Bitcoin Bears Gain Control, Altcoins Holding Key Supports
Bitcoin price is down close to 5% and settled below USD 9,000. Ethereum is struggling to stay above USD 200 and XRP tested the USD 0.192 support. TFUEL rallied more than 50% and THETA is up more than 15% today.
This past week, bitcoin failed to gain momentum above the USD 9,900 and USD 10,000 levels. As a result, there was a fresh bearish wave below the USD 9,550 support. BTC broke many supports near USD 9,200 and recently settled below the USD 9,000 support.
Similarly, there were bearish moves in many major altcoins, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is currently (09:00 UTC) struggling to stay above USD 200 and it could dive towards USD 195 or USD 192. XRP declined towards the USD 0.190 support area and it is currently consolidating losses.
Total market capitalization
After multiple failures, bitcoin price started a fresh decline below USD 9,550. BTC even broke the USD 9,000 support and tested the USD 8,650 level. The price is currently consolidating losses and facing hurdles near USD 9,000. The next key resistance is near the USD 9,200 level, but the main weekly resistance is near the USD 9,550 level.
On the downside, the price could find support near USD 8,650 and USD 8,550, below which there are chances of more losses in the near term.
Ethereum price also followed a bearish path and spiked towards the USD 198 level. ETH is currently recovering and trading above USD 200. An initial resistance is near the USD 205 level. The key hurdle for a sustained upward move is near USD 210, above which the price might rise towards USD 220.
On the downside, the USD 198 level is an initial support. If there is a bearish break below USD 198, the price could revisit the USD 192 weekly support zone.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price remained well below the USD 245 and USD 250 resistance levels. BCH/USD is currently consolidating losses above USD 230 and it seems like the price might continue to move lower. The main support is near the USD 220 level, below which there are chances of more losses. On the upside, the bulls need to clear the USD 240 and USD 245 resistance levels.
Litecoin managed to stay above the USD 42.20 support level. On the upside, the USD 44.50 and USD 45.00 levels are crucial. A successful close above USD 45.00 is needed for a sustained upward move. If there is a bearish break below the USD 42.20 support, the bears might aim a break below the USD 40.00 support.
XRP price settled below the USD 0.200 support level and it recently declined towards the USD 0.190 support. If there are more losses, there are chances of a test of USD 0.182. On the upside, the USD 0.200 and USD 0.202 levels are likely to act as key barriers in the near term.
Other altcoins market today
In the past three sessions, a few small-capitalization altcoins gained more than 5%, including TFUEL, THETA, STX, SC, ZIL, and IOST. Conversely, DX, NMR, CKB, ABBC, DGB, HIVE, UBT, STEEM, MATIC, QTUM, and HC are down more than 5%.
Overall, bitcoin price is now trading in a bearish zone below USD 9,000 and USD 9,200. To start a fresh increase, it must surge above USD 9,200 and USD 9,500. If not, there could be more downsides towards the USD 8,500 and USD 8,200 levels.