Bitcoin Price, Altcoins Drop Below Key Supports
Bitcoin price settled below USD 10,000 and declined below USD 9,850. Ethereum tested the USD 200 support and ripple declined below USD 0.272. ABBC coin and REN are down more than 10% today.
In the past few sessions, bitcoin price declined steadily below the USD 10,000 support. BTC/USD even traded below the USD 9,850 support area and tested the USD 9,600 level. It is currently (08:00 UTC) consolidating losses above USD 9,650, with many resistances near USD 9,850 and USD 10,000. Additionally, there were further downsides in many major altcoins, including ethereum, ripple, bitcoin cash, binance coin, cardano, tron, litecoin and EOS. ETH/USD traded below the USD 205 support level and even spiked below the USD 200 handle. XRP/USD also extended its decline and tested the main USD 0.264 support area.
Total market capitalization
After a successful close below USD 10,000, bitcoin price extended its decline below the USD 9,850 support area. It tested the USD 9,600 level and is currently correcting higher. On the upside, an immediate resistance is near the 9,850 level. However, the main resistance is now USD 10,000, above which the price is likely to move back into a positive zone.
On the downside, the recent low near USD 9,600 might provide support. Having said that, if the bulls fail to push the price above USD 9,850 and USD 10,000, there could be additional losses below the USD 9,600 low. The next key support is near USD 9,400.
Ethereum price failed to rebound above USD 210 and declined below the USD 205 support area. ETH/USD even spiked below the USD 200 handle and it is currently fluctuating near USD 200. On the upside, the recent supports near USD 205 and USD 208 are likely to act as resistances.
On the downside, an initial support is near the USD 198 level, below which the price might continue to move down towards the USD 190 support area in the near term.
Bitcoin cash, eos and ripple price
Bitcoin cash price is down more than 5% and it broke the key USD 300 support area. BCH/USD is approaching the USD 285 support area. If there are more downsides, the price could test the USD 265 support. On the upside, the USD 300 and USD 305 levels may once again act as hurdles.
EOS is declining steadily below USD 4.000 and it trimmed most it’s this past week’s gain. The price is trading below the USD 3.850 support and it might continue to slide towards the USD 3.600 support. On the upside, the USD 3.850 level could provide resistance in the near term.
Ripple price declined heavily after it broke the USD 0.300 support area. XRP/USD even broke the USD 0.272 support recently and tested the USD 0.264 support. If there are more downsides, the price could test the USD 0.250 support area.
Other altcoins market today
In the past three sessions, many small cap altcoins extended their decline by more than 5%, including ABBC, REN, QNT, WAVES, LTC, VSYS, SNX, ATOM, BAT and ARDR. Out of these, ABBC declined around 14% and REN is down 11%.
To sum up, bitcoin price is under pressure below USD 10,000 and it could continue to move down. BTC/USD is likely to extend its decline and it might test the USD 9,500 support. If there is an upside correction, the bulls are likely to face resistance near USD 9,850 and USD 10,000.