23 May 2018 · 2 min read

Bitcoin and Altcoins At Risk of More Declines

Bitcoin price tumbled and settled below a key support at USD 8,000. All other major cryptocurrencies declined sharply and posted losses between 8-15% ZenCash managed to post gains more than 10% after it was listed on Binance.

Bitcoin failed to gain traction above the USD 8,200 support area. BTC/USD declined heavily and broke many support levels, including USD 8,000 and USD 7,800. Looking at the current price action, bitcoin is in a bearish zone and it could decline further. According a popular crypto analyst, Willy Woo, the USD 8,000 support was bound to give up. He thinks that the next support sits near USD 7,000, which may perhaps break if sellers remain in control. Finally, there may possibly be a correction going into the July-September period, followed by an accumulation phase.

Technically, the recent break below USD 8,000 was significant. The price could test USD 7,000 as suggested in a tweet by Woo, but it has to stay above the last major low (USD 6,430) to avoid a significant collapse back to USD 5,000.

Today, bitcoin price is down 5.6% to USD 7,840 (GMT 9:00 AM). An immediate support is at USD 7,550, which is a crucial pivot zone. Therefore, if BTC/USD continues to move down, it might face a strong buying interest near USD 7,550. Below this last, the price will most likely head towards USD 7,000.
On the upside, the previous support at USD 8,000 is an important hurdle for buyers. A daily close above USD 8,000, followed by a push above USD 8,200 is required to decrease the current bearish pressure.

Ethereum price tumbled and declined below the USD 650 support. It seems like ETH/USD is heading towards the USD 600 handle, which is a key support.
It is currently down 11.10% to USD 615. On the upside, resistances are seen near USD 640, USD 645 and USD 650. On the flip side, a break below USD 600 might clear the path for a test of USD 560.

Bitcoin Cash and Ripple
Bitcoin cash price is down 12% and is trading near the USD 1,050 level. BCH/USD is likely to accelerate declines towards the next major support at USD 1,000. Resistances are at USD 1,080 and USD 1,100.
Ripple extended declines and is currently down 9.5% to USD 0.607. XRP/USD seems to be approaching the USD 0.60 support, below which, the price could accelerate declines to USD 0.50.

Other Altcoins Market Today
Almost all altcoins are in the red zone today except ZenCash. ZEN was listed on Binance today, which sparked an upside move and the price moved above the USD 35.00 level.

Overall, the current market sentiment is extremely bearish, and a daily close below USD 8,000 in bitcoin will most likely affirm a negative trend.