Bitcoin and Altcoins at Risk of More Declines
Bitcoin price is trading below the USD 6,800 pivot level, which is a bearish sign. Ethereum is struggling to hold a major support near USD 360, and it could break down. Almost all altcoins are down and trading in the red zone.
The past few sessions were mostly bearish on cryptocurrencies as bitcoin, ethereum, bitcoin cash, ripple and litecoin failed to make an upside move. Yesterday, the Reserve Bank of India (RBI) issued a notice and banned all regulated entities to deal with any individual or business dealing in virtual currencies such as bitcoin. The market sentiment remains bearish and if sellers step up the momentum, there could be more losses.
Bitcoin price declined further after settling below the USD 7,000 support. BTC/USD even broke the USD 6,800 pivot level and is currently down 4.4% to USD 6,580. An immediate support awaits near USD 6,500, followed by a key support at USD 6,200.
If the price fails to stay above the USD 6,200 support, it may perhaps test a crucial support at USD 6,000 in the near term.
To start a recovery, the price has to break the USD 6,800 pivot level and surpass the USD 7,000 barrier. Above USD 7,000, the price may move in a positive zone with the next hurdle at USD 7,200.
Ethereum is now trading well below the USD 400 level. ETH/USD is even finding it hard to hold a crucial support at USD 360. If sellers succeed in breaking the USD 360 support, the pair may even clear the USD 350 level.
On the upside, an initial resistance is at USD 380, followed by the all-important USD 400.
Bitcoin Cash and Ripple
Bitcoin cash is slowly grinding lower towards the USD 600 support. BCH/USD is under a lot of pressure and it could even break the USD 600 support. A break below USD 600 may perhaps put the pair on a bearish path towards USD 500.
Ripple is in a declining mode towards the USD 0.45 level. XRP/USD failed to stay above the USD 0.50 level and is now gaining bearish momentum towards the USD 0.42 support.
Other Altcoins Market Today
Most altcoins are down today and remain at a risk of more downsides. The market sentiment has turned further negative since RBI’s announcement. There was an increase in selling pressure in the Indian circuit, which grabbed the market attention.
Overall, bitcoin and all major cryptocurrencies are trading in a bearish zone and well below key support levels.