Bitcoin and Altcoins Nosedive Into Red Zone
Bitcoin declined sharply and broke the USD 5,350 and USD 5,220 support levels. Ethereum broke the key USD 160 support and ripple price is rebounding from USD 0.285. NULS, BAT, MKR and ENJ are down more than 10% today.
The past two sessions saw a lot of volatility and swing moves in bitcoin and altcoins. Tether drama sparked bearish moves in BTC and the price tumbled below the main USD 5,350 and USD 5,220 support levels. The price even declined below USD 5,000 and recently recovered above USD 5,200. Similarly, there were sharp declines in altcoins such as ethereum, ripple, bitcoin cash, EOS, litecoin, NEO, ADA and TRX. The market turned red and it may struggle in the near term.
Total market capitalization
During the recent decline, bitcoin price settled below the key uptrend support at USD 5,350. It opened the doors for more losses and the price declined below the USD 5,220 and USD 5,150 support levels. The price even dropped below USD 5,000 before staging a decent rebound above USD 5,150 and USD 5,200.
However, the price is likely to face a strong resistance near the USD 5,300 and USD 5,350 resistance levels in the near term. On the downside, the main supports are USD 5,150, USD 5,120 and USD 5,000.
Ethereum price extended losses and even broke the key USD 160 support level. ETH declined more than 5% and broke the USD 155 support as well.
It traded close to the USD 150 support and recently recovered above USD 154. On the upside, there are many hurdles near the USD 158, USD 160 and USD 162 levels. If there is a fresh decline, the price could clear the USD 150 support level.
Bitcoin cash, eos and ripple price
Bitcoin cash price extended losses below the USD 270 support and tested the USD 265 level. BCH/USD is currently down around 3% and it is testing the previous support (now resistance) at USD 270. The next key resistances are near the USD 275 and USD 278 levels. On the downside, a break below USD 265 might push the price towards USD 260.
EOS declined and tested the USD 4.50 support level. It is currently recovering above USD 4.65, but it is likely to face a lot of offers near the USD 4.75 and USD 4.80 resistance levels.
Ripple price declined heavily below the USD 0.300 and USD 0.292 support levels. XRP/USD even broke the USD 0.288 support and tested USD 0.285. It corrected higher recently, but facing resistance near USD 0.295 and USD 0.298.
Other altcoins market today
There was a sharp decline in the past two sessions and many small cap altcoins weakened by more than 8%, including NULS, BAT, MKR, R, WTC, ENJ, OMG, NANO, GNT, ORBS, ARK, WAVES and XTZ. Out of these, NULS is down around 12% and BAT declined nearly 11%.
To sum up, bitcoin moved down sharply into a bearish zone. If BTC/USD struggles to move back above USD 5,350, there is a risk of a fresh decline below USD 5,150 in the coming sessions, and altcoins are likely to follow the same path.