. It tested the USD 9,100 level and it seems like the USD 9,050 support could be tested. If there are more downsides, there are chances of a downside thrust below the USD 8,850 level.
On the upside, the first resistance is near the USD 9,350 level. The key hurdle is now near the USD 9,550 level (the recent breakdown support).
Ethereum price is down close to 10% and it traded below many supports such as USD 242 and USD 240. ETH/USD tested the USD 235 level and it is currently consolidating losses. If there is an upside correction, the previous support near USD 242 is likely to act as a key resistance.
Conversely, there could be a bearish break below the USD 232 and USD 230 levels. The next major support is seen near the USD 220 level.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price tumbled below the USD 350 and USD 340 support levels. BCH/USD is down 14% and it even spiked below the USD 320 support. The next major support is seen near the USD 305 and USD 300 levels. On the upside, the previous support near the USD 340 level may now act as a resistance.
Litecoin is still above the USD 65.00 support level. If the current bias leads the price below USD 65.00, LTC/USD might tumble towards the USD 60.50 and USD 60.00 support levels. On the upside, there are key hurdles forming near the USD 70.00 and USD 70.50 levels.
XRP price is also down close to 10% and it broke many key supports near the USD 0.250 and USD 0.242 levels. The price tested the USD 0.235 level and it could continue to move down towards the main USD 0.232 support area. On the upside, the USD 0.242 and USD 0.245 may perhaps act as a hurdle.
Other altcoins market today
In the past three sessions, many small-capitalization altcoins are down more than 10%, including MANA, BTS, ALGO, MONA, ELF, LSK, ZIL, BSV, AE, XTZ, TRX, XEM, NEO, and THETA. Out of these, MANA is down around 18% and BTS declined 17%.
Overall, bitcoin is back in a short term bearish zone below USD 9,550. The main support is now near USD 9,050 and USD 9,000, below which there is a risk of another drop towards the USD 8,650 support area.