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Bitcoin and Altcoins Showing Signs of Bearish Continuation

  • Bitcoin price failed to surpass USD 10,800, and started a fresh decrease.
  • Ethereum declined 5% and tested the USD 335 support, XRP settled below USD 0.250.
  • EGLD, LEND, YFI, and UNI are down around 15% today.

Bitcoin price failed to surpass the USD 10,800 resistance, resulting in a fresh bearish wave. BTC traded below the USD 10,650 support and it even tested the USD 10,550 support zone. The price is currently (08:30 UTC) consolidating losses above USD 10,550 and remains at a risk of more losses.

Similarly, most major altcoins retreated from important hurdles and started a fresh decline, including ethereum, XRP, litecoin, bitcoin cash, EOS, XLM, LINK, BNB, TRX, and ADA. ETH/USD declined sharply from the USD 355 resistance and it tested the USD 335 support. XRP/USD trimmed all its yesterday’s gains and settled below the USD 0.250 pivot level.

Total market capitalization

Bitcoin and Altcoins Showing Signs of Bearish Continuation 101
Source: www.tradingview.com

Bitcoin price

After another failed attempt near USD 10,800, bitcoin price started a fresh decline. The bears were able to push BTC below USD 10,650, but the bulls defended the USD 10,550 support. The price is currently consolidating losses, with an immediate resistance at USD 10,680. The key resistance is still near the USD 10,800 level.
If the price fails to recover higher, there are chances of more downsides below the USD 10,550 support. In this case, the bears might aim a test of the USD 10,250 support.

Ethereum price

Ethereum price also failed to clear a major hurdle near the USD 355 level. ETH declined nearly 5% and it even tested the main USD 335 support level. It is correcting higher, but it might face a strong selling interest near the USD 345 and USD 350 levels.
The USD 335 support holds the key in the near term. If ETH fails to stay above USD 335, it could spark a larger decline towards the USD 310 support level.

Bitcoin cash price seems to be trading in a range between the USD 210 and USD 220 levels. A proper close above the USD 220 resistance could start a steady increase. Conversely, the price might move down towards the USD 200 handle. Any further losses may perhaps put a lot of pressure on buyers.
Chainlink (LINK) seems to be forming a major top this month and it is now trading well below USD 10.00. The first major support is near the USD 8.50 level, below which there are real chances of another test of the USD 8.00 support. The next major support is near the USD 7.20 level.
XRP price failed to settle above USD 0.255 and started a fresh decline. It broke the USD 0.250 pivot level and even tested the USD 0.245 support. Any further losses could lead the price towards the USD 0.240 support. On the upside, the USD 0.250 might act as a resistance in the next 2-3 sessions.

Other altcoins market today

In the past three sessions, many small capitalization altcoins declined over 10%, including EGLD, LEND, YFI, UNI, KSM, TMTG, LRC, BAL, OCEAN, UMA, SXP, SOL, EWT, NXM, OXT, and COMP. Conversely, EOS gained 5%,

Overall, bitcoin price faced another rejection near USD 10,800. BTC is now trading near a major support zone at USD 10,550, below which there is a risk of a sharp decline to USD 10,250 or even USD 10,000.
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Bitcoin and Altcoins Showing Signs of Bearish Continuation 102

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