Bitcoin and Altcoins Trading With Bearish Bias
Bitcoin price is trading with a bearish bias below USD 10,000 and USD 10,200. Ethereum settled below the USD 190 support and ripple price is struggling below USD 0.270. Egretia (EGT) declined 18% and ALGO is down close to 10% today.
In the past few sessions, there were mostly bearish moves in bitcoin price below the USD 10,200 and USD 10,000 support levels. BTC/USD tested the last swing low near USD 9,750 and it is currently (08:00 UTC) correcting higher. However, upsides are likely to face a lot of hurdles near the USD 10,150 and USD 10,200 levels. Likewise, there was a strong decline in major altcoins, including ethereum, ripple, BCH, EOS, ADA, BNB, TRX and XLM. ETH/USD settled below the USD 190 support and tested the USD 180 support. XRP/USD broke the key USD 0.270 support and it might slide towards the USD 0.250 support.
Total market capitalization
After a bearish break below the USD 10,200 support, bitcoin price accelerated its decline below USD 10,000. BTC/USD revisited the USD 9,750 support area and it is currently correcting higher. An immediate resistance is near the USD 9,980 and USD 10,000 levels. However, the main resistances are near the USD 10,150 and USD 10,200 levels.
If the price fails to recover above the USD 10,200 resistance, there could be a fresh decrease. The key support is near the USD 9,750 level, below which the price could decline towards the USD 9,500 support.
Ethereum price extended its decline below the USD 190 support. ETH/USD tested the USD 180 level and it is currently trading near the USD 185 level. To climb higher, the price must surpass the USD 190 and USD 192 resistance levels.
If there is no upside break above USD 192, the price could revisit the USD 180 level. Any further downsides might open the doors for a push towards the USD 170 and USD 165 levels.
Bitcoin cash, eos and ripple price
Bitcoin cash price extended its decline below the USD 300 support level. BCH/USD tested the USD 288 level and it is currently correcting higher. However, the previous supports near USD 300 and USD 305 are likely to prevent gains. The main resistance on the upside remains near the USD 320 level.
EOS broke the next key support level near the USD 3.500 level. The price even broke the USD 3.400 and tested the USD 3.350 level. It seems like the price could continue to decline towards the USD 3.250 and USD 3.200 support levels in the coming sessions. On the upside, the previous support at USD 3.650 is now a crucial resistance.
Ripple price settled below the USD 0.280 and USD 0.270 support levels. XRP/USD is clearly trading in a bearish zone and it seems like the price could decline towards the USD 0.250 support level. On the upside, the USD 0.270 level is a strong resistance, followed by USD 0.282.
Other altcoins market today
In the past three sessions, a few small cap altcoins extended decline by more than 5%, including EGT, ALGO, VSYS, QNT, MONA, DGB, LEO, DGTX and LINK. On the other hand, BAT, RIF, INB and ENJ recovered around 5%.
To sum up, bitcoin price is facing a lot of hurdles on the upside near the USD 10,000, USD 10,150 and USD 10,200 levels. Therefore, BTC/USD could extend its decline below USD 9,750 unless the bulls gain momentum above USD 10,200.