Bitcoin Price and Altcoins Might Drop Further
Bitcoin price declined roughly 15% and tested the USD 8,000 level. Ethereum nosedived to USD 150 and ripple price traded close to USD 0.200. Many altcoins in the top 100 were down more than 20% in the past three sessions.
After bitcoin price struggled to climb above USD 10,000, the bears took control. As a result, there was a massive drop in BTC/USD below the USD 9,500 and USD 9,000 support levels. The price traded towards the USD 8,000 level and recently started an upside correction. Similarly, there were heavy losses in most major altcoins, including ethereum, ripple, EOS, bitcoin cash, litecoin, binance coin, stellar and cardano. ETH/USD declined more than USD 50 and tested the USD 150 support. XRP/USD also declined more than 15% and traded close to the USD 0.200 level. The market is currently (08:00 UTC) rebounding, but the price action indicates high chances of further losses in the coming sessions.
Total market capitalization
Bitcoin price
In the past three sessions, bitcoin price declined close to 15% and broke many supports such as USD 9,600, USD 9,500 and USD 9,000. BTC/USD even traded below the USD 8,500 support and tested the USD 8,000 level. It is currently correcting higher and is trading above USD 8,300. However, there are many resistances on the upside near the USD 8,600 and USD 8,800 levels. The main resistance is now near the USD 9,000 level.
On the downside, the USD 8,200 and USD 8,000 levels might provide support. Any further downsides might push the price towards the USD 7,650 level in the near term.
Ethereum price
Ethereum price declined more than 20% after it settled below the USD 200 support. ETH/USD traded below the USD 185 and USD 165 support levels. It tested the USD 150 level and is currently correcting losses.
However, the USD 175 and USD 180 levels are protecting gains. If the price continues to struggle near USD 175 and USD 180, it could restart its decline. On the downside, the main supports are near USD 155 and USD 150.
Bitcoin cash, eos and ripple price
Bitcoin cash price is down more than 25% and it broke the USD 285 and USD 250 support levels. BCH/USD traded close to the USD 200 level and it is currently consolidating losses above USD 220. On the upside, the USD 235, USD 240 and USD 250 levels are likely to provide resistance if the price corrects higher.
EOS declined close to 30% and broke the USD 3.500, USD 3.000 and USD 2.650 support levels. It tested the USD 2.400 and is currently correcting higher towards USD 3.000. However, the price is likely to fail near USD 3.000 or USD 3.200.
Ripple price tumbled below the USD 0.264 and USD 0.250 support levels. The decline was such that XRP/USD traded close to the USD 0.200 level. The price is correcting higher, but the USD 0.250 level is likely to prevent further upsides.
Other altcoins market today
In the past three sessions, many small cap altcoins declined more than 20%, including VSYS, BTM, ALGO, BEAM, BSV, AE, GRIN, IOST, OMG, BTS and ZIL. Out of these, VSYS is down around 30% and BTM declined nearly 25%.
Overall, bitcoin price is under a lot of bearish pressure below USD 9,000. The current price action suggests more downsides unless BTC/USD settles above USD 9,000. On the downside, the key supports are near USD 8,000, USD 7,650 and USD 7,500.
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