Bitcoin and Altcoins Turn Red, Upsides Might Remain Capped
Bitcoin price declined sharply below USD 9,550 after multiple rejections near USD 10,000. Ethereum declined more than 5% and XRP nosedived below the USD 0.200 support area. NMR and MKR are down more than 10% today.
After multiple failures to clear the USD 9,850 and USD 10,000 resistance levels, bitcoin price reacted to the downside. BTC broke many important supports near USD 9,550 and declined close to 7%. It tested the USD 9,050 support zone and currently (08:30 UTC) correcting higher.
Similarly, most major altcoins started a strong bearish wave, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD failed to clear the USD 250 resistance and declined sharply towards USD 230. XRP also broke the main USD 0.200 support level and tested the USD 0.184 region.
Total market capitalization
In the past few hours, bitcoin price saw a sharp increase in selling pressure after another rejection near USD 9,850. BTC declined more than 5% and broke many supports near USD 9,650 and USD 9,550. It even broke the USD 9,300 support before the bulls appeared near USD 9,050.
The price is currently correcting higher and trading above the USD 9,300 level. However, the previous key support near the USD 9,550 level is likely to act as major resistance in the near term.
Ethereum price also followed a similar pattern and declined sharply after a significant rejection near the USD 250 resistance. ETH broke the USD 240 support and it even spiked below the USD 230 level.
The price is currently correcting higher from the USD 225 level. It is trading above the USD 230 level, but the USD 238 and USD 240 levels are likely to cap the current recovery wave. On the downside, the main supports are near USD 225 and USD 220.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price failed to stay above the USD 250 support and it declined sharply. BCH/USD broke the USD 240 support and traded close to the USD 230 level. It is currently recovering, but the USD 245 and USD 250 levels are likely to act as hurdles. On the downside, the bears are likely to aim a test of the USD 220 support.
Litecoin broke the USD 45.50 and USD 45.00 support levels to enter a bearish zone. LTC even spiked below USD 44.00 before it found support near the USD 43.20 level. It is correcting losses, but the USD 45.00 level is now likely to prevent further gains in the near term.
XRP price finally broke the main USD 0.200 support level and declined heavily. The price cleared the USD 0.192 support level and tested the next key support at USD 0.184. However, there was a sharp recovery and the price is now trading above USD 0.192. On the upside, the USD 0.195 and USD 0.200 levels are now seen as barriers for the bulls.
Other altcoins market today
In the past three sessions, many small altcoins declined more than 8%, including NMR, MKR, THETA, STEEM, QNT, SNT, IOST, ELF, WAXP, LUNA, and ICX. Conversely, KNC was able to climb more than 8% and it broke the USD 1.20 resistance zone.
Overall, bitcoin declined sharply and traded below many important supports near USD 9,550, which are now likely to act as resistances. On the downside, the USD 9,250 and USD 9,050 are seen as decent supports in the short term.