Bitcoin and Altcoins Resume Downtrend Below Key Supports
- Bitcoin price failed to continue higher and declined below USD 8,200 and USD 8,000.
- Ethereum traded to a new weekly low below USD 170 and ripple is back below USD 0.290.
- Many altcoins are down more than 7%, including VSYS, BCN, DGTX and CRPT.
Earlier this week, bitcoin price started an upside correction and climbed above the USD 8,200 resistance. However, BTC/USD struggled to continue higher above USD 8,250 and USD 8,300. As a result, there was a sharp decline in the past two sessions and the price traded below the USD 8,000 support.
Similarly, there were bearish moves in ethereum, EOS, ripple, bitcoin cash, litecoin, binance coin, ADA and XLM. ETH/USD is down more than 4% and it broke the key USD 170 support area. XRP/USD also declined and trimmed most its recent gains to trade below the USD 0.292 and USD 0.290 support levels.
Total market capitalization
After a failed upside attempt above USD 8,200, bitcoin price resumed its decline. BTC/USD broke the USD 8,150 and USD 8,100 support levels to move back into a bearish zone. The price is now (08:00 UTC) trading below USD 8,000 and it seems to be approaching the USD 7,850 support area. If there are more downsides, the next key support is near USD 7,650.
On the upside, an immediate resistance is near the USD 8,000 level. However, the price must surpass the USD 8,100 and USD 8,150 levels to make a fresh attempt to clear the USD 8,300 resistance area.
Ethereum price is under a lot of pressure and it recently broke the key USD 170 support area. ETH/USD is down more than 4% and it even traded to a new weekly low below USD 168. The next key supports are near USD 162 and USD 160.
On the upside, an initial resistance is near USD 170 (the previous support). If there is an upside break above USD 170, the price could recover towards the USD 172 resistance.
Bitcoin cash, eos and XRP price
Bitcoin cash price failed to clear the USD 235 resistance and started a fresh decline. BCH/USD is down more than 5% and it seems like it could even break the USD 215 support. The next major support for the bulls is near the USD 205 level. On the upside, there are hurdles near USD 225 and USD 230.
EOS struggled to climb above the USD 3.000 and USD 3.050 resistance levels. As a result, there was a fresh decline and the price is now trading near the USD 2.850 support area. If there are more downsides, the price might retest USD 2.650.
XRP price was not able to settle above the key USD 0.300 pivot level and recently started a fresh decline. XRP/USD broke the USD 0.295 and USD 0.292 support levels. It is now trading below USD 0.290 and it could test the USD 0.280 support area.
Other altcoins market today
In the past two sessions, many small capitalization altcoins declined more than 5%, including VSYS, BCN, DGTX, CRPT, CHZ, CENNZ, SNX, XTZ, DOGE, ETC, BSV, NANO and LSK. Out of these, VSYS dived close to 10% and BCN is down around 8%.
Overall, bitcoin failed to continue higher and is now trading in a bearish zone below USD 8,000. Going forward, the USD 7,850 support area could play an important role, below which BTC/USD may perhaps decline heavily.