08 Aug 2018 · 2 min read

Bitcoin and Altcoins Turned Bearish

Bitcoin price nosedived and broke the USD 6,800 and USD 6,600 support levels. Ethereum broke a significant support at USD 400 to move into a bearish zone. Ripple, IOTA, EOS, TRX, BCC and XLM posted declines more than 10%.

Bitcoin made a sharp U-turn and declined below a crucial support at USD 6,800. BTC/USD sellers took control, resulting in heavy declines below the USD 6,750 and USD 6,600 support levels. Similarly, there was a sharp increase in selling pressure on altcoins. Most major altcoins like ethereum, ripple, IOTA, EOS, TRX, BCC, AD and XLM declined between 8-15% during the past two sessions. The US Securities and Exchange Commission (SEC) decided to postpone its decision on a bitcoin-based exchange traded fund (ETF) by VanEck through the Chicago Board Options Exchange (CBOE). It sparked bearish moves in bitcoin and altcoins and pushed the market in the red zone.

Total market capitalization:

Source: coinmarketcap.com

Bitcoin price declined below the USD 6,800 and USD 6,600 support levels and traded towards USD 6,400. BTC/USD is currently (UTC 08:30 AM) trading in a tiny range and it seems like it could resume its downward move.
On downside, the next major support is near USD 6,250, below which, the price may perhaps test the USD 6,000 support level. On the upside, the broken supports at USD 6,600 and USD 6,800 are likely to act as resistances if the price corrects higher.

Ethereum price tumbled and broke a significant support at USD 400. ETH/USD even cleared the USD 375 support and traded close to USD 360. On the downside, the next support is at USD 350.
On the upside, the USD 375 and USD 380 levels are initial barriers. Above these, the previous support at USD 400 is likely to act as a strong resistance in the near term.

Bitcoin cash and ripple
Bitcoin cash price declined by more than 12% and traded below the USD 650 and USD 640 support levels. BCH/USD tested the USD 600 support is currently consolidating in a range. However, it remains at a risk of more declines below the USD 600 support if sellers remain in action.
Ripple price fell more than 15% and broke the USD 0.38 and USD 0.36 support levels. XRP/USD is currently trading below the USD 0.35 support and it could continue to move down towards USD 0.335.

Other Altcoins Market Today
Almost all altcoins traded with bearish moves and declined between 5-20%. A few worst performers were LRC, BTS, Komodo, Nano, ZIL, EOS, DROP, Bytom, Verge, ETC, Rchain and Siacoin.

Overall, bitcoin and altcoins are under a lot of selling pressure. Should BTC/USD fail to hold the USD 6,200 support, there could be further declines in the near term.