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Bitcoin and Altcoins Trend Turning Bearish

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Bitcoin price is down 2% and it is now trading below the USD 7,850 support. Ethereum tested the USD 135 support and XRP is near the key USD 0.200 support. BCN and QNT are down more than 10% today.

Bitcoin price remained in a bearish zone and failed to stay above the key USD 8,000 and USD 7,850 support levels. BTC/USD is now closing in towards USD 7,700, below which the price could test the next major support near USD 7,550 in the coming sessions.
Similarly, most major altcoins turned red and declined further, including ethereum, XRP, bitcoin cash, litecoin, EOS, BNB, ADA, TRX and XLM. ETH/USD is now trading near the USD 135 support, with a bearish angle. XRP/USD is testing the main USD 0.202 and USD 0.200 support levels, below which it could decline.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After a failed upside attempt above USD 8,200, bitcoin price extended its decline. BTC/USD traded below the key USD 8,000 and USD 7,850 support levels to move into a bearish zone. It seems like the price might continue to slide and it could test the next major support near the USD 7,550 level, where the bulls are likely to emerge.
On the upside, the previous supports near USD 7,850 and USD 8,000 could stop a recovery. If there is a successful close and follow through above USD 8,000, the price might rise further towards USD 8,200.

Ethereum price

Ethereum price struggled to recover above the USD 142 resistance area and extended its decline below the USD 140 support. ETH/USD is now trading near the USD 135 support, below which it could slide towards the USD 128 support.
Conversely, the price must rise above the USD 140 and USD 142 resistance levels to move into a positive zone and start a recovery wave. The next key resistance is near USD 148.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price is trimming gains and it is now trading below the USD 240 level. However, BCH/USD is finding a strong buying interest near the USD 230 and USD 232 levels. If there is a downside break below USD 230, the price could decline towards the USD 215 level.
Litecoin is now trading well below the USD 46.50 pivot level. At the moment, the USD 44.00 area is providing support and preventing more downsides. The next support is near the USD 42.50 level. On the upside, a clear break above USD 46.50 is needed for a fresh increase.
XRP price is declining steadily and it recently settled below the USD 0.205 support area. XRP/USD is now trading near the USD 0.202 and USD 0.200 support levels. If there is a clear break below USD 0.200, the bears are likely to aim a test of USD 0.192.

Other altcoins market today

In the past three sessions, a few small capitalization altcoins declined more than 5%, including BCN, QNT, BCD, THETA, SNX, ZEN, KMD and XTZ. Conversely, REN, ATOM, SEELE, LINK and ISOT are up more than 5%.

Overall, bitcoin is showing a lot of bearish signs below USD 8,000 and USD 7,850. BTC/USD failed to bounce back from the key USD 7,850 support and now it is likely to test the USD 7,550 support in the near term.

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