Bitcoin and Altcoins Signaling Bearishness Below Key Supports
Bitcoin price is struggling to stay above the USD 9,000 support zone. Ethereum tested the USD 230 support and XRP spiked below USD 0.190 before correcting higher. AMPL rallied more than 40% and AOA is up over 35% today.
Bitcoin price started following a bearish path after it failed to clear the USD 9,300 resistance. BTC declined below the USD 9,150 support level and it even dived below USD 9,050. The price found support close to USD 9,000 and it is currently (08:30 UTC) correcting higher.
Similarly, there were bearish moves in most major altcoins, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, and ADA. XLM outperformed and gained more than 10% to clear the USD 0.1000 resistance. ETH/USD is showing bearish signs and it recently tested the USD 230 support. XRP/USD traded below the USD 0.190 support, but the price recovered above USD 0.192.
Total market capitalization
After a bearish rejection, bitcoin price started a downward move below the USD 9,200 and USD 9,150 levels. BTC even broke the USD 9,050 level, but it remained stable above USD 9,000. The price is currently recovering towards the USD 9,150 level. The first major resistance is near the USD 9,200, above which the price might retest USD 9,300.
If there is no recovery above the USD 9,200 resistance, bitcoin might resume its decline. The main support is near the USD 9,000 level, below which it could dive towards USD 8,800 or even USD 8,650.
Ethereum price gained bearish momentum below the USD 235 support. ETH even tested the USD 230 support level and it is currently correcting higher. The previous support near USD 235 and USD 236 might act as a hurdle for the bulls in the next 2-3 sessions.
A clear break above USD 236 might push the price towards the USD 240 and USD 242 levels. If not, the price might dive further below the USD 230 support level.
Bitcoin cash, ADA and XRP price
Bitcoin cash price broke the USD 222 and USD 220 levels. BCH traded close to the USD 215 level and it is currently correcting higher above USD 220. On the upside, the USD 228 level might act as a strong barrier for a strong recovery. If the price fails to recover above USD 228, it could resume its decline towards USD 215 and USD 205.
ADA failed to stay above the USD 0.130 support and it declined below USD 0.125. The price is currently declining and it might continue to move down towards the USD 0.120 level. Any further losses may perhaps call for a larger correction towards USD 0.112 or USD 0.108.
XRP price extended its decline below the USD 0.192 support. It even broke the USD 0.190 support, but recovered in the past few hours. The price is currently trading above USD 0.192, but it might struggle to gain bullish momentum above USD 0.195. On the downside, the price might accelerate losses if there is a close below USD 0.190.
Other altcoins market today
In the past three sessions, a few altcoins rallied over 10%, including AMPL, AOA, ALGO, LEND, SNX, ENJ, HOT, XLM, and BAT. Out of these, AMPL surged 41% and it broke the USD 2.400 level.
Overall, bitcoin price is moving further into a bearish zone below USD 9,300. If BTC fails to stay above the USD 9,000 support, it could start a sustained downward move in the coming sessions.