Bitcoin and Altcoins at Risk of Further Declines
- Bitcoin price started a major decline and settled below the USD 8,000 support.
- Ethereum tested the USD 135 support area and ripple price settled below USD 0.400.
- HEDG is up around 44% and MONA gained 28% today.
This week, we saw bearish moves in bitcoin and altcoins. BTC/USD failed to stay above the key USD 8,250 support area and recently declined below key supports. The price even cleared the USD 8,000 support area to move into a bearish zone. It is currently (10:20 UTC) correcting higher, but the recent supports near USD 8,000 are likely to act as resistance. Similarly, there were losses noted in altcoins such as ethereum, bitcoin cash, ripple and EOS. ETH/USD settled below USD 250 and tested the USD 235 support area. Ripple price is also down around 2.5% and it recently broke the USD 0.400 support area.
Total market capitalization
After bitcoin price traded below USD 8,250, bears gained pace below the USD 8,000 level. BTC/USD even traded below the USD 7,800 level and tested the USD 7,450 support area. The price is currently recovering above USD 7,700, but there are many hurdles on the upside near USD 7,900 and USD 8,000. A successful close above USD 8,000 could start a decent upward move in the coming sessions.
On the downside, an initial support is at USD 7,620, below which the price might revisit the USD 7,450 support area.
Ethereum price declined below the key USD 250 support level. ETH/USD even traded below USD 240 and recently tested the USD 235 support area. At the moment, the price is moving higher, but sellers are likely to prevent an upside break above the USD 250 level.
On the downside, an initial support is near the USD 240 level, below which the price could revisit the USD 235 support level in the coming sessions.
Bitcoin cash, eos and ripple price
Bitcoin cash price declined below the USD 400 support area and cleared the USD 380 support. It tested the USD 360 support level and recently started an upside correction. On the upside, an initial resistance it at USD 400, above which the price could recover towards the USD 420 resistance.
EOS extended losses below the USD 6.40 and USD 6.25 support levels. EOS/USD even broke the USD 6.00 support area and it is currently down 3.5%. On the upside, an initial resistance is at USD 6.40, above which the price could recover towards the USD 6.50 level.
Ripple price failed to stay above the main USD 0.400 support area and recently extended losses. XRP/USD traded close to the USD 0.380 level and it is currently consolidating losses. The previous supports near USD 0.400 and USD 0.410 are likely to act as resistances.
Other altcoins market today
Despite bearish moves in bitcoin and ethereum, a few small cap altcoins gained more than 10%, including HEDG, MONA, BTM, GXC, R, SOLVE and LINK. Out of these, HEDG is up around 44% and MONA gained nearly 28%.
To sum up, bitcoin price has moved into a bearish zone below USD 8,000. As long as BTC/USD is below USD 8,000 and USD 8,250, there is a risk of more losses in the coming sessions.