Bitcoin and Altcoins Could Continue to Bleed
Bitcoin price declined nearly 6% and broke the USD 10,000 and USD 9,750 supports. Ethereum, BCH, litecoin, EOS, TRX and BNB were down 10% in the past three sessions. REN, ALGO, VSYS and ARDR are down more than 15% today.
In the past two days, we discussed the chances of more downsides in bitcoin price below the USD 10,000 support level. BTC/USD did decline recently and broke a few important supports near the USD 10,000 and USD 9,750 levels. More importantly, there were strong bearish moves in most major altcoins, including Ethereum, ripple, bitcoin cash, EOS, tron, cardano, stellar and binance coin. ETH/USD is down around 10% and it broke the USD 180 support. XRP/USD traded to a new weekly low below the USD 0.252 support area. Overall, the price action looks bearish, suggesting more possible downsides in BTC and altcoins in the coming sessions.
Total market capitalization
After a failed attempt near USD 10,200, bitcoin price started a major decline. BTC/USD broke the USD 9,750 support to trade to a new weekly low. It tested the USD 9,500 support area and is down around 6% (UTC 08:00). If there is an upside correction, the previous supports near USD 9,750 and USD 9,880 are likely to act as key resistances.
On the downside, an initial support is near the USD 9,500 level. If there is a downside break below the USD 9,500 support, the price could extend its decline towards the USD 9,320 and USD 9,240 levels.
Ethereum price is down more than 10% in the past three sessions and it broke the main USD 180 support area. ETH/USD even traded close to the USD 165 support and it is currently trading with a bearish angle. On the upside, the USD 178 and USD 180 levels are key resistances.
On the downside, a clear break below the USD 165 support might push the price towards the USD 160 support level.
Bitcoin cash, eos and ripple price
Bitcoin cash price broke the main USD 305 and USD 300 support levels. It opened the doors for more downsides and BCH/USD tested the USD 280 support. It seems like there could be more losses and the price might revisit the USD 272 support area in the near term.
EOS broke the USD 3.500 and USD 3.350 support levels. It even tested the USD 3.100 level and remains at a risk of more downsides. If there is an upside correction, the previous supports near USD 3.300 and USD 3.350 are likely to act as major hurdles for the bulls.
Ripple price is down around 6% and it broke the USD 0.265 and USD 0.260 support levels. XRP/USD even declined below USD 0.250 and it is currently correcting higher. However, the previous supports near USD 0.260 and USD 0.265 are likely to prevent gains in the near term.
Other altcoins market today
In the past three sessions, many small cap altcoins declined more than 10%, including REN, ALGO, VSYS, ARDR, REP, ZIL, QTUM, SNT, ENJ, XVG, HT, GXC, IOST and TRX. Out of these, REN declined around 20% and ALGO fell nearly 17%.
Overall, bitcoin is trading in a downtrend below USD 10,000 and USD 9,750. If there is a daily close below USD 10,000, BTC/USD could continue to move down towards USD 9,200 or USD 9,000.