Bitcoin And Altcoins Flirt With Key Supports Amid Sell-off
Bitcoin price traded below the USD 7,000 support area. Ethereum is down more than 6% to USD 170 and XRP tested the USD 0.178 support. MAID, ZEC, CKB, and BCN are down more than 10% today.
After struggling to surpass the USD 7,200 resistance, bitcoin price started a downside correction. BTC/USD broke the USD 7,000 support and it is currently struggling to stay above USD 6,850. Any further losses may perhaps push the price towards the key USD 6,550 support zone.
Similarly, there was a corrective decrease in most major altcoins, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is down close to 8% and it tested the USD 168 support level. Besides, XRP/USD declined below the USD 0.185 support and tested the USD 0.178 region.
Total market capitalization
After forming a short term top near USD 7,250, bitcoin price started a downside correction. BTC/USD declined below the USD 7,000 support and even spiked below USD 6,850. It is currently (08:40 UTC) trading in a range, with an immediate resistance near USD 7,000. The main resistance is now forming near the USD 7,200 level.
On the downside, a follow-through move below the USD 6,850 support could lead the price towards the USD 6,650 and USD 6,550 support levels in the coming sessions.
Ethereum price started a fresh decline after it failed to stay above the USD 180 support. ETH/USD is down close to 8% and it tested the USD 168 support. Any further losses may perhaps call for a test of the USD 162 and USD 160 support levels in the near term.
On the upside, an initial resistance is near the USD 175 level. The first major hurdle is near the USD 180 and USD 182 levels, above which the price is likely to retest the USD 190 zone.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is down more than 6% and it broke the USD 230 support. BCH/USD is trading below the USD 220 support and it seems like the bears are aiming more downsides. An initial support is near the USD 212 level, below which the price could even struggle to stay above the USD 205 and USD 200 support levels.
Litecoin declined below the USD 41.20 support level to start the current decrease. LTC/USD is now trading near the key USD 40.20 support. If there is a successful break below the USD 40.00 level, there are chances of a strong decline. The next major support is near USD 38.20, followed by USD 36.50.
XRP price failed to continue higher above USD 0.195 and it recently started a fresh decline. It broke the USD 0.185 support level and tested the USD 0.178 level. The price is currently rising, but it must surpass the USD 0.185 and USD 0.188 levels to move back into a positive zone.
Other altcoins market today
In the past few hours, many small-capitalization altcoins declined than 8%, including MAID, ZEC, CKB, BCN, DGTX, NMR, DGB, BTG, REN, IOST, QNT, and SNT. Out of these, MAID is down more than 20% and ZEC weakened close to 12%.
To sum up, bitcoin price is showing a few bearish signs below the USD 7,000 level and there could be more downsides if it settles below USD 6,800. Conversely, BTC/USD might start a fresh increase above the USD 7,000 resistance in the next two sessions.