Bitcoin and Altcoins Likely to Continue Bleeding
Bitcoin price is down around 7% and broke the USD 7,650 support area. Ethereum is down 10% to USD 155 and XRP is somehow holding the USD 0.240 level. Many altcoins are down more than 10%, including EKT, DX, RLC, LUNA, QNT and ILC.
In the past three sessions, there was a sharp increase in selling pressure on bitcoin, resulting in a downside break below the USD 7,850 support area. BTC/USD declined more than 7% and traded below the USD 7,650 support. It is currently (09:00 UTC) trading near USD 7,500, with a negative bias.
Also, many major altcoins dived between 5%-10%, including ethereum, XRP, bitcoin cash, litecoin, EOS, BSV, ADA, TRX and XLM. ETH/USD broke many supports near USD 165 and even tested the USD 155 zone. Conversely, downsides in XRP/USD were contained and the pair is currently consolidating above the USD 0.240 level.
Total market capitalization
In the past few hours, bitcoin price declined heavily and broke many supports such as USD 7,850 and USD 7,650. BTC/USD even tagged the USD 7,500 area and it is currently struggling to start an upside correction. An immediate resistance is near USD 7,620, followed by the USD 7,650.
On the downside, an immediate support is near the USD 7,500 level. If there is a downside break below the USD 7,500 level, there is a risk of more downsides towards the USD 7,250 and USD 7,180 support levels.
Ethereum price is down around 10% and it declined below the main USD 165 support area. ETH/USD is now trading near the USD 155 support and it seems like the price may perhaps decline further below the USD 150 support.
On the upside, the previous pivot levels such as USD 162 and USD 165 are now likely to act as strong resistance levels.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price nosedived below the USD 235 and USD 225 support levels. BCH/USD even broke the USD 220 level and tested USD 215. Any further losses might call for a test of the USD 200 support. To start an upside correction, the price must climb above the USD 235 and USD 240 resistance levels.
Litecoin declined heavily after it settled below the USD 53.80 support level. LTC/USD even broke the USD 51.20 support and tested the USD 50.00 support area. The price is now consolidating above USD 50.00 and it might correct higher towards the USD 51.20 and USD 51.50 resistance levels.
XRP price declined steadily below the USD 0.245 and USD 0.242 support levels. XRP/USD tested USD 0.235 and it is now back above USD 0.240. On the upside, the price is likely to face hurdles near the USD 0.242 and USD 0.245 levels. The main supports on the downside are near USD 0.238 and USD 0.235.
Other altcoins market today
In the past three sessions, many small capitalization altcoins declined more than 10%, including EKT, DX, RLC, LUNA, QNT, ILC, NRG, ZEN, DCR, IOST, ELF and MKR. Out of these, EKT is down more than 24% and DX declined close to 20%.
Overall, bitcoin is declining and turned even more bearish below USD 7,650. In the short term, there could be range moves with a tiny correction, but there is a risk of more losses in the near term.