Bitcoin and Altcoins Sliding, Primed For More Losses
Bitcoin price is declining and settled below the USD 7,200 pivot area. Ethereum tested the USD 140 support and XRP broke the USD 0.220 support. FET and MATIC are down more than 10% today.
In the past few sessions, bitcoin price remained in a bearish zone and settled below the USD 7,350 and USD 7,250 support levels. BTC/USD even broke the USD 7,200 pivot area and it seems like it could attempt a break below the USD 7,000 support area.
Moreover, there were bearish moves in most major altcoins, including ethereum, XRP, bitcoin cash, litecoin, EOS, BNB, ADA, TRX and XLM. ETH/USD declined below USD 145 and tested the USD 140 support. Besides, XRP/USD declined below the USD 0.220 support and it could continue to slide towards USD 0.215.
Total market capitalization
After a close below the USD 7,350 level, bitcoin price mostly followed a bearish path. BTC/USD settled below the USD 7,200 pivot level and it is now (09:00 UTC) showing a lot of bearish signs. If the price continues to move down, there are chances of a bearish break below the USD 7,040 and USD 7,000 levels. The next major support is near the USD 6,850.
On the upside, an initial resistance is near the USD 7,200 level, followed by USD 7,250. The main resistance is near the USD 7,350 level, above which the price might turn green.
Ethereum price extended its decline and traded below the USD 144 and USD 142 support levels. ETH/USD is down more than 2% and it even tested the USD 140 support area. The price is currently consolidating above USD 140, with resistances near USD 142 and USD 144.
On the downside, a successful close below the USD 140 level could open the doors for a push towards the USD 132 level in the near term.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is now struggling to stay above the USD 205 and USD 200 support levels. Therefore, a downside break below the USD 200 support area could start a strong decline in the near term. The next major support is seen near the USD 185 level. On the upside, the key hurdles are near USD 220.
Litecoin settled below the USD 45.00 support and recently declined below the USD 44.00 level. LTC/USD is gaining momentum and it seems like the bears are eyeing a test of the USD 42.00 level. Any further losses could lead the price towards the USD 40.50 level.
XRP price is slowly gaining bearish momentum and it recently declined below the USD 0.220 support area. XRP/USD is now trading near USD 0.218 and it might continue to decline towards the USD 0.215 support area. On the upside, the previous near USD 0.220 and USD 0.222 could prevent gains.
Other altcoins market today
In the past three sessions, a few small capitalization altcoins declined and weakened by more than 5%, including FET, MATIC, MIN, LINK, ENG, RVN, KNC and VET. Out of these, FET is down around 12% and MATIC declined nearly 10%.
Overall, bitcoin is showing a lot of bearish signs below the USD 7,200, USD 7,250 and USD 7,350 resistance levels. As long as BTC/USD is trading below USD 7,350, there is a risk of a downside break in the near term.