Bitcoin and Altcoins Start Fresh Decrease, Bulls In Check
- Bitcoin price started a fresh decline below the USD 7,350 support area.
- Ethereum is now well below USD 150 and XRP is struggling to stay above USD 0.220.
- MIN rallied more than 50% and DGD is up close to 15% today.
After a failed attempt to clear the USD 7,550, bitcoin price started a fresh decline. BTC/USD broke the USD 7,400 support area and even the USD 7,350 pivot level. The price is now (09:00 UTC) struggling to stay above USD 7,200 and it may continue to move down.
Similarly, there was a fresh decrease in most major altcoins, including ethereum, XRP, bitcoin cash, litecoin, EOS, BNB, ADA, TRX and XLM. ETH/USD is now trading below the USD 150 resistance level. Moreover, XRP/USD is now trading near USD 0.220 and it could continue to move down towards USD 0.215.
Total market capitalization
In the past few sessions, bitcoin price started a steady decline below the USD 7,400 and USD 7,350 levels. BTC/USD is now trading below USD 7,300 and it seems like the price is even struggling to stay above the USD 7,200 level. If there are more downsides, the price could even decline below the USD 7,000 support.
On the upside, an initial resistance is near the USD 7,300 level, but the main resistance is near the USD 7,350 level. If there is a clear break above USD 7,350, the price could recover above USD 7,400.
Ethereum price is trading in a range below the USD 150 and USD 152 resistance levels. On the downside, the main range supports are near USD 144 and USD 142. If there is a downside break below USD 142, the price is likely to accelerate towards USD 135.
On the upside, the price must surpass the USD 150 and USD 152 resistance levels to continue higher. However, a close above USD 155 is needed for a sustained upward move.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is now trading well below USD 210 and it seems like the bulls are struggling to stay above the USD 205 and USD 200 support levels. BCH/USD might continue to struggle and if it breaks the USD 200 support, the bears are likely to aim the USD 185 support area.
Litecoin is currently trading below the USD 45.00 pivot level and it seems like the price could continue to move down towards USD 43.20. Any further losses are likely to lead the price towards the USD 41.50. LTC/USD must surpass the USD 46.50 resistance to start a fresh increase in the near term.
XRP price is down more than 4% from the monthly high and it is now trading below the USD 0.225 support. XRP/USD is trading near the USD 0.221 support and it could decline sharply below the USD 0.220 and USD 0.218 levels. On the upside, the main hurdles are near the USD 0.225 and USD 0.226.
Other altcoins market today
In the past three sessions, a few small capitalization altcoins recovered more than 5%, including MIN, DGD, ENJ, FET, BCN, ENG, SLV and DCR. Out of these, MIN is up more than 50% and DGD gained nearly 15%.
Overall, bitcoin is declining and it seems like the bears are aiming a downside break below USD 7,200 and USD 7,150. In the mentioned case, BTC/USD may perhaps revisit the USD 7,000 handle or even decline towards USD 6,850.