Bitcoin and Altcoins Trading Near Make-or-Break Levels
Bitcoin price is trading in a downtrend below the USD 10,250 and USD 10,500 resistances. Ethereum could break USD 180 and ripple price is likely to retest USD 0.250. WAN declined close to 20% and NEX is down around 9% today.
This week, bitcoin price started a slow and steady decline from the USD 10,500 resistance area. BTC/USD is currently (08:00 UTC) trading below the USD 10,250 and USD 10,200 support levels. The current price action suggests high chances of more downsides in the coming sessions. Similarly, most major altcoins are trading with a bearish angle and remains at a risk of a downside break, including ethereum, ripple, bitcoin cash, EOS, tron, cardano, stellar and binance coin. ETH/USD could break the USD 180 support and XRP/USD is likely to retest the main USD 0.250 support area.
Total market capitalization
In the past few hours, bitcoin price declined and settled below the USD 10,200 level. BTC/USD even tested the USD 10,000 support and it is currently correcting higher. On the upside, an initial resistance is near the USD 10,200 level, followed by USD 10,300. However, the main resistance for a solid rise is near the USD 10,500 level.
On the downside, the USD 10,000 level holds the key. If there is a downside break below the USD 10,000 support, the price could continue to decline towards the USD 9,800 and USD 9,650 levels.
Ethereum price is trading with a bearish bias below the USD 190 and USD 192 support levels. ETH/USD remains at a risk of more losses below the key USD 180 support. If there is a successful bearish break, the price is likely to test the next support at USD 172.
On the upside, the USD 190 and USD 192 levels are key resistances. However, the price might continue to face a strong selling interest near the USD 195 and USD 200 levels if there is an upside correction.
Bitcoin cash, eos and ripple price
Bitcoin cash price is still trading above the USD 305 support level. If it breaks down below the USD 305 and USD 300 support levels, it could extend decline towards the USD 280 level. On the upside, there are many hurdles for the bulls near the USD 315 and USD 320 levels.
EOS is struggling to stay above the USD 3.500 support level. If there is a downside break below USD 0.350, the price could revisit the USD 3.350 support. On the upside, the main resistances are near the USD 0.362 and USD 0.365 levels.
Ripple price is consolidating above the USD 0.262 and USD 0.260 support levels. If the bulls fail to defend the USD 0.260 support, the price could extend its slide towards the USD 0.250 support level. Conversely, a close above USD 0.280 might decrease the current bearish pressure.
Other altcoins market today
In the past three sessions, many small cap altcoins extended decline and fell more than 5%, including WAN, NEX, RVN, GRIN, ARDR, KMD, VSYS, LAMB, AOA and ICX. Out of these, WAN declined around 20% and NEX fell nearly 9%.
Overall, bitcoin is at risk of a downside break below the USD 10,000 and USD 9,650 support levels. The next stop could be USD 9,500 or USD 9,200. Conversely, a break above USD 10,500 is needed for a trend change in the near term.