Bitcoin and Altcoins Signaling Bearish Continuation
Bitcoin price failed to gain above USD 11,000 and declined below USD 10,000. Ethereum dived below the USD 200 support and ripple price tested the USD 0.284 support. ICX, CRO, EGT and QNT are down more than 20% today.
Yesterday, we discussed the importance of the USD 11,000 resistance. BTC/USD made an attempt to continue higher, but the bulls failed to gain momentum. As a result, bitcoin price started a fresh decline and broke a few important supports near the USD 10,200 and USD 10,000 level. The price declined more than 14% and traded to a new monthly low near USD 9,250. Similarly, there were heavy downsides in ethereum, ripple, bitcoin cash, EOS, litecoin, and binance coin. ETH/USD even broke the USD 200 support level and XRP/USD tested the key USD 0.284 support area. The crypto market is currently (08:10 UTC) recovering, but upsides are likely to remain capped.
Total market capitalization
After a strong rejection near USD 11,000, bitcoin price started a fresh decline. It weakened around 15% and broke the main USD 10,000 support level. A new monthly low was formed near USD 9,250 and the price recently started an upside correction. It is currently trading above USD 9,400, with an immediate resistance near USD 9,600 and USD 9,640.
The main resistance on the upside is near USD 9,800, above which the bulls may attempt to push the price above the USD 10,000 level. If the price fails to continue higher, it is likely to slide below USD 9,400. The key support is at USD 9,250, below which it could even test USD 9,000.
Ethereum price declined below the USD 220 and USD 200 support levels. ETH/USD traded towards the USD 192 level and it is currently correcting higher. An immediate resistance is near the USD 210 level, above which the price may test the USD 220 pivot level.
On the downside, the recent low near USD 192 and the USD 190 level might act as supports. If there are more losses, the price will most likely test the USD 180 level in the near term.
Bitcoin cash, eos and ripple price
Bitcoin cash price struggled to stay above the USD 300 level yesterday and recently declined below the USD 280 support. BCH/USD tested USD 270 and it is currently correcting higher. However, the price may face a strong resistance near the USD 300 and USD 308 levels.
EOS extended losses below the key USD 4.100 and USD 4.000 support levels. The price traded to a new monthly low near USD 3.350 and it is currently consolidating losses. An immediate resistance is at USD 3.800, followed by USD 3.920.
Ripple price also declined below the last swing low and traded below the USD 0.290 level. XRP/USD tested the USD 0.284 support level and it is currently correcting higher. If the bulls clear USD 0.307, the price may continue to recover in the near term.
Other altcoins market today
In the past three sessions, many small cap altcoins extended losses and declined more than 15%, including ICX, CRO, EGT, QNT, WTC, VEST, BTT, ABBC, ENJ, DASH, LINK and ETN. Out of these, ICX declined more than 30% and CRO is down nearly 25%.
Overall, bitcoin price broke many important supports after it failed to continue above the USD 11,000 pivot level. Therefore, any recovery in the short term may face hurdles and BTC/USD is likely to resume its decline below USD 9,400 and USD 9,200.