Bitcoin and Altcoins Turning Bearish
Bitcoin price is down more than 2% and it broke the key USD 8,550 support. Ethereum is now below USD 162 and XRP is testing the USD 0.220 support. Many altcoins such as KMD, BCD, BSV and XVZ are down close to 10% today.
In the past few sessions, bitcoin price saw an increase in selling pressure below USD 8,650. As a result, BTC/USD declined further and traded below the key USD 8,550 and USD 8,500 support levels. It seems like the price is likely to extend its decline towards USD 8,000 or USD 7,850 in the near term.
Moreover, most major altcoins are gaining bearish momentum, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is down close to 4% and it traded below the USD 160 support. XRP/USD also extended its decline towards the USD 0.220 and USD 0.218 support levels.
Total market capitalization
After settling below USD 8,650, bitcoin price failed to stay above the USD 8,500 support. BTC/USD declined nearly 3% and it tested the USD 8,250 support level. The price is currently (09:00 UTC) consolidating losses and it seems like it could decline further towards the USD 8,050 level. The next major support is near the USD 7,850 level.
On the upside, an initial resistance is near the USD 8,550 level. To move into a positive zone, the price must gain strength above USD 8,650 and then surpass the main USD 8,850 resistance area.
Ethereum price followed bitcoin and extended its decline below the USD 162 support. ETH/USD even traded below USD 160 and tested the USD 158 level. The current price action suggests that there is a risk of more losses below the USD 155 support level in the near term.
On the upside, an initial hurdle is near the USD 162 level. However, the key hurdle is at USD 166, above which the price may perhaps rise above the USD 170 and USD 172 levels.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is down more than 8% and broke the key USD 330 and USD 325 support levels. It seems like BCH/USD could struggle to stay above the USD 300 handle. A clear break below the USD 300 support is likely to lead the price towards the USD 280 and USD 275 support levels.
Litecoin fell sharply after it broke the USD 55.50 support level. LTC/USD is down 7% and it tested the USD 52.20 support. If there are more downsides, the bulls are likely to take a stand near the USD 50.00 level. On the upside, the previous support at USD 55.50 may now act as a resistance.
XRP price declined below the USD 0.230 and USD 0.225 support levels. It even spiked below the USD 0.220 support and tested USD 0.218. The current price action is bearish, despite recent Ripple’s IPO speculations, suggesting more losses below the USD 0.215 and USD 0.211 levels in the coming sessions.
Other altcoins market today
In the past three sessions, many small capitalization altcoins are down more than 5%, including KMD, BCD, BSV, XZC, ETC, BCN, XLM, BTG, THETA, OMG, ZEC, DX and XEM. Conversely, CENNZ rallied more than 25% and CKB is up around 14%.
Overall, bitcoin price is showing a lot of bearish signs below USD 8,550. Therefore, there is a risk of more downsides below the USD 8,250 and USD 8,050 support levels in the near term. The main buy zone for the bulls could be near USD 7,850.