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Bitcoin and Altcoins Target Additional Weakness

  • Bitcoin price settled below the USD 6,400 pivot, which is a bearish sign.
  • Ethereum, bitcoin cash and ripple are under a lot of bearish pressure.
  • VET, WTC, REP and EOS posted roughly 10% losses.

During the past few sessions, there was a rise in the bearish pressure on bitcoin after it failed to settle above USD 6,550. BTC/USD started a downside move and broke the USD 6,420 and USD 6,350 support levels. It is currently trading near the USD 6,250 support with a few bearish signs. Similarly, ethereum settled below USD 200 - USD 205 and it seems like it could continue to move down. Overall, the current market sentiment is bearish and if bitcoin price fails to recover above USD 6,400, there could be more declines in the coming days.

Total market capitalization

Bitcoin and Altcoins Target Additional Weakness 101
Source: coinmarketcap.com

Bitcoin

Bitcoin price started a new bearish wave and broke the USD 6,420, USD 6,350 and USD 6,300 support levels. There was even a spike below the USD 6,250 level before buyers appeared near USD 6,200. The price is currently (UTC 08:40 AM) recovering and but it is likely to face sellers near the USD 6,300 and USD 6,400 resistance levels.
On the downside, the most important support is near the USD 6,200 level. Below this, there are chances of more losses in the near term towards the USD 6,100 and USD 6,000 support levels.

Ethereum

Ethereum trimmed most of its gains - ETH/USD is currently down 8% and is trading with a bearish angle below the USD 205 support.
If sellers remain in action, there could be sharp losses towards the USD 180 and USD 175 support levels. On the upside, the USD 205 and USD 210 levels are now likely to act as resistances. The weekly barriers for buyers is near the USD 225 - USD 230 zone.

Bitcoin cash and ripple

Bitcoin cash price is down around 7% and is currently trading above the USD 400 support. If BCH/USD breaks the USD 400 support, there could be further declines in the near term. On the upside, the broken supports near the USD 440 and USD 450 levels are likely to act as hurdles for buyers.
Ripple price is stable above the USD 0.270 level, but it is also trading in a bearish zone. XRP/USD may continue to move down towards the USD 0.260 and USD 0.250 support levels later this week.

Other altcoins market today

Many small cap altcoins posted around 10% loss during the past few hours, including AOA, XIN, MOAC, ELA, BAT, VET, WTC, DGD, ARK, REP, EOS and ELF.

Overall, bitcoin is back where it started and is trading near key support zone at USD 6,200. Should there be a downside break below USD 6,200, it could increase heavy selling pressure on BTC/USD and altcoins in the coming days.
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Bitcoin and Altcoins Target Additional Weakness 102
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