21 Jan 2019 · 2 min read

Bitcoin and Altcoins Turned Short Term Bearish

Bitcoin price declined below the USD 3,550 support to move into a bearish zone. Ethereum (ETH) and ripple (XRP) declined heavily and traded below important supports. HOT, REP and WAN are down more than 10% today.

This past week, we saw a tiny recovery in bitcoin above the USD 3,650 level. However, the BTC/USD failed to hold gains above the USD 3,700 - USD 3,720 resistance area, resulting in a fresh decline in the past few days. The price declined sharply and traded below the USD 3,650, USD 3,600 and USD 3,550 support levels to move into a bearish zone. Similarly, ethereum declined heavily from well above the USD 125 level to well below USD 115. Ripple price followed the bearish sentiment and tumbled below the USD 0.322 and USD 0.320 support levels. The current (UTC 08:30 AM) market sentiment is short term bearish and there are possibilities of more losses in the coming sessions.

Total market capitalization

Source: Coinmarketcap.com

Bitcoin price

After topping near the USD 3,720 level, bitcoin price declined sharply below USD 3,600 support. BTC/USD even broke the USD 3,550 and USD 3,500 support levels. It traded towards the USD 3,475 later recovered above USD 3,500. The price is down more than 4% and it remains at a risk of a downside break below USD 3,500 and 3,450 in the near term.
On the upside, the previous supports near USD 3,550, USD 3,580 and USD 3,600 are likely to act as major hurdles if there is a short term correction.

Ethereum price

Ethereum price tumbled once sellers pushed the price below the USD 122 and USD 120 support. ETH/USD declined below USD 115 and traded close to the USD 113 support level.
The price is currently correcting higher towards the USD 116 and USD 118 resistance levels. To start a proper recovery, buyers need to push the price above the USD 120 and USD 125 weekly resistance levels. On the downside, the main weekly supports are USD 110 and USD 102.

Bitcoin cash, eos and ripple price

Bitcoin cash failed to stay above the USD 125 support and declined more than 5%. BCH/USD is currently trading near the USD 120 support and it seems like it could extend the current decline towards the USD 115 or USD 112 support level.
EOS is down more than 5% and it is currently facing resistance near the USD 2.35 level. On the upside, there are many hurdles near USD 2.40 and USD 2.50. The main weekly support is seen near USD 2.25.
Ripple price dived below the USD 0.320 support to enter a bearish zone. XRP/USD is now trading in a bearish zone, with an immediate support at USD 0.311 and 0.306.

Other altcoins market today

During the past few sessions, many small cap altcoins declined more than 8%, including HOT, REP, WAN, MKR, POWR, R, WAX, KMD, NEXO and AION. Out of these, HOT declined around 18% and REP is down close to 11%. Meanwhile, PAY ralied more than 25%.

To sum up, bitcoin is back in a negative territory below USD 3,600. BTC/USD may decline further if buyers fail to gather momentum above the USD 3,550, USD 3,600 and USD 3,620 resistance levels. Similarly, ethereum and ripple are likely to extend losses if bitcoin price slides further below USD 3,500 and USD 3,450.

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