Bitcoin, Ethereum and Altcoins Lose Momentum
Bitcoin price declined sharply below the key USD 11,550 support. Ethereum tumbled to USD 420 before recovering, XRP is now trading below USD 0.278. AMPL, ANT, QTUM, ALGO, YFII, and OMG are down over 12% today.
Bitcoin price started a sharp downward move after it failed to stay above the USD 11,650 support. BTC even declined below the key USD 11,550 support and revisited USD 11,200. It is currently (08:30 UTC) correcting losses, but it must surpass USD 11,550 for a fresh rally.
Similarly, most major altcoins declined heavily and trimmed most of their gains, including ethereum, XRP, litecoin, bitcoin cash, EOS, XLM, LINK, and ADA. TRX was an exception, as it climbed above USD 0.035 and gained over 5%. ETH/USD is down over 8% and it even tested the USD 420 support. XRP/USD broke the USD 0.280 and USD 0.278 support levels to move into a short-term bearish zone.
Total market capitalization
After a failed attempt to clear USD 12,000, bitcoin price started a sharp bearish wave below the USD 11,650 and USD 11,550 support levels. BTC trimmed over 5% of its value and it even revisited the USD 11,200 support. The price is currently recovering above USD 11,350, but it is facing a lot of hurdles near USD 11,450, USD 11,500, and USD 11,550.
To start a fresh increase, the price needs to surpass the USD 11,550 pivot level. If not, there is a risk of more losses below USD 11,200.
Ethereum price trimmed most of its gains and declined heavily below the USD 450 support. ETH traded close to the USD 420 support and it is currently recovering higher. There was a break above USD 435, but the USD 445 and USD 450 levels are important zones for a trend reversal.
On the downside, the price might continue to find a strong buying interest near the USD 420 level. Any further losses could lead the price toward the main USD 400 support zone.
Bitcoin cash, chainlink and XRP price
Bitcoin cash price is down 8%, and it broke the USD 275 and USD 265 support levels. BCH is consolidating near the USD 260 level and it might revisit the USD 250 support. The next key support is near the USD 235 level. On the upside, the price might struggle to gain pace above USD 268 and USD 270.
Chainlink (LINK) dropped heavily after it failed to stay above the USD 15.50 support. The price tested the USD 13.80 zone and it is currently consolidating above USD 14.00. On the upside, an immediate hurdle is near the USD 14.80 and USD 15.00 levels. The key breakout zone for a decent increase could be the USD 15.50 level.
XRP price declined over 5% and it broke many supports near USD 0.285 and USD 0.280. It opened the doors for more losses and the price even declined below USD 0.275. If there are more downsides, the price might dive towards the USD 0.262 support zone. On the upside, the previous support at USD 0.278 is now a barrier for a fresh increase.
Other altcoins market today
In the past three sessions, many small altcoins declined more than 10%, including AMPL, ANT, QTUM, ALGO, YFII, OMG, ATOM, REN, SXP, BTM, NXM, REP, EOS, and BCD. Conversely, LRC and UMA followed a bullish path and gained over 10%.
Overall, bitcoin is back to the key USD 11,200 support zone. If BTC remains stable above USD 11,200, it could bounce back and start a fresh increase. Conversely, there could be a sharp slide below USD 11,200 and USD 11,000.