Bitcoin and Altcoins Might Continue To Bleed
- Bitcoin price broke the USD 3,400 support area and moved further in the red zone.
- Ethereum and ripple broke many supports and declined around 4%.
- BNB and FCT declined close to 10% today.
Bitcoin remained in a bearish zone in the past few sessions and declined below the USD 3,450 and USD 3,400 support levels. BTC/USD is clearly trading in a downtrend and it may continue to bleed in the near term. The next key support is at USD 3,250, where buyers are likely to take a stand. Similarly, ethereum declined heavily and settled below the USD 110 support. If ETH/USD breaks the USD 100 support, there could be nasty losses in the coming session. Finally, ripple price settled below USD 0.300 and it seems like it may trade towards the USD 0.275 level.
Total market capitalization
There was a downside extension below the USD 3,450 support in bitcoin price . BTC/USD even broke the USD 3,400 support and traded close to the USD 3,350 support. The price is down more than 2% (UTC 08:20 AM) and it seems like there could be more losses below USD 3,350 and USD 3,320 in the near term.
On the upside, there are many hurdles for buyers near the USD 3,420 and USD 3,450 levels. Having said that, a successful close above the USD 3,500 level is must for buyers to push bitcoin back in a positive zone.
Ethereum price settled below the USD 110 and 108 support levels. ETH/USD traded close to the USD 100 support and it is currently consolidating losses.
If there is a proper break and close below USD 100, the price may decline sharply towards the USD 95 or 92 support level. On the upside, an initial resistance is near the USD 108 level, followed by USD 110.
Bitcoin cash, eos and ripple price
Bitcoin cash price failed to hold the USD 112 and 110 supports. BCH/USD declined sharply and tested the USD 105 support. The price is currently trading in a range, but there is a risk of more losses towards USD 100 or USD 95.
EOS tumbled below the USD 2.40 support. Sellers pushed the price below the USD 2.30 and USD 2.20 support levels. The next stop for sellers could be USD 2.12, followed by USD 2.05.
Ripple price is down more than 4% and it broke the USD 0.290 support level. XRP/USD tested the USD 0.280 support and it is currently consolidating losses. It seems like sellers are eyeing further losses below the USD 0.280 and USD 0.275 levels in the near term.
Other altcoins market today
During the past few hours, many small cap altcoins declined and posted losses more than 8%, including BNB, FCT, DGD, KMD, NPXS, ZIL, POLY, IOST, XLM, XTZ and XEM. Out of these, BNB and FCT are down close to 10%.
Overall, there are many bearish signs on bitcoin charts, suggesting more losses below the USD 3,400 support. If BTC/USD continues to bleed, there are chances of a sharp decline towards the USD 3,250 or 3,160 support level. Similarly, ethereum may perhaps break the USD 100 and USD 95 support levels.