Bitcoin and Altcoins at Risk of Further Slides
- Bitcoin price came under renewed pressure and declined below the USD 8,200 and 8,000 supports.
- Altcoins also followed bitcoin and declined between 8-15% during the past few sessions.
- Verge (XVG) traded around 15% higher today and moved above the USD 0.0
There was no convincing recovery in bitcoin and other major cryptocurrencies such as ethereum, ripple, bitcoin cash and litecoin. Conversely, there was a downside reaction and bitcoin price tumbled key support levels. It dragged the market lower and altcoins struggled to catch bids during the past few sessions.
Bitcoin price failed to recover past USD 8,500 and moved below the USD 8,200 and USD 8,000 support levels. BTC/USD is currently trading 4.9% lower from the USD 8,330 high.
It is trading below the USD 8,000 level, which may now act as a resistance if the pair corrects higher. Above USD 8,000, the next resistance on the upside is at USD 8,200.
On the downside, an immediate support is at USD 7,800. A break blow this last could push the price towards the next support at USD 7,500.
Ethereum is showing a lot of bearish signs as the ETH/USD pair settled below the USD 500 support. The pair is down 10.8% to USD 453.
It seems like a close below the USD 500 support was crucial and the price is now placed well into a bearish zone. On the upside, the broken supports at USD 480 and USD 500 are likely to act as resistances. Supports are at USD 450, USD 440 and USD 420.
Bitcoin Cash and Ripple
Bitcoin cash traded lower, but it is still holding the USD 900 support. BCH/USD has to stay above the mentioned USD 900 level to avoid a downside push towards USD 850. On the upside, there is a key resistance at USD 950, followed by USD 980.
Ripple nosedived and it currently trading well below the USD 0.60 level. It seems like XRP/USD may continue to decline and it could even test the USD 0.50 level in the near term.
Other Altcoins Market Today
Almost all other altcoins struggled today except Verge. XVG price is currently trading around 15% higher to USD 0.046. There were a couple of announcements by the developer of the cryptocurrency along with the launch of a new website, which helped XVG in moving higher.
Overall, the market is gaining bearish momentum and if bitcoin price settles below USD 8,000 today, there could be further slides in BTC, ETH, BCH, XRP and other altcoins.