Bitcoin and Altcoins at Risk of Further Declines
Bitcoin price is struggling to recover and it is trading below USD 8,850. Ethereum is consolidating above USD 185 and XRP is in a downtrend below USD 0.284. Aurora (AOA) rallied more than 25% and VET is up around 15% today.
After a short term upside correction, bitcoin price struggled to settle above USD 9,000. As a result, BTC/USD declined again and traded below the USD 8,850 support area. The price even traded to a new weekly low and it is currently (09:00 UTC) consolidating near the USD 8,750 level.
Similarly, most major altcoins resumed their decline, including ethereum, XRP, bitcoin cash, litecoin, EOS, BSV, ADA and XLM. ETH/USD struggled to settle above the USD 188 and USD 190 levels, and it is currently consolidating near USD 185. XRP/USD extended its decline and it is now trading below the USD 0.284 resistance.
Total market capitalization
In the past few sessions, bitcoin price followed a bearish path and yesterday’s recovery failed above the USD 9,000 level. BTC/USD is now trading below USD 9,000 and it seems like it could soon decline below the USD 8,700 and USD 8,620 levels. The next major support is near the USD 8,550 level, followed by USD 8,320.
On the upside, the price is facing a lot of hurdles near USD 8,850 and USD 9,000. To start a strong upward move and recovery, bitcoin must settle above the USD 9,000 resistance area.
Ethereum price was stable above the USD 185 and USD 182 support levels. However, ETH/USD is facing a strong resistance near the USD 188 and USD 190 levels. Therefore, a convincing break above USD 190 is needed for bullish continuation.
If not, there is a risk of a downside break below the USD 185 and USD 182 support levels. The next key support is near the USD 178 level, where the bulls might take the final stand.
Bitcoin cash, eos and XRP price
Bitcoin cash price failed to continue above the USD 300 resistance area and recently started a downward move. BCH/USD broke the USD 290 level, but it is trading above the USD 285 and USD 280 support levels. Any further losses below USD 280 may perhaps push the price towards USD 264.
EOS is currently declining and is trading just below the USD 3.500 level. An immediate support is near the USD 3.450 level. However, the main support is near the USD 3.350 level. On the upside, there are many resistances, starting with USD 3.550 and up to USD 3.700.
XRP price is following a downtrend below the USD 0.292 and USD 0.284 levels. XRP/USD is now trading near USD 0.274 and it seems like it could even trade below the USD 0.272 and USD 0.270 support levels. On the upside, there are hurdles for buyers near USD 0.282 and USD 0.284.
Other altcoins market today
In the past three sessions, a few small capitalization altcoins climbed more than 5%, including AOA, VET, DCR, SNX, ALGO, VSYS and IOST. Out of these, AOA rallied more than 25% and VET is up around 15%.
Overall, bitcoin is struggling to correct higher and remains in a downtrend below USD 9,000. If the bulls continue to face resistance, BTC/USD will most likely decline further below USD 8,700. The main supports on the downside are near USD 8,500 and USD 8,320.