Bitcoin and Altcoins Turn Red Across the Board
- Bitcoin price is struggling to rebound and recently declined below USD 5,250.
- Ethereum is facing an uphill task near USD 160 and ripple declined below USD 0.295.
- RVN, MAID and KMD are down more than 8% today.
There were mostly bearish moves in the past two sessions in bitcoin below the USD 5,300 resistance level. BTC/USD broke the USD 5,250 level and it is currently (08:10 UTC) at a risk of a downside break below the USD 5,200 support area. If there is a bearish break below USD 5,220 and USD 5,200, the price could extend losses in the near term. Similarly, ethereum is trading in a bearish zone below the USD 160 resistance. Ripple price declined recently about 2% and traded below the key USD 0.295 support. If there is a break below USD 0.292, there could be a sharp drop below USD 0.290.
Total market capitalization
There was no upside break above the USD 5,300 resistance bitcoin price . BTC/USD even struggled to stay above the USD 5,250 support and recently declined more than 1%. The price is currently trading near the USD 5,220 support, with a bearish angle. If there is a downside break below USD 5,220 and USD 5,200, the next stop could be USD 5,150.
On the upside, the key resistance is near the USD 5,280 and USD 5,300 levels. A successful close above the USD 5,300 level may increase chances of an upside break above the main USD 5,350 resistance.
Ethereum price failed to climb back above the USD 160 resistance level. ETH/USD spiked above USD 160, but later declined below USD 158. An immediate support is near the USD 155 level, below which the price could test USD 150.
On the upside, a convincing close above the USD 160 level is needed for the bulls to gain traction above the USD 165 level.
Bitcoin cash, eos and ripple price
Bitcoin cash price is under a lot of selling pressure and it recently broke the USD 245 support level. BCH/USD is down more than 5% and it seems like the price may test the USD 235 level. The next key supports are near the USD 228 and USD 225 levels. On the upside, the broken USD 250 support might act as a resistance.
EOS failed to retain gains above USD 4.65 and declined below USD 4.60. The price is down more than 2% and it may retest the USD 4.50 support level in the near term.
Ripple price struggled to gain momentum above the USD 0.298 and USD 0.300 resistance levels. XRP/USD declined below USD 0.295 and it could struggle to stay above the USD 0.292 and USD 0.290 support levels.
Other altcoins market today
In the past few sessions, many small cap altcoins declined and some of them dropped more than 7%, including RVN, MAID, MIOTA, KMD, ARK, ICX and XVG. Out of these, RVN is down around 11% and MAID declined nearly 9%.
Overall, bitcoin price is clearing facing a lot of hurdles on the upside near USD 5,280 and USD 5,300. If BTC buyers fail to keep the price above USD 5,200, there could be a fresh downward move towards USD 5,150 or even USD 5,100.