Bitcoin and Altcoins Target Fresh Monthly Lows
Bitcoin price is following a downtrend below USD 8,800 and USD 8,650. Ethereum is testing the USD 182 support and XRP is now below USD 0.270. Verge (XVG) surged more than 35% and SELLE gained nearly 20% today.
This week, bitcoin followed a bearish path below the USD 9,000 and USD 8,800 support levels. BTC/USD even traded below the USD 8,650 support and it is now (09:00 UTC) trading just above the USD 8,500 support. The current price action suggests that there could be more losses below USD 8,500.
Similarly, most major altcoins declined this week and lost many key supports, including ethereum, XRP, bitcoin cash, litecoin, EOS, BSV, ADA and XLM. ETH/USD broke the USD 185 support and recently tested the USD 182 support area. XRP/USD is currently under a lot of pressure and it may even break the USD 0.260 support area.
Total market capitalization
After a close below the USD 8,750 level, bitcoin price extended its decline. BTC/USD even broke the USD 8,650 support and traded close to the USD 8,500 level. On the upside, there are many resistances forming near the USD 8,750 and USD 8,800 levels. If there is a clear break above the USD 8,850 level, the price could start a decent recovery.
Conversely, the price may perhaps continue to move down below USD 8,550 and USD 8,500. The next major support is near the USD 8,320 level, where the bulls are likely to take a stand in the near term.
Ethereum price is failed to stay above the USD 185 support and extended its decline as discussed yesterday. ETH/USD is now trading near the USD 182 support and it could even test the USD 180 support area.
On the upside, the USD 185 level is an initial resistance area. The main resistances on the upside are near the USD 188 and USD 190 levels, above which the price is likely to start a strong recovery.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price failed to stay above the key USD 280 support area. As a result, BCH/USD extended its decline and traded close to the USD 270 level. The next major support is near the USD 265 level, below which the price is likely to test the USD 250 area. On the upside, the USD 280 and USD 285 are now hurdles for a fresh increase.
Litecoin is also following bitcoin and it traded below the key USD 62.00 and USD 60.50 support levels. LTC/USD is currently under a lot of pressure and it may perhaps test the USD 58.00 support area. To recover, the price must climb above USD 62.00.
XRP price is declining steadily and it settled below the USD 0.270 support area. XRP/USD is now approaching the USD 0.262 and USD 0.260 support levels. Any further losses might trigger a move towards the USD 0.250 support area.
Other altcoins market today
In the past three sessions, a few small capitalization altcoins jumped more than 10%, including VEE, XVG, SEELE, VET, ZEN, XTZ and DCR. Out of these, XVG surged more than 35% and SEELE is up nearly 20%.
To sum up, bitcoin is still following a downtrend and there are no signs of a recovery above the USD 8,850 and USD 9,000 resistance levels. Therefore, there is a risk of more losses below the USD 8,500 support level in the near term.