Bitcoin and Ethereum Broke Key Support Levels
- Bitcoin price failed to hold a major support at USD 11,000, and moved into a bearish zone.
- Ethereum price also declined and broke the USD 820 and 800 support levels.
- Iconomi (ICN) traded higher by more than 25% to settle above the USD 2.15 level.
Bitcoin saw an increase in the bearish pressure, which pushed the price below a crucial support at USD 11,000. It sparked a bearish wave in altcoins as well, and cryptocurrencies such as Ethereum, Ripple, Bitcoin cash, Litecoin and Neo registered healthy declines. There was no particular fundamental reason and it mostly seems to be a technical breakdown below USD 11,000 in BTC/USD.
Yesterday, we discussed how bitcoin price was consolidating above a key support at USD 11,000. Later, BTC/USD faced an increased selling pressure and the pair broke the mentioned support.
As a result, the pair is down 6.3% to USD 10,550. It even broke the USD 10,600 support, which is a bearish sign. The next major support on the downside is at USD 10,200, followed by USD 10,000.
On the upside, the broken support at USD 11,000 may perhaps act as a strong resistance if the price corrects higher during the coming sessions.
Ethereum also followed bitcoin and tumbled by around 6.9% to USD 787. It broke a major support area at USD 800, which ignited further losses.
An immediate support on the downside is at USD 780. Below the mentioned USD 780, the next target for sellers could be USD 750. On the upside, the USD 800 and 820 levels have turned into resistances.
Bitcoin Cash and Ripple
Bitcoin cash tumbled 7.10% to USD 1,150. It seems like bitcoin dragged a few major altcoins along with it, and it may extend further. The next major support on the downside is at USD 1,100.
Ripple also declined by around 7% and moved back below USD 0.9500. XRP/USD could extend losses toward the USD 0.85 and 0.80.
Other Altcoins Market Today
Today’s best performer so far is Iconomi, a digital asset management platform. ICN price moved up by more than 25% to USD 2.15. The main reason was the announcement to support fourteen new countries for Tier 2 Verification - Angola, Australia, Bolivia, Dominican Republic, Honduras, India, Indonesia, Malaysia, Namibia, Pakistan, Philippines, Senegal, Taiwan and Thailand.
Overall, the current market sentiment is slightly negative and if bitcoin price fails to recover from USD 10,500, there can be more downsides in the near term.