Bitcoin and Altcoins Start Fresh Bearish Wave
- Bitcoin price is moving lower and testing the USD 9,550 support area.
- Ethereum is down 3% to USD 260 and XRP is approaching the USD 0.262 support.
- Many altcoins are down more than 10% today.
Yesterday, bitcoin struggled to continue higher above the USD 9,850 resistance area. As a result, BTC/USD started a fresh decrease and broke the USD 9,650 support area. The price is now trading near the USD 9,550 support, below which it could accelerate its decline towards USD 9,200.
Similarly, there were bearish moves in most major altcoins, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD declined below the USD 265 support and even spiked below USD 260. Besides, XRP is sliding steadily and it may soon test the USD 0.262 support level in the near term.
Total market capitalization
Recently, bitcoin price declined below USD 9,850 and USD 9,700. BTC/USD even settled below USD 9,650 and it is testing the USD 9,550 support level. The price is currently (09:00 UTC) trading with a bearish angle and it could continue to move down below USD 9,550 and USD 9,500. The next major support is seen near the USD 9,250 and USD 9,200 levels.
On the upside, the first resistance is near the USD 9,650 level. However, the main resistance is near the USD 9,850 level, above which bitcoin could start an upward move towards USD 10,200 or even USD 10,500.
Ethereum price is sliding and it is down more than 3% today. ETH/USD settled below USD 265 and it is currently struggling to stay above the USD 260 support. If there are more downsides, the bulls may perhaps attempt to protect the USD 255 support.
If the price starts an upward move, it could struggle near USD 265. The key resistance is now near USD 270, above which the price is likely to climb steadily towards the USD 285 resistance area.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price struggled to start a fresh increase above the USD 385 and USD 392 resistance levels. BCH/USD is currently sliding and trading near the USD 365 support. If the bears gain traction, there is a risk of a sharp decline below USD 360 and USD 350 in the coming sessions.
Litecoin is holding ground above the USD 74.00 level and the USD 72.50 support level. LTC/USD could start an upward move if it surpasses the USD 76.50 resistance level. If not, there are chances of a strong decline towards the USD 70.00 support level.
XRP price is following a bearish structure below the USD 0.275 and USD 0.268 levels. It seems like the bears are aiming a test of the USD 0.262 support. Any more downside might trigger a drop towards the USD 0.250 support level. On the upside, there are key hurdles seen near USD 0.272 and USD 0.275.
Other altcoins market today
In the past three sessions, many small-capitalization altcoins are down more than 8%, including SC, WICC, HBAR, SNT, ELF, SXP, KNC, WAXP, ICX, XEM, LINK, WAVES, MATIC, and MANA. Out of these, SC is down around 16% and WICC declined nearly 15%.
Overall, bitcoin is showing a few negative signs below the USD 9,650 and USD 9,850 levels. If BTC/USD fails to stay above USD 9,550 and USD 9,500, there could be a sharp decline. Conversely, it could retest the USD 10,050 resistance area.