Bitcoin and Altcoins at Risk of Further Losses
- Bitcoin price failed to climb above USD 10,800 and declined below USD 10,500.
- Ethereum traded below the USD 220 support and ripple price broke the USD 0.320 support.
- NEXT, ABBC and TRX are down more than 12% today.
Recently, bitcoin price made an attempt to break higher above the USD 10,800 resistance level. However, the bulls failed to gain momentum, resulting in a bearish reaction below USD 10,500. BTC/USD declined more than 4% today and it seems like there could be more losses in the near term below USD 10,000. Similarly, many major altcoins, including ethereum, ripple, EOS, bitcoin and litecoin declined recently and traded below a few important supports. ETH/USD traded below the USD 220 support and XRP/USD broke the key USD 0.320 support.
Total market capitalization
There was a fresh bearish reaction in bitcoin price after it failed to surpass the USD 10,800 hurdle. BTC/USD broke the USD 10,500 and USD 10,250 support levels to enter a short term bearish zone. It is currently (08:00 UTC) closing towards the USD 10,000 support level. If there is a downside break below USD 10,000, the price could accelerate losses towards the USD 9,750 or USD 9,600 support levels.
On the upside, an initial resistance is near the USD 10,300 level. However, the main resistance is near the USD 10,500 level (the recent breakdown support level). A close above USD 10,500 might start a fresh increase in the near term.
Ethereum price followed bitcoin and declined more than 4%. ETH/USD broke the key USD 220 support and even traded below the USD 215 support. The price is now approaching the USD 210 support level, below which the price could revisit the USD 200 support level.
On the upside, an immediate resistance is near the USD 217 level. However, the key resistance is near USD 220 (the recent support), which could act as a strong barrier.
Bitcoin cash, eos and ripple price
Bitcoin cash price traded below the USD 315 support and it is currently struggling to clear the USD 300 support level. If there is a downside break below USD 300, BCH/USD could extend its losses towards the USD 280 support level. On the upside, the price may now face hurdles near the USD 320 and USD 322 levels.
EOS trimmed its recent gains and it is down more than 5%. There was a clear break below the USD 4.150 support level, putting the price at a risk of further losses below the USD 4.000 support. The next support is near the USD 3.850 level.
Ripple price failed to break the USD 0.332 support and recently declined below the key USD 0.320 support. XRP/USD is down around 4% and it is approaching the USD 0.310 support. If there is a downside break below USD 0.310, the next stop could be USD 0.300.
Other altcoins market today
In the past three sessions, many small cap altcoins started a fresh decrease and declined more than 8%, including NEXT, ABBC, TRX, NEO, BTT, RVN, AOA, HC, LINK, NEX, GXC, BTM, IOST, ATOM and ONT. Out of these, NEXT declined around 18% and ABBC is down nearly 13%. Meanwhile, TRX dropped after Justin Sun postponed the Warren Buffett lunch meeting.
To sum up, bitcoin price broke the key USD 10,500 support and it is at risk of more losses below the USD 10,000 support. If BTC/USD fails to recover from USD 9,750, it could even test USD 9,600 or USD 9,500.