Bitcoin and Altcoins in Deep Red
Bitcoin price extended its decline and broke an important support around USD 9,000. All major cryptocurrencies are down by more than 12%. There is no coin in the green zone today as the market is struggling to contain losses.
Bitcoin, Ethereum, Ripple, Bitcoin cash, Litecoin, Neo and all other major altcoins tumbled during the past few sessions. There was hardly any recovery in the market following yesterday’s decline. At present, sellers are still in control and there are no signs of a short-term recovery. The current move is mostly a technical breakdown, which could extend in the near term.
Bitcoin price is about to register one of the worst weeks of 2018. It is down around 25% this week and it recently broke a couple of important support levels such as USD 10,000 and 9,000.
BTC/USD pair is currently down 13.5% to USD 8,643. Today’s low was USD 8,329 and the current correction wave is struggling to gain momentum. It seems like the price may resume its downside in the near term and it could even break the recent low of USD 8,329.
On the downside, the next major support is at USD 8,000. On the upside, resistances are at USD 8,880 and 9,000.
Ethereum followed bitcoin and declined sharply below the USD 650 level. ETH/USD traded towards USD 640 before starting a recovery. The pair is currently losing 12.7% and is struggling near the USD 666 level.
On the downside supports are at USD 650 and 640. A break below the USD 640 support may perhaps push the price towards the USD 600 level.
Bitcoin Cash and Ripple
Bitcoin cash traded close to the USD 900 level and is currently trading well below the USD 1,000 level. BCH/USD declined 13.2% to USD 956. It remains in a bearish zone as long as it is below USD 1,000.
Ripple tumbled and moved below the USD 0.80 level. XRP/USD’s struggle to move higher continues and the current market decline has increased bearish pressures.
Other Altcoins Market Today
No cryptocurrency registered gains today. All altcoins are trading in the red zone and they remain at a risk of more losses.
The current market sentiment is very bearish, but at the same time, the market is near extreme oversold levels. Therefore, there could be a pullback, but it may be limited.