Bitcoin and Altcoins Consolidating Losses, Upsides Could Be Capped
Bitcoin price nosedived below USD 10,000 and currently consolidating losses. Ethereum is now trading below USD 240 and XRP is holding the USD 0.200 support. BCH and LTC also declined more than 5% to trim weekly gains.
Yesterday, we saw a strong increase in bitcoin price above the USD 9,950 and USD 10,000 resistance levels. BTC even climbed above the USD 10,200 level, but it struggled to continue above USD 10,400. Also yesterday, there was a sharp decline below USD 10,000 and the price tested the USD 9,300 region.
Similarly, there was a significant decline in most major altcoins, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is down more than 5% and it is now (08:30 UTC) trading well below the USD 240 level. XRP/USD is back below USD 0.205, but it is
holding the USD 0.200 support.
Total market capitalization
After a significant rise, bitcoin price failed to continue higher above USD 10,350 and it recently started a major decline. BTC broke the USD 10,000 support and USD 9,500. It found support near the USD 9,300 level and it recovered above USD 9,500. The current price action suggests a consolidation phase, with an initial support near the USD 9,440 level.
The main support is now near USD 9,300, below which the price might continue to move down towards the USD 9,000 and USD 8,800 levels. On the upside, a break above USD 9,800 is needed to decrease the current bearish pressure.
Ethereum price also followed bitcoin and declined sharply below USD 245 and USD 240. ETH even spiked below USD 230 before recovering higher. The price is now trading above USD 235, with an immediate resistance near the USD 242 level.
If the price clears the USD 242 resistance, it might revisit the USD 250 resistance. On the downside, an initial support is near the USD 230 level, followed by USD 225.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is back below the USD 250 level and it is currently down around 5%. The first major support is near the USD 240 level, below which there is a risk of a larger decline towards the USD 230 level. On the upside, the USD 255 and USD 260 levels are short-term hurdles.
Litecoin corrected more than 6% and it is back below USD 47.00. An initial support is near the USD 45.00 level. The first major support is near the USD 44.50 level. Any further losses could lead the price back towards the USD 42.20 support. Conversely, the USD 48.50 level is a major hurdle for the bulls.
XRP price failed to stay above the USD 0.212 level and it recently declined more than 5%. It broke the USD 0.205 support and tested the USD 0.200 region. At the moment, the price is consolidating above USD 0.200 and it might attempt a fresh increase above the USD 0.205 resistance.
Other altcoins market today
In the past three sessions, many smaller altcoins declined more than 5%, including NEXO, MAID, ZIL, MKR, THETA, MCO, BCD, EOS, BTM, IOST, LRC, QTUM, FTT, ZEC, HC and BTG. Out of these, NEXO is down more than 20% and MAID dived around 10%.
Overall, bitcoin price trimmed most of its gains and settled below USD 9,800. It seems like there is a risk of more losses if BTC breaks the USD 9,300 support. Conversely, a close above USD 9,800 is needed for a fresh increase.