Bitcoin and Altcoins Resume Downtrend, More Losses Likely
Bitcoin price is under a lot of pressure and is struggling to recover above USD 6,850. Ethereum, Ripple and Bitcoin cash are down more than 10%. Small cap coins are at a risk of further slides if sellers in control.
Bitcoin price traded a few points higher recently above the USD 6,800 level. However, recoveries were capped by the USD 6,850 barrier, resulting in a downside move. Ethereum price is currently under heavy selling pressure and it has settled below the USD 500 handle. Overall, it seems like bitcoin and altcoins are in the red zone and they remain at a risk of more losses.
Yesterday, bitcoin price started an upward correction above the USD 6,700 level. However, BTC/USD failed to recover further above the USD 6,850, which acted as a solid barrier for buyers. It prompted a fresh bearish wave and the price resumed its decline below the USD 6,700 level.
The price is down more than 5% and it seems like bitcoin buyers may struggle to keep the price above the USD 6,500 level. Should there be a downside break, the next support sits around the USD 6,200.
Ethereum price is accelerating declines below the USD 500 level. There was no major upward correction, resulting in a sharp bearish wave of more than 10%. It seems like ETH/USD could test the USD 450 level.
On the upside, resistances are seen near the USD 480, USD 490 and USD 500 levels. The current price action is super bearish and suggesting further slides below USD 460.
Bitcoin Cash and Ripple
Bitcoin cash price corrected toward the USD 900 and USD 920 resistance levels recently, but buyers failed to hold the bias. BCH/USD resumed its bearish trend and broke the USD 880 and USD 850 support levels. The next supports on the downside are at USD 820 and USD 800.
Ripple price was not able to hold the USD 0.55 support area. XRP/USD is moving lower and it may perhaps trade towards the USD 0.50 support, which holds a lot of importance in the near term.
Other Altcoins Market Today
Most small cap altcoins are down today with losses between 5-20%. The current market sentiment suggests that bitcoin and altcoins could move down further in the red zone.
The next major support level to watch out for BTC/USD is USD 6,200. Below this, the price may well test USD 6,000 before staging a recovery.