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Bitcoin Breaks Key Support, Altcoins Start Fresh Decrease

  • Bitcoin price is currently declining and trading below the key USD 8,250 support.
  • Ethereum broke the USD 180 support and ripple declined below USD 0.285.
  • RIF and LINK are down more than 10% today.

After a close below the USD 8,400 support level, bitcoin price extended its decline. BTC/USD broke the key USD 8,250 support to move into a negative zone. The price even traded below the USD 8,100 level and it is currently (08:00 UTC) consolidating losses. Also, there was a fresh decrease in many major altcoins, including ethereum, EOS, bitcoin cash, litecoin, ripple, binance coin, ADA and XLM. ETH/USD broke the key USD 182 and USD 180 support levels. Moreover, XRP/USD declined below the USD 0.285 support level. Overall, the crypto market turned red and there could be more downsides in the near term.

Total market capitalization

Bitcoin Breaks Key Support, Altcoins Start Fresh Decrease 101
Source: www.tradingview.com

Bitcoin price

In the past few hours, bitcoin price remained in a bearish zone and settled below the key USD 8,250 support area. BTC/USD is currently trading in a range above USD 8,100 and it seems like it could slide further in the near term. An immediate support is near the USD 8,080 level, below which there is a risk of an extended decline.
On the upside, an immediate resistance is near the USD 8,250 level (the previous support area). If there is a clear break above the USD 8,250 resistance, the price could recover towards the USD 8,400 resistance area.

Ethereum price

Ethereum price failed to hold the key USD 185 support level and started a fresh decrease. ETH/USD even broke the USD 180 support area and it is currently facing an increase in selling interest.
The next major support is near the USD 176 level, below which the price could slide towards the USD 165 support. On the upside, the USD 185 level remains a crucial resistance, above which the price might correct towards the USD 195 level.

Bitcoin cash, eos and XRP price

Bitcoin cash price declined recently below the USD 220 level and tested the USD 215 level. BCH/USD is currently correcting higher and is trading above USD 220. However, the price is likely to face a strong selling interest near the USD 230 level. The next key resistance is near USD 240.
EOS trimmed most of its gains and broke the key USD 3.050 and USD 3.000 support levels. The price tested the USD 2.850 support area and is correcting higher. On the upside, the previous supports near USD 3.000 and USD 3.050 are likely to act as hurdles for the bulls.
XRP price declined below the USD 0.290 support level. Moreover, there was a break below the USD 0.285 support and XRP/USD tested the USD 0.282 zone. It is currently consolidating above the USD 0.280 support, with a significant resistance near the USD 0.292 level. If there is a downside break below USD 0.280, the price could decline to USD 0.271.

Other altcoins market today

In the past few hours, many small capitalization altcoins declined and weakened by more than 5%, including RIF, LINK, SEELE, CENNZ, ATOM, VSYS, ALGO, XZC, LUNA, THETA, ZRX, SC, IOST and RVN. Out of these, RIF and LINK declined more than 10%.

To sum up, bitcoin is showing bearish signs below USD 8,250 and USD 8,400. It seems like BTC/USD could extend its decline below the USD 8,000 support area, which is likely to drag altcoins lower as well in the near term.
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Bitcoin Breaks Key Support, Altcoins Start Fresh Decrease 102
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