Bitcoin and Altcoins at Risk of Further Losses
- Bitcoin price seems to be struggling to hold the ground above USD 5,400.
- Ethereum is consolidating above USD 160 and ripple price tested the USD 0.290 support.
- MXM, XTZ, DGD and BTS are down more than 8% today.
Recently, bitcoin price started a downside correction and traded below the USD 5,500 and USD 5,460 support levels. BTC/USD even broke the USD 5,400 level and traded close to USD 5,350. The price is currently (08:10 UTC) consolidating and seems to be struggling near the USD 5,400 level. Ethereum price too faced an increase in selling pressure and it recently tested the USD 160 support. Ripple was sold aggressively, resulting in a drop towards the USD 0.290 support area. Overall, the market is currently red and it could extend losses before it starts a decent rebound.
Total market capitalization
There was an extended decline in bitcoin price below the USD 5,400 support level. BTC/USD tested the USD 5,350 support and recently rebounded higher. However, the price seems to be facing a strong resistance near the USD 5,400 - USD 5,420 zone. The next key resistance is at USD 5,440, above which the price may revisit.
On the downside, the main support is at USD 5,350. If there are more losses, there is a risk of a drop towards the USD 5,260 support area in the near term.
Ethereum price managed to stay above the USD 160 support after yesterday’s decline. ETH/USD is currently consolidating and it seems like the price may test the USD 165 resistance in the near term.
However, if there is no break above the USD 165 resistance, the price may revisit the USD 160 support. Any further losses is likely to open the doors for more downsides towards the USD 150 support.
Bitcoin cash, eos and ripple price
Bitcoin cash price found support near the USD 170 level and it is currently consolidating losses. On the upside, an initial resistance is at USD 280, above which the price is likely to recover towards the USD 292 or USD 295 resistance level. On the downside, the main supports are USD 272 and USD 270.
EOS seems to be following a bearish path and it recently broke the USD 4.70 support level. The price tested the USD 4.55 level and it is currently down around 3%. If there are additional losses, the next stop for sellers could be USD 4.40.
Ripple price extended decline and broke the USD 0.290 support level. XRP/USD even spiked below the USD 0.290 support and later rebounded above USD 0.292 and USD 0.294. On the upside, the main resistances are at USD 0.298 and USD 0.300.
Other altcoins market today
The past few hours saw additional weakness and many small cap altcoins dropped between 6% - 12%, including MXM, XTZ, DGD, BTS, PAI, INB, WAVES, DGTX, AE and GXC. Out of these, MXM is down around 11% and XTZ declined nearly 10%.
To sum up, bitcoin is slightly under pressure near USD 5,400 and it could dip once again. However, there are many supports on the downside for BTC and it is likely to bounce back above USD 5,450 and USD 5,480 in the near term.