Bitcoin and Altcoins Holding Key Breakdown Supports
Bitcoin price corrected lower sharply and settled below USD 18,800. Ethereum is testing the USD 580 support, XRP is struggling to stay above USD 0.600. SUSHI rallied over 25% to clear the USD 2.10 resistance.
Yesterday, there was a sharp bearish reaction in bitcoin price from the USD 19,900 zone. BTC declined over USD 1,500 and it settled below USD 18,800. The price is currently (05:00 UTC) trading near USD 18,500, below which there is a risk of more downsides.
Similarly, there was a sharp decline in most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD settled below USD 600, but it is holding the USD 580 support zone. XRP/USD is struggling to stay above USD 0.600 support and remains at a risk of a sharp decline.
Total market capitalization
After a sharp bearish reaction from the USD 19,900 zone, bitcoin price started a sharp decline. BTC broke the USD 19,000 and USD 18,800 support levels to move into a short-term bearish zone. The price is now trading near the USD 18,500 support, below which the bulls might put a strong fight near USD 18,200. If there are more losses, the next stop for the bears might be USD 17,800.
On the upside, there is a key resistance forming near the USD 18,800 level. The first major resistance sits at USD 19,000 level, above which the price could revisit USD 19,500.
Ethereum price declined sharply below the USD 610, USD 600, and USD 595 levels. ETH even spiked towards USD 575 and it is currently consolidating above USD 580. On the upside, the price is facing a couple of major hurdles near the USD 595 and USD 600 levels.
On the downside, the price finds strong bids near USD 580 and USD 575. Any more losses might lead the price towards the USD 550 level.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is down over 8% and it is now trading well below the USD 300 level. BCH is trading near the USD 285 support, below which the price could decline towards the USD 272 and USD 270 levels. Conversely, a fresh increase might face hurdles near the USD 295 and USD 300 levels. A close above USD 300 is needed for a decent increase in the coming sessions.
Litecoin (LTC) retreated lower from USD 90.00 and traded below the USD 85.00 support. LTC is consolidating near USD 84.50, with an immediate support at USD 83.50. The next major support is near the USD 82.20 level. On the upside, the bulls might face resistance near the USD 86.50 level.
XRP price is down over 6% and it is trading below the USD 0.620 support. The price is struggling to stay above the USD 0.600 level. A successful close below USD 0.600 could spark a strong decline in the coming sessions. The next key support is near the USD 0.588 and USD 0.585 levels.
Other altcoins market today
In the past few hours, many altcoins declined over 8%, including ZEN, HEDG, NXM, ETC, TRX, ADA, DASH, XLM, RSR, EOS, and ALGO. Conversely, SUSHI, YFI, RUNE, KSM, CRV, AAVE, and AMPL are up over 5%.
Overall, bitcoin price is trading in a seemingly short-term bearish zone and holding the USD 18,500 support. If BTC declines below USD 18,500 and USD 18,200, there are chances of a drop towards USD 17,800 or even USD 17,500.