31 May 2019 · 2 min read

Bitcoin and Altcoins Decline Sharply but Holding Uptrend

Bitcoin price traded to a new high of 2019 before starting a nasty decline. Ethereum declined below USD 250 and ripple price tested the key USD 0.400 support area. BCD, BSV and LINK are down more than 15% today.

Recently, bitcoin price broke the USD 9,000 resistance, but there was a sharp rejection above USD 9,000. As a result, BTC/USD started a major decline and traded below the USD 8,550 and USD 8,450 support levels. The price traded close to the USD 8,000 handle and it is currently (08:10 UTC) correcting higher. Similarly, there was a sharp decline in most major altcoins, including ethereum, ripple, litecoin, EOS, BNB, TRX, ADA and NEO. ETH/USD is down around 10% and broke the USD 260 and USD 250 support levels. XRP/USD broke the main USD 0.440 support and tested the USD 0.400 support. The current price action is pretty bearish, but as long as bitcoin price is above USD 7,800, there could be a fresh increase.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After trading to a new 2019 high near USD 9,080, bitcoin price started a sharp downward correction. BTC/USD tumbled below many supports such as USD 8,650, USD 8,550, USD 8,400 and USD 8,200. It traded close to the USD 8,000 level and recently started an upside correction. There was a break above the USD 8,200 level and the price seems to be heading towards the USD 8,400 level.
The main support on the downside is near the USD 8,550 level, where the bulls may struggle. On the downside, the main supports are near USD 8,200 and USD 8,000.

Ethereum price

Ethereum price declined more than 10% and broke the USD 275, USD 265 and USD 250 support levels. ETH/USD tested the USD 242 area and it is currently correcting above the USD 250 level.
On the upside, the previous supports near the USD 260 and USD 265 levels are likely to act as strong resistances. On the downside, the USD 242 and USD 240 support levels could play an important role.

Bitcoin cash, eos and ripple price

Bitcoin cash price retreated sharply after tagging the USD 480 level. BCH/USD declined below the USD 460 and USD 450 support levels. It tested the USD 420 level and is currently consolidating losses. On the upside, there are many resistances near USD 235 and USD 240.
EOS spiked towards the USD 8.50 level before it crashed below the USD 8.00 and USD 7.80 support levels. The price tested the USD 7.00 handle and recently recovered above USD 7.25. On the upside, the price must surpass USD 7.50 to start a fresh increase.
Ripple price crashed from well above the USD 0.460 and USD 0.450 levels. XRP/USD even broke the USD 0.425 support and tested the USD 0.400 level. The price is currently trading towards USD 0.425, where it may face sellers.

Other altcoins market today

In the past two sessions, many small cap altcoins declined more than 10%, including BCD, BSV, LINK, WTC, SAN, MIOTA, MAID, ADA, KMD, THETA, BTT, XTZ, TRX and XVG. Out of these, BCD is up down 18% and BSV declined nearly 17%.

To sum up, bitcoin price was rejected near the USD 9,000 level and declined heavily below USD 8,500. On the downside, the USD 8,000 and USD 7,800 levels are important supports. As long as BTC is above USD 7,800, there could be a fresh increase in the coming days.

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