11 Dec 2020 · 2 min read

Bitcoin and Altcoins Signaling Additional Losses

Bitcoin price seems to be following a bearish path below USD 18,200. Ethereum traded below USD 550, XRP is still holding the USD 0.550 support. AMPL, AAVE, and LRC are down over 8%.

There was a fresh bearish reaction in bitcoin price from the USD 18,500 resistance. BTC traded below the USD 18,200 level and it even declined below USD 18,000. The price is currently (05:00 UTC) consolidating near USD 18,000 and it seems like the bears are aiming more downsides towards USD 17,650 or USD 17,500.

Similarly, there are bearish signs emerging for most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD is down 3% and it broke the USD 550 support level. Conversely, XRP/USD is still above USD 0.550, but it is struggling to gain bullish momentum.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

There was another bearish wave in bitcoin price below the USD 18,200 support. BTC even traded below the USD 18,000 level and tested USD 17,700. It seems like there are chances of more downsides below the USD 17,800 and USD 17,650 levels. The next key support is near USD 17,500, below which the bears might aim for a test of USD 17,250.
On the upside, the USD 18,200 level is a short-term resistance. The main resistance is forming near the USD 18,450 and USD 18,500 levels.

Ethereum price

Ethereum price is showing a few bearish signs and it recently traded below the USD 560 and USD 550 levels. ETH is holding the USD 540 level, but the current price action suggests more downsides towards the USD 530 level. The next key support could be near USD 522 or USD 520.
If there is a fresh increase, the USD 565 level might act as a strong resistance. The main breakout zone is still near the USD 580 level, above which the price might accelerate higher towards USD 600.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price is down 2% and it might gain bearish momentum below the USD 260 level. In the stated case, BCH could revisit the USD 250 support. Any more downsides might clear the path for a push towards the USD 235 and USD 232 support levels. On the upside, the USD 270 and USD 275 levels are initial hurdles.
Litecoin (LTC) extended its decline and it even broke the key USD 72.20 support level. LTC is still holding the USD 70.00 support, but there is a clear risk of more losses. The next major support is near the USD 65.50 level. Conversely, the price might face resistance near the USD 74.50 and USD 75.00 levels.
XRP price failed to clear the USD 0.580 resistance level and started a minor decline. The price is down 3%, but it is still trading above the USD 0.550 support. If the bears manage to clear USD 0.550, the price might slide towards the USD 0.535 support or even USD 0.520.

Other altcoins market today

In the past few hours, many altcoins declined over 5%, including AMPL, AAVE, XLM, LRC, WAVES, SUSHI, THETA, RSR, MAID, AVAX, VET, XEM, ALGO, and BAT. Out of these, AMPL declined 10% and it is trading below the USD 0.90 support level.

Overall, bitcoin price is showing a few bearish signs and it is trading below USD 18,200. If there is a clear break below USD 17,800 and USD 17,650, the bulls might struggle in the short-term.

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