Bitcoin and Altcoins Signaling Bearish Continuation
- Bitcoin price broke the key USD 3,475 support and moved into a bearish zone.
- Ethereum (ETH) and ripple (XRP) declined more than 5%, with bearish signs.
- HOT and NPXS gained more than 15%.
This past week, we discussed a few important supports for bitcoin near the USD 3,550, USD 3,500 and USD 3,475 levels. Recently, BTC/USD failed to break the USD 3,600 and USD 3,620 resistance levels, resulting in a fresh drop below the USD 3,500 support area. The price even broke the USD 3,475 support to move into a bearish zone. Similarly, there were heavy losses in ethereum, ripple, bitcoin cash, tron, eos and other major altcoins in the past few sessions. Clearly, the market turned red and it seems like there could be more losses in bitcoin and altcoins.
Total market capitalization
After buyers failed to gain momentum above USD 3,600, bitcoin price started a major downward move. BTC/USD broke the USD 3,550, USD 3,500 and USD 3,475 support levels. The pair traded close to the USD 3,400 level and it is currently (UTC 08:30 AM) consolidating losses. On the upside, the previous support near USD 3,500 may now act as a resistance. The main weekly resistance remains near the USD 3,600 level.
On the downside, an initial support is at USD 3,400, below which the price may trade towards the USD 3,220 support level in the near term.
Ethereum price fell sharply below the USD 115 and 112 support levels. ETH/USD even traded below the USD 108 support and moved into a bearish zone.
If there is an upside correction, the previous support near USD 112 might act as a strong resistance. The main weekly resistances are near USD 115 and USD 118. To the downside, buyers could put up a strong fight near the USD 100 - USD 102 support area.
Bitcoin cash, eos and ripple price
Bitcoin cash fell significantly below the USD 125 support. BCH/USD is down more than 10% and it is currently trading near USD 110. If it continues to move down, the next key support awaits at USD 105. On the upside, an initial resistance is at USD 115, followed by the USD 120 barrier.
EOS declined more than 5% and broke the USD 2.40 and USD 2.30 support levels. The price is under pressure, with an immediate support near the USD 2.25 level.
Ripple price faced a solid rise in selling pressure, resulting in a drop below the key USD 0.302 and USD 0.300 support levels. In the short term, there could be a minor upside correction, but the USD 0.306 and USD 0.308 levels are likely to prevent gains.
Other altcoins market today
Despite heavy bearish moves in bitcoin and ethereum, a few small cap altcoins gained traction, including HOT, NPXS and AOA. Out of these, NPXS gained more than 20% and HOT is up around 18%.
Overall, bitcoin traded below key supports, increasing bearish pressure on buyers below USD 3,500. If BTC/USD continues to struggle, there are possibilities of more losses in the coming days. Altcoins such as ethereum, ripple and bitcoin cash might also continue to struggle along with bitcoin.