Bitcoin And Altcoins Start Fresh Decrease After Crucial Rejection
Bitcoin price was rejected near USD 9,550 and recently declined below USD 9,300. Ethereum broke the USD 230 support and XRP is now well below USD 0.190. LEND rallied more than 15%, plus NEXO gained over 10% today.
Yesterday, bitcoin started a fresh decrease after it failed to climb above USD 9,500. BTC gained bearish momentum today and broke the USD 9,300 support level. It seems like the price is likely to continue lower towards the USD 9,050 and USD 9,000 support levels.
Similarly, most major altcoins started a fresh decline after they failed to clear weekly resistances, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is currently (08:30 UTC) trading below the USD 230 support and it might decline to USD 220. XRP/USD is gaining bearish momentum and it could revisit the USD 0.182 support.
Total market capitalization
Recently, bitcoin price saw an increase in selling pressure below the USD 9,400 level. BTC followed a bearish path and traded below many major supports near USD 9,300. It has opened the doors for more losses and the price might continue to move down towards the USD 9,050 and USD 9,000 support levels. Any further losses could lead it to USD 8,800.
To start a decent recovery wave, the price must surpass the USD 9,400 level. However, the main hurdle is still near the USD 9,550 level.
Ethereum price reacted to the downside and traded below the USD 232 and USD 230 support levels. ETH is approaching the USD 225 support, below which the bears are likely to aim a test of the USD 218 swing low.
On the upside, the previous support near USD 230 and USD 232 are likely to act as hurdles. The key resistance to start a rally is seen near the USD 235 level.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price failed to stay above the USD 240 level and started a downward move. BCH is now approaching the USD 230 support. If the bears remain in action, the price could continue to move down towards the USD 220 support. The bulls are now facing a major resistance near USD 238 and USD 240.
Litecoin is following a bearish path and it seems like the price may even struggle to stay above the USD 42.20 support. In the mentioned bearish case, LTC could dive towards the USD 40.00 support. Any further losses could lead it towards the USD 38.00 pivot level. On the upside, the USD 44.50 and USD 45.00 levels are key breakout zones.
XRP price failed to stay above the USD 0.192 and USD 0.192 support levels. The price is currently declining and trading well below USD 0.190. It seems like there are high chances of a move towards USD 0.182. Conversely, the price must surpass the USD 0.190 and USD 0.192 resistance levels to start a fresh upward move.
Other altcoins market today
In the past three sessions, a few small altcoins rallied more than 10%, including FXC, ERD, LEND, NEXO, RLC and HYN. Conversely, RUNE, ARK, CHSB, XVG and DGB are down more than 10%.
To sum up, bitcoin price started a strong decline after it was rejected near the USD 9,550 resistance. The current price action suggests BTC might continue to move down towards USD 9,000 in the coming sessions. On the other hand, it might be very hard to clear the USD 9,400 and USD 9,550 resistance levels.