Bitcoin and Altcoins at Risk of Further Declines
Bitcoin price declined below the USD 10,200 support and facing an increase in selling pressure. Ethereum dropped close to the USD 310 support, XRP extended its decline to the USD 0.220 support region. Helium (HNT) rallied around 50% and UNI is up 22%.
Bitcoin price failed to recover above USD 10,550 and extended its decline below USD 10,300. BTC even spiked below the USD 10,200 support and it is currently (08:30 UTC) consolidating near USD 10,330. If there is an upside correction, the price might face sellers near USD 10,400 and USD 10,500.
Similarly, most major altcoins declined further and followed a bearish path, including ethereum, XRP, litecoin, bitcoin cash, EOS, XLM, LINK, BNB, TRX, and ADA. ETH/USD fell more than 5% and it broke the USD 330 and USD 320 support levels. XRP/USD seems to be following a bearish path and it even tested the key USD 0.220 support zone.
Total market capitalization
Bitcoin price
There was another failure near USD 10,550, resulting in a sharp decline in bitcoin price below USD 10,400 and USD 10,300. BTC even spiked below the USD 10,200 support and it is currently consolidating losses near USD 10,300. If there is an upside correction, an initial hurdle is near the USD 10,400 level. The main resistance on the upside is still near USD 10,500 and USD 10,550.
On the downside, the USD 10,200 support is still a decent support zone. A clear break below the USD 10,200 support zone could spark a strong decline below USD 10,000 and USD 9,800.
Ethereum price
Ethereum price fell sharply below the USD 330 support level. ETH even spiked below USD 320 and traded close to the USD 310 support. The price is currently correcting higher, but the previous support near USD 330 and USD 335 could prevent gains.
On the downside, an immediate support is near the USD 320 level. The main support is near the USD 310 level, below which the price might continue to move down towards USD 300.
Bitcoin cash, chainlink and XRP price
Bitcoin cash price broke the USD 220 support level and extended its decline below USD 210. BCH is still holding the USD 200 support, but there is a risk of more losses in the near term. On the upside, the USD 220 level might act as a strong resistance in the near term.
Chainlink (LINK) fell further below the USD 8.00 level. The price even traded close to the USD 7.20 support zone and it is currently recovering higher above USD 8.00. On the upside, the price might face sellers near the USD 8.50 level, but the main resistance seems to be forming near USD 8.80 and USD 9.20.
XRP price extended its decline below the key USD 0.230 support zone. The price tested the USD 0.220 support zone and it is currently recovering higher. However, the recent breakdown support near USD 0.230 might act as a significant resistance. On the downside, the USD 0.220 level is a crucial support.
Other altcoins market today
In the past three sessions, many altcoins weakened over 5%, including DGB, AVAX, RSR, ALGO, LRC, LSK, QNT, NXM, ICX, OXT, REN, UMA, CEL, EWT, and BCD. Out of these, DGB and AVAX are down more than 10%.
Overall, bitcoin price is facing an increase in selling pressure below the USD 10,550 and USD 10,500 levels. However, the USD 10,000 support holds a lot of importance for BTC, below which the price might decline heavily.
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