Bitcoin and Altcoins Downside Thrust Underway
Bitcoin price is down 4% and it is struggling to hold the USD 8,000 support. Ethereum broke the key USD 178 support and XRP tested the USD 0.242 support. Many altcoins are down more than 10%, including ONT, QTUM, EKT, STEEM, AOA and BTM.
Yesterday, we discussed the possibility of a downside extension in bitcoin towards the USD 8,250 and USD 8,050 support levels. BTC/USD did decline recently and broke the USD 8,250 support area. The price is now (09:00 UTC) struggling to stay above the USD 8,050 and USD 8,000 support levels.
Similarly, most major altcoins extended their decline below key supports, including ethereum, XRP, bitcoin cash, litecoin, EOS, BSV, ADA and XLM. ETH/USD broke the key USD 178 support and recently tested the USD 175 support area. XRP/USD declined heavily and tested the USD 0.242 support, where buyers appeared.
Total market capitalization
In the past few hours, bitcoin price faced a renewed selling pressure below USD 8,320. As a result, BTC/USD declined below the USD 8,250 support area and traded close the USD 8,050 and USD 8,000 support levels. The price is currently consolidating and it seems like there is a risk of more losses below the USD 8,000 level.
The next major support is near the USD 7,850 level. On the upside, the previous supports near the USD 8,250 and USD 8,320 levels may perhaps act as key resistances if the price corrects higher in the short term.
Ethereum price failed to stay above the USD 180 support area and extended its decline. ETH/USD even broke the USD 178 support and traded close to the USD 175 support. The next supports are near the USD 172 and USD 170 levels.
On the upside, the USD 182 level is an initial resistance area. The main resistances on the upside are near the USD 185 and USD 186 levels, followed by the all-important USD 190 zone.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price traded below yet another key support near the USD 265 level. BCH/USD is down more than 7% and it is trading below the USD 250 support. If there are more downsides, the price could test the USD 225 support area in the near term. On the upside, the USD 260 and USD 265 levels are now significant hurdles.
Litecoin is also down more than 5% and it broke many supports near USD 60.00 and USD 58.50. LTC/USD is now trading near the USD 56.00 level and it may even struggle to stay above the USD 55.00 support area. The next major support is near the USD 52.00 level.
XRP price accelerated its decline after it settled below the USD 0.255 support. XRP/USD broke the USD 0.250 support and tested the USD 0.242 support area. The price is currently correcting higher, but it seems to be facing resistance near the USD 0.250 and USD 0.252 levels.
Other altcoins market today
In the past three sessions, many small capitalization altcoins declined more than 8%, including DX, EKT, RLC, STEEM, AOA, BTM, DCR, OMG, CHZ, ONT, QTUM, HC, ZRX, ALGO and BSV. Out of these, DX is down more than 14% and EKT declined close to 12%.
To sum up, bitcoin is declining and remains in a downtrend below USD 8,400 and USD 8,500. To start a strong recovery, BTC/USD must climb above USD 8,550. If not, it could continue to move down towards the USD 7,850 level.