Bitcoin and Altcoins Reversing Gains With Bearish Angle
Bitcoin price is down c. 3% and it is trading below the key USD 7,350 pivot level. Ethereum is now back below USD 130 and XRP is struggling to stay above USD 0.190. BCN rallied more than 40% and MAID is up close to 15% today.
Yesterday, we saw a strong upward move in bitcoin price above the USD 7,350 and USD 7,550 resistance levels. However, BTC/USD struggled to gain momentum above USD 7,650 and it is currently (09:00 UTC) correcting lower. The price is trading below the key USD 7,350 pivot level and it is facing an increase in selling pressure.
Similarly, most major altcoins are down and gaining bearish momentum, including ethereum, XRP, bitcoin cash, litecoin, EOS, BNB, ADA, TRX and XLM. ETH/USD is back below the USD 130 level and it is holding the USD 125 support. XRP/USD is struggling to continue above USD 0.195 and it might break the USD 0.190 and USD 0.185 support levels.
Total market capitalization
After tagging the USD 7,650 resistance, bitcoin price started a fresh decline. BTC/USD declined below the USD 7,550 level and USD 7,400. More importantly, the price settled below the USD 7,350 pivot level, opening the doors for more losses. The price is now trading below USD 7,300 and it could continue to decline below USD 7,200.
The main supports are near USD 7,100, below which there is a risk of a sharp decline. On the upside, the USD 7,350 and USD 7,400 levels are likely to act as hurdles for the bulls.
Ethereum price also followed bitcoin and trimmed most gains from the USD 135 resistance area. ETH/USD is now trading below the USD 130 support and it is holding the USD 125 support. If there is a downside break below USD 125, the price could revisit USD 120.
On the upside, the USD 130 and USD 132 levels are initial hurdles. The main hurdle for the bulls is near the USD 135 level.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price failed to continue above the USD 200 resistance are and it is currently declining. An initial support is near the USD 185 level, below which the bears might target the USD 170 support level. On the upside, the bulls need to gain strength above USD 195 and USD 200.
Litecoin topped near the USD 42.50 resistance area and declined below USD 41.20. LTC/USD is currently trading near the USD 40.00 support level, below which there is a risk of a sharp decline. The next major support is seen near the USD 38.50 level.
XRP price remained below the USD 0.200 resistance and it recently declined below the USD 0.192 support. It seems like XRP/USD might continue to decline and it could even trade below the USD 0.185 support level in the near term. On the upside, the key barriers are near USD 0.200 and USD 0.202.
Other altcoins market today
In the past three sessions, many small capitalization altcoins declined more than 5%, including AE, BCD, ADK, VSYS, NEX, CRPT, SLV, NEXO, TRX, MATIC and QNT. Out of these, AE declined close to 10% and BCD is down 9%.
Overall, bitcoin price is back to the weekly pivot zone and trading near the key USD 7,200 and USD 7,100 support levels. If BTC/USD fails to stay above the USD 7,100 level, there is a risk of a sharp decline towards USD 6,850 or USD 6,700.