Bitcoin and Altcoins Remain at Risk of More Declines
Bitcoin price is facing a strong resistance near USD 10,250 and USD 10,400. Ethereum might dip towards USD 170 and ripple might test the USD 0.245 support. GXC, ALGO and WIN are down more than 10% today.
This week, bitcoin price struggled and settled below the main USD 10,500 support area. BTC/USD even broke the USD 10,400 and USD 10,250 support levels, which are now acting as resistances. Conversely, there was a minor recovery in major altcoins, including ethereum, ripple, BCH, litecoin and EOS. However, continuous decline in bitcoin sparked bearish moves in altcoins. As a result, the crypto market weakened in the past few sessions.
Total market capitalization
In the past three sessions, bitcoin price extended its decline below the USD 10,250 and USD 10,100 levels. BTC/USD even spiked on a couple of occasions below the USD 10,000 support. A new weekly low was formed recently and it seems like the price might continue to slide. On the upside, an immediate resistance is near the USD 10,250 level. However, the main resistance is now near the USD 10,400 level.
On the downside, a clear break and close below the USD 10,000 level is needed for downside acceleration. The next main support is near USD 9,750, below which the price could revisit USD 9,500.
Ethereum price is declining (08:00 UTC) after it failed to surpass the USD 185 resistance level. Bitcoin’s decline is putting pressure on ETH/USD below the USD 180 level. If there is a clear break below USD 175, the price could revisit the USD 170 support area.
On the upside, the price could face strong resistance near USD 182, above which it could test the USD 185 resistance. A convincing break above USD 185 is needed for more gains in the near term.
Bitcoin cash, eos and ripple price
Bitcoin cash price is consolidating below the USD 300 level. If BCH/USD accelerates decline below the USD 295 support, there could be heavy downsides in the near term. The next key support is near the USD 285 and USD 280 levels. On the upside, an initial resistance is near the USD 305 level, followed by the USD 320 level.
EOS is showing positive signs and is trading above the USD 3.650 and USD 3.600 support levels. On the upside, the USD 3.800 and USD 3.850 levels are initial resistance levels, above which the price could accelerate gains above the USD 4.000 level in the coming sessions.
Ripple price failed to stay above the USD 0.258 and USD 0.255 support levels. XRP/USD extended its decline and it seems like the bulls may even struggle to protect the main USD 0.250 support level in the near term. The next major support is near the USD 0.245 level.
Other altcoins market today
In the past three sessions, a few small capitalization altcoins extended their decline by more than 5%, including GXC, ALGO, WIN, DRG, LSK, XVG, XZC, BSV and WTC. Out of these, GXC declined more than 20% and ALGO is down around 11%.
Overall, bitcoin price is trading in a bearish zone and the USD 10,000 and USD 9,750 support zones holds the key. If BTC/USD continues to decline, it could test the USD 9,500 support. On the upside, a close above USD 10,250 and USD 10,400 is needed for more gains.