Bitcoin and Altcoins Failed Again, Tumbles Sharply
Bitcoin price failed to break USD 6,800, resulting in a bearish breakdown. Almost all major altcoins tumbled and broke key supports. CENNZ and GTC outperformed and moved up by more than 40%.
Yesterday, we discussed that bitcoin price must break the USD 6,800 resistance and if it fails, there is a risk of a bearish reaction. BTC/USD struggled to clear the stated resistance, declined sharply, and broke important supports such as USD 6,700 and USD 6,600. Similarly, ethereum, ripple and bitcoin cash declined heavily and moved into a bearish zone.
Overall, it seems like buyers struggled to hold gains in bitcoin and altcoins, suggesting more weakness in the near term. According to Bloomberg, Bitcoin is on its strongest negative trend since the sell-off earlier this year and charts are signaling more losses. Going forward, if bitcoin price fails to recover and drops below USD 6,200, it could decline to new 2018 lows.
Bitcoin price faced an increased selling interest after it failed to surpass a major resistance at USD 6,800. BTC/USD declined and tested the USD 6,500 support zone, down more than 3.5%.
If it continues to move down, it could even break the USD 6,400 support and test USD 6,200. On the upside, resistances are seen at USD 6,600 and USD 6,700.
Ethereum price dropped by more than 7% and broke the USD 515 and USD 500 support levels. On the downside, the next supports are at USD 490 and USD 485. Below this last, ETH/USD may perhaps trade towards USD 460.
On the upside, there are many resistances, starting with USD 520 up to USD 540. Any further gains depend on the market sentiment in the near term.
Bitcoin Cash and Ripple
Bitcoin cash price declined heavily and broke the USD 860 and USD 850 support levels. BCH/USD is down more than 8% and is testing the USD 800 handle (GMT 8:30 AM). A break below this may perhaps call for a test of the USD 750 support level.
Ripple price just managed to stay above the USD 0.50 support. However, XRP/USD is at a risk of more declines if buyers fail to keep the price above USD 0.50.
Other Altcoins Market Today
Most small cap altcoins declined and moved down between 5%-15%. However, two altcoins, CENNZ and GTC grabbed the market attention due to the recent developments, and gained by more than 40%.
The current price action suggests that bitcoin price struggled to gain bullish momentum and moved back in a bearish zone. It remains at a risk of more losses and to initiate a fresh recovery, BTC/USD must move back above USD 6,650.