Bitcoin and Altcoins at Risk of Further Declines
Bitcoin price is struggling to climb above the USD 11,500 resistance area. Ethereum is trading below USD 220 and ripple price is extending losses. MXM and VEST declined more than 10% today.
Recently, there was a minor upside correction in bitcoin price above USD 11,400. However, BTC/USD struggled to continue above the USD 11,500 resistance. The current price action indicates a negative bias and it seems like BTC might continue to weaken in the near term. Similarly, there were bearish moves in most major altcoins, including ethereum, ripple, EOS, bitcoin cash, litecoin and cardano. ETH/USD is trading below the USD 220 resistance and XRP/USD is extending losses below the USD 0.300 support.
Total market capitalization
In the past few hours (08:20 UTC), bitcoin price traded in a range below the USD 11,500 resistance, with bearish moves. BTC/USD is trading below USD 11,400, with an immediate support near the USD 11,200 level. If there is a downside break below USD 11,200, the price could continue to slide below USD 11,000.
On the upside, an initial resistance is near the USD 11,420 level. The main resistance is near the USD 11,500 level, above which there are chances of a recovery towards USD 11,750.
Ethereum price remained in a bearish zone below the USD 220 resistance. At the moment, ETH/USD is facing a strong resistance near USD 215. The next key support is near the USD 202 level.
On the upside, the bulls need to gain strength above the USD 215 and USD 220 resistance levels to push the price back in a positive zone. If not, the price could slowly decline below USD 202.
Bitcoin cash, eos and ripple price
Bitcoin cash price failed to continue above the USD 340 resistance. BCH/USD trimmed yesterday’s gains and traded below the USD 330 level. The main support is near the USD 320 level, below which the price could turn short term bearish. On the upside, the USD 340 level is an immediate hurdle, followed by USD 350.
EOS struggled to correct higher and declined below the USD 4.200 support level. The price is now trading just above the USD 4.000 support, with a bearish angle. If there is a successful break below the USD 4.000 support, the price could continue to decline towards USD 3.850 and USD 3.750.
Ripple price performed poorly after it settled below the USD 0.312 and USD 0.310 support levels. XRP/USD is now trading below the USD 0.300 support and it could decline further towards the USD 0.292 and USD 0.285 support levels. On the upside, the USD 0.305 and USD 0.310 levels are key hurdles.
Other altcoins market today
In the past few sessions, many small cap altcoins declined more than 5%, including MXM, VEST, EGT, GXC, ODE, NEX, XVG, ATOM, LINK and STEEM. On the other hand, ABBC, JCT, CCCX and KMD gained more than 10%.
Overall, bitcoin price is trading in a negative zone below the USD 11,500 resistance. BTC/USD is facing many hurdles and if it continues to struggle, there could be another decline below the USD 11,200 and USD 11,000 support levels in the near term.