· 2 min read

Bitcoin and Altcoins Nosedive Below Key Uptrend Supports

Bitcoin price is down 5% and it broke the key USD 10,550 support. Ethereum declined sharply below the USD 355 support, XRP declined over 5% and tested USD 0.230. Uniswap (UNI) and EGLD are down over 20% today.

Bitcoin price failed to settle above the USD 11,000 resistance zone, resulting in a sharp bearish reaction. BTC declined below the USD 10,650 and USD 10,550 support levels. It is currently (08:30 UTC) trading well below USD 10,550 and there are chances of more losses towards USD 10,000.

Similarly, most major altcoins declined heavily below key supports, including ethereum, XRP, litecoin, bitcoin cash, EOS, XLM, LINK, BNB, TRX and ADA. ETH/USD broke the USD 365 and USD 355 support levels, and it tested USD 330. XRP/USD is also down over 5% and it even spiked below the USD 0.232 support zone.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After a couple of failed attempts near USD 11,000, bitcoin price started a sharp decline. BTC declined below the USD 10,550 support zone to move into a negative zone. It traded close to the USD 10,250 support zone and currently consolidating losses. On the upside, the previous support near USD 10,550 and USD 10,650 are likely to act as hurdles for the bulls.

On the downside, the USD 10,200 region is a crucial support. Any further losses could increase the chances of a downside break below the USD 10,000 handle.

Ethereum price

Ethereum price fell more than 8% and it broke many important supports near USD 355. ETH traded close to USD 330 and it is currently correcting higher. However, the price is likely to face a strong selling interest near the USD 350 and USD 355 levels in the near term.

On the downside, the USD 330 level is a decent support. Any further losses may perhaps call for a test of the USD 310 support zone.

Bitcoin cash price declined sharply below the USD 224 and USD 220 support levels. BCH even traded below USD 210 and it is now trading with a bearish angle. On the upside, the recent support at USD 220 is likely to act as a resistance. On the downside, the bulls might attempt to prevent a clear break below the USD 200 support zone.

Chainlink (LINK) is down 10% and it broke the USD 9.20 and USD 9.00 support levels. It tested the USD 8.50 support level and it is currently consolidating losses. If there is a downside break below USD 8.50, there are chances of another sharp decline. The next key support might be near the USD 7.20 level.

XRP price fell sharply below USD 0.242 and USD 0.240 levels. It even spiked below USD 0.232 and USD 0.230. The current price action suggests high chances of more losses below the USD 0.230 and USD 0.228 levels. Conversely, an upside correction could face hurdles near the USD 0.238 and USD 0.240 levels in the coming sessions.

Other altcoins market today

In the past three sessions, many altcoins declined over 15%, including UNI, EGLD, ANT, NEO, SUSHI, HEDG, KSM, STX, AR, REN, BAL, LEND and SC. Out of these, UNI trimmed most gains and declined below the USD 4.50 support.

To sum up, bitcoin price finally reacted to the downside below the main USD 10,550 support. If BTC struggles to recover, there is a risk of more losses below the USD 10,200 and USD 10,000 support levels.

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