Bitcoin and Altcoins Still in a Downtrend
Bitcoin price is sliding again and it is trading below USD 6,850. Ethereum tagged the USD 120 support and XRP traded to a new 2-year low below USD 0.180. KNC, LUNA, SNX, FET and DGD are down more than 10% today.
This week, bitcoin price faced a strong rise in selling pressure below USD 7,000. As a result, BTC/USD even failed to stay above the USD 6,850 support. Recently, the price declined below USD 6,650 and tested the USD 6,550 support area.
Similarly, there were heavy downsides in most major altcoins, including ethereum, XRP, bitcoin cash, litecoin, EOS, BNB, ADA, TRX and XLM. ETH/USD is down more than 7% and it even tested the USD 120 support area. XRP/USD declined heavily and it broke many supports near USD 0.1900 and USD 0.1850.
Total market capitalization
After a downside break below USD 7,000 bitcoin price failed to recover and extended its decline below the USD 6,850 support area. BTC/USD even declined below the USD 6,650 support and tested the USD 6,550 support zone. It is currently (09:00 UTC) consolidating above USD 6,550, with many hurdles on the upside.
An initial resistance is near the USD 6,750 and USD 6,850 levels. The main hurdle on the upside is near the USD 7,000 level, above which the price could start a decent upside correction. On the downside, the main support for bitcoin is now near USD 6,550, below which it might test USD 6,250.
Ethereum price extended its slide below the USD 130 support area. ETH/USD even failed to stay above the USD 125 support area and tested the USD 120 support. It is currently correcting higher, but upsides are likely to face hurdles near USD 125 and USD 126.
On the downside, if the price fails to stay above the USD 120, there is a risk of a sharp decline towards the USD 112 and USD 110 support levels.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price declined more than 10%. BCH/USD even struggled to stay above the USD 182 and USD 180 supports. It is now trading near the USD 175 level, with an immediate support near the USD 172 and USD 170 levels. On the upside, the previous supports near USD 185 and USD 188 are likely to prevent gains.
Litecoin is down close to 6% and it broke the USD 38.50 support area. LTC/USD is now trading near the USD 37.00 level and it seems like the next stop for the bears could be near the USD 35.00 level. On the upside, the price is likely to face resistance near USD 39.00 and USD 40.00.
XRP price broke many key supports recently near USD 0.200, USD 0.192 and USD 0.185. XRP/USD even spiked below USD 0.180 and it is currently correcting higher. However, upsides are likely to remain capped near USD 0.185 and USD 0.192.
Other altcoins market today
In the past three sessions, many few small capitalization altcoins declined more than 8%, including KNC, LUNA, SNX, FET, DGD, DCR, MIOTA, BCH, XTZ, BTS, MKR and BAT. Out of these, KNC is down more than 15% and LUNA declined nearly 15%.
To sum up, bitcoin is trading in a strong downtrend below USD 7,000. If buyers fail to defend more losses near USD 6,550, there is a risk of further downsides towards the USD 6,250 and USD 6,120 support levels in the near term.