Bitcoin and Altcoins Under Pressure, Risk Of More Losses
Bitcoin price extended downsides below the key USD 10,000 support. Ethereum tested the USD 275 support and ripple is struggling below USD 0.405. CRO, AOA and NRG are down more than 15% today.
This week, there was a fresh decline in bitcoin and altcoins. BTC/USD settled below the USD 11,000 support level to move further into the red zone. Recently, there was a sharp drop below the USD 10,500 support. The price even broke the USD 10,000 weekly pivot support and it could continue to move down in the near term. Conversely, declines were limited in ethereum and ripple. ETH/USD revisited the USD 275 support area, which is currently (08:00 UTC) acting as a strong buy zone. However, XRP/USD is trading below the USD 0.405 support, but it is holding the main USD 0.385 support area.
Total market capitalization
Today, bitcoin price extended losses below the USD 10,200 and USD 10,000 support levels. BTC/USD is down around 10% and it is trading near USD 9,800. An immediate support is near USD 9,750, below which the bears might target the USD 9,500 support area. Any further losses could lead the price towards the USD 9,320 level.
On the upside, the recent supports near USD 10,200 and USD 10,000 might act as resistances. To start a decent recovery, the price must break the USD 10,200 and USD 10,500 resistance levels.
Ethereum price settled below the USD 290 level and recently revisited the USD 275 support level. It seems like the USD 275 support is crucial and it could continue to hold losses. If there is a downside break below USD 275, the price might accelerate towards the USD 260 level.
On the upside, the USD 285 and USD 290 levels are initial hurdles. The main resistance is near the USD 300 level, above which the price might start recovering.
Bitcoin cash, eos and ripple price
Bitcoin cash price failed to stay above the USD 405 and USD 400 support levels. BCH/USD is down around 5% and it is now trading near the USD 395 level. If there are more downsides, the price could test the USD 380 support. On the upside, the USD 400 and USD 405 levels are now likely to act as resistances.
EOS retested the USD 5.600 support area and it is currently trading near USD 5.650. An immediate resistance is near USD 5.750, followed by USD 5.800. However, the main resistance for the bulls is near the USD 6.000 level.
Ripple price traded below the USD 0.405 and USD 0.400 support levels. XRP/USD is down around 5%, but it is holding the USD 0.385 support area. If it fails to stay above USD 0.385, there could be sharp losses in the near term. The next key supports are near USD 0.365 and USD 0.355.
Other altcoins market today
In the past three sessions, many small cap altcoins extended losses and dived more than 10%, including CRO, AOA, NRG, ABBC, DCR, JC, EGT, MONA, HOT, VET, REP and THR. Out of these, CRO is down around 20% and AOA declined nearly 16%.
Overall, bitcoin is facing an increase in selling pressure below USD 10,200 and USD 10,000. If BTC/USD declines below USD 9,750, it could slide further towards USD 9,500 or even USD 9,320. Only a close above USD 10,500 could start a rebound.