Bitcoin and Altcoins Likely to Break Lower
- Bitcoin price is consolidating above the USD 8,650 support, with a bearish angle.
- Ethereum is likely to retest USD 182 and XRP is struggling below USD 0.275.
- A few small capitalization altcoins gained more than 5%.
In the past few sessions, bitcoin price mostly followed a range below the USD 8,850 and USD 8,950 resistance levels. BTC/USD is currently (09:00 UTC) trading with a bearish angle and it could continue to decline below the USD 8,650 and USD 8,550 support levels.
Likewise, most major altcoins traded with a bearish bias, including ethereum, XRP, bitcoin cash, litecoin, EOS, BSV, ADA and XLM. ETH/USD is currently declining below USD 185 and it might continue to move down towards the USD 182 and USD 180 supports. XRP/USD is following a downtrend and it could continue to move down towards the USD 0.262 support area.
Total market capitalization
There were bearish moves in bitcoin price below the USD 8,950 and USD 8,850 resistance levels. BTC/USD even settled below the USD 8,800 level and it is currently following a bearish angle. If there is a downside break below the USD 8,650 support area, the bears could even push the price below the USD 8,550 and USD 8,500 support levels.
On the upside, there are many resistances forming near the USD 8,800 and USD 8,850 levels. However, the main resistances are near the USD 8,950 and USD 9,000 levels, above which the price is likely to accelerate higher.
Ethereum price is currently declining below the USD 185 level. If ETH/USD continues to slide, it could revisit the USD 182 and USD 180 support levels. The next major support is near the USD 175 level.
On the upside, the USD 188 and USD 190 levels are important hurdles for the bulls. A clear break above USD 190 is needed for a strong upward move in the near term.
Bitcoin cash, eos and XRP price
Bitcoin cash price extended its decline and it recently broke the USD 285 support area. BCH/USD is now trading near the USD 280 level and it could continue to decline in the coming sessions. The next major support is near the USD 265 level. On the upside, the USD 292 and USD 295 levels might present resistance.
EOS failed to stay above the USD 3.500 support area and it is currently declining. It seems like the price may even break the USD 3.400 support area. The next major support is near the USD 3.350 level, where the bulls could take a stand.
XRP price is following a bearish path below the USD 0.275 and USD 0.272 resistance levels. If XRP/USD breaks the USD 0.265 support, there is a risk of more losses. The next key supports are near the USD 0.262 and USD 0.260 levels.
Other altcoins market today
In the past three sessions, a few small capitalization altcoins gained more than 5%, including NOAH, UNI, SEELE, CRO, BCN, LINK, BAT, SC, CENNZ and ICX. Conversely, AOA is down more than 30% and DX declined nearly 8%.
To sum up, bitcoin is stuck in a range below the USD 8,850 and USD 8,950 resistance levels. Therefore, the bears are likely to gain control if there is a downside break below USD 8,650. Conversely, a break above USD 8,950 is needed for a fresh increase.