Bitcoin and Altcoins Trend Overwhelmingly Negative
Bitcoin price declined further and moved below a major support at USD 7,000. Ethereum price also cleared a crucial support at USD 400 and is currently down 5.5%. Tron (TRX) climbed more than 25% today and traded above the USD 0.04 level.
Yesterday, we discussed whether bitcoin price can stay above a major support at USD 7,000 or not. It failed to hold gains above the stated level and declined towards USD 6,600. Similarly, major cryptocurrencies such as ethereum, bitcoin cash, ripple and litecoin also traded lower and declined 5-8%. It seems like the last recovery wave was not convincing and prices are now back to where they started the week.
Bitcoin
Bitcoin price broke the USD 7,000 support and traded as low as USD 6,560. BTC/USD is currently down 6.5% to USD 6,830 and is showing a few bearish signs.
The pair must stay above the USD 6,600 support to avoid any further declines. Below the stated USD 6,600 support, there is a risk of a downside break towards the USD 6,000 level. An intermediate support is at USD 6,200.
On the upside, the broken support at USD 7,000 may once again act as a resistance. Above this last, the USD 7,200 is the next resistance.
Ethereum
Ethereum failed to hold gains above a crucial support at USD 400 and declined towards USD 365. ETH/USD is currently struggling near the USD 380 level and is trading 5.5% lower from the USD 404 high.
If the price has to recover in the short term, it has to settle above USD 400. On the downside, supports are at USD 365, 360 and 350.
Bitcoin Cash and Ripple
Bitcoin cash continued to weaken and is currently trading well below the USD 700 pivot level. It is down 7.3% to USD 638 with an immediate support at USD 620. Below USD 620, the price may even break the USD 600 level.
Ripple is down 7.2% and is trading below USD 0.50. There was no upside break above the USD 0.55 level yesterday, which increased selling pressure on XRP/USD.
Other Altcoins Market Today
Today, Tron traded nicely as TRX price gained roughly 25% and moved above the USD 0.04 level. Bithumb listing did the trick for TRX recently and improved buying sentiment.
To sum up, the market sentiment has turned bearish again. However, it seems like bears are lacking momentum, which could result in a fresh upside wave in the near term.
