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Bitcoin and Altcoins Signaling Downside Break

  • Bitcoin price declined 2% and it traded below USD 19,000.
  • Ethereum failed to stay above USD 600 and USD 595, XRP dropped 5% and settled below USD 0.600.
  • QTUM, RSR, and ICX are down over 5%.

Bitcoin price failed to extend gains above USD 19,500. As a result, BTC reacted to the downside below the USD 19,200 and USD 19,000 support levels. The price is currently (13:00 UTC) trading below USD 19,000 and it seems like there are chances of more downsides below USD 18,800 and USD 18,500.

Similarly, there was a downside break in most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD broke the key USD 600 support level and even traded below USD 595. XRP/USD declined over 5% and it traded below the main USD 0.600 support zone.

Total market capitalization

Bitcoin and Altcoins Signaling Downside Break 101
Source: www.tradingview.com

Bitcoin price

After a rejection near USD 19,500, bitcoin price reacted to the downside. BTC broke the USD 19,000 support level to enter a short-term bearish zone. The price is approaching the USD 18,800 support and it seems like it could continue to move down towards the USD 18,500 support. Any more losses might call for a push towards USD 18,200.
On the upside, the previous support near USD 19,000 may possibly act as a resistance. The main resistance is still near the USD 19,500 level.

Ethereum price

Ethereum price followed a similar pattern and declined below the USD 600 support. ETH is down 3% and it is trading near the USD 590 level. An initial support is near USD 585, followed by USD 580. A downside break below USD 580 might call for a push towards the USD 570 level.
On the upside, the price could struggle to clear the USD 598 and USD 600 resistance levels. A close above USD 600 is a must to start a fresh increase towards USD 615 and USD 620.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price is now trading well below the USD 300 level. BCH traded below the USD 290 level and it might continue to slide towards the USD 282 and USD 280 levels. The next key support sits near the USD 270 level. On the upside, the bulls might face a strong selling interest near the USD 300 level.
Litecoin (LTC) is moving lower below the USD 86.50 support level. LTC is testing the USD 85.00 level and it could soon retest the USD 83.20 support. Any more losses might call for a push towards the USD 80.50 and USD 80.00 support levels. On the upside, the price might face resistance at USD 88.50.
XRP price declined heavily after it failed on many occasions to gain pace above the USD 0.635 level. The price is down over 5% and it traded below the USD 0.600 support. The next major support is at USD 0.575, below which the price might dive towards the USD 0.550 support.

Other altcoins market today

In the past few hours, many altcoins declined over 5%, including QTUM, RSR, ICX, ZIL, HBAR, SNT, DGB, ENJ, MIOTA, LTC, NMR, NANO, SNX, UMA, and UNI. Out of these, QTUM is gaining bearish momentum and it could trade below the USD 2.65 support.

To sum up, bitcoin price broke the USD 19,000 support to enter a short-term bearish zone. BTC is now at a risk of more losses below the USD 18,800 and USD 18,500 support levels in the near term.
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Bitcoin and Altcoins Signaling Downside Break 102

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