Bitcoin And Altcoins Remain At Risk of More Downsides
- Bitcoin price is struggling to recover above USD 9,300 and it could extend its decline.
- Ethereum might decline heavily if it breaks USD 225, and XRP could test USD 0.175.
- SEELE declined nearly 15% and FXC is down 10% today.
Yesterday, we saw a fresh decrease in bitcoin price below the USD 9,300 support. BTC even tested the USD 9,000 support and recently started an upside correction. However, the price is currently (08:30 UTC) struggling to recover above USD 9,300 and it could continue to move lower.
Similarly, most major altcoins are facing an increase in selling pressure, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is facing hurdles near USD 235 and it remains at a risk of more downsides below USD 225. XRP/USD is down around 2% and it seems like it could extend its decline towards USD 0.175.
Total market capitalization
After testing the USD 9,000 support, bitcoin price started an upside correction. BTC recovered above USD 9,200, but it struggling to gain traction above the USD 9,300 level. The current price action suggests that the price could continue to move down below the USD 9,100 and USD 9,000 levels.
To start a steady recovery wave and a nice upward move, the price is likely to rise towards the USD 9,500 and USD 9,550 resistance levels.
Ethereum price found support near the USD 225 level and recently recovered above USD 230. However, ETH is facing a strong resistance near the USD 235 level. If there is a clear break above USD 235, the price might recover towards USD 250.
On the downside, the USD 228 and USD 225 support levels hold the key. A clear break below USD 225 could open the doors for a sharp decline towards USD 205.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is currently consolidating near the USD 230 level and it remains at a risk of more losses towards the USD 225 and USD 220 levels. On the upside, the USD 235 level is initial resistance. The main resistance is near the USD 240 level, above which the price might rise towards the USD 250 resistance level.
Litecoin broke the main USD 42.00 support level to move into a bearish zone. LTC is now at risk of a bearish break below the USD 40.00 support level. If there is a daily close below USD 40.00, the bears are likely to aim a test of the USD 36.50 support. Conversely, the price is likely to struggle to recover above the USD 43.20 resistance.
XRP price is now trading well below the USD 0.182 pivot level and it seems like there are chances of a push towards the USD 0.175 level. The next major support is near the USD 0.168 level. On the upside, the bulls are likely to face a strong selling interest near the USD 0.182 and USD 0.185 levels.
Other altcoins market today
In the past three sessions, many small altcoins declined over 5%, including FXC, SEELE, CHSB, LEND, DCR, ZIL, WAXP, KMD and BNT. Conversely, LRC, COMP, CEL and ETN are up more than 5%.
Overall, bitcoin is trading in a bearish zone below the USD 9,300 resistance level. Therefore, there are high chances of more losses below the USD 9,000 support level. If not, the price could recover above USD 9,300 and USD 9,350.