Bitcoin Price Signaling Bearish Continuation, Altcoins Could Rebound
Bitcoin price is struggling to recover and is trading below USD 8,000. Ethereum is testing the USD 170 support and ripple price rallied 7% to surpass USD 0.262. AOA is down more than 20% and ENJ declined nearly 10% today.
This past week, bitcoin price remained in a bearish zone and settled below the USD 8,500 support area. BTC/USD broke the USD 8,250 and USD 8,000 support levels to move further into a bearish zone. The current (08:00 UTC) price action is negative, suggesting more downsides below USD 7,800. Similarly, ethereum is facing an uphill task and is grinding lower towards the USD 170 support area. On the other hand, a few altcoins are showing positive signs, including ripple, bitcoin cash and stellar. XRP/USD rallied more than 7% today and broke a few important resistances near USD 0.260 and USD 0.262.
Total market capitalization
There was a consistent decline in bitcoin price below the USD 8,400 and USD 8,250 support levels. Recently, BTC/USD settled below USD 8,000 and extended its decline. An immediate support is near the USD 7,800 level, below which the price could continue to decline. The next key support is near the USD 7,500 level.
On the upside, there are many hurdles for the bulls near the USD 8,000 and USD 8,200 levels. However, the main weekly resistance is near the USD 8,500 level, above which the price may perhaps move into a positive zone.
Ethereum price is currently declining and it recently failed to break the USD 178 and USD 180 resistance levels. ETH/USD tested the USD 170 level and it is currently trading with a bearish bias. If there is a downside break below USD 170 and USD 166, the price could test USD 165.
On the upside, an initial resistance is near the USD 180 level. However, the main weekly resistance is near the USD 185 level, above which the price could rally towards USD 200.
Bitcoin cash, eos and XRP price
Bitcoin cash price is currently trading in a range above the USD 220 level. The mains supports on the downside are near the USD 205 and USD 200 levels. On the upside, BCH/USD must clear the USD 235 and USD 240 resistance levels to continue higher towards USD 250 and USD 265.
EOS is holding the key USD 2.850 and USD 2.800 support levels. At the moment, the price is testing the USD 3.000 resistance. A successful daily close above USD 3.000 might start a solid upward move towards the USD 3.200 and USD 3.250 resistance levels.
XRP price remained well bid above the USD 0.240 and USD 0.250 support levels. As a result, there was a strong recovery in XRP/USD and recently the price gained more than 7% to clear the USD 0.262 and USD 0.265 resistance levels. The next key resistance on the upside is near the USD 0.272 and USD 0.275 levels.
Other altcoins market today
In the past two sessions, a few small capitalization altcoins started a decent recovery, including LINK, AE, TRX and XLM. On the other hand, a few altcoins declined more than 5% such as AOA, ENJ, BCV, ABBC, MAID, NPXS and BCN.
Overall, bitcoin price is trading in a downtrend below the USD 8,000 and USD 8,250 resistance levels. Only a successful close above USD 8,500 might decrease the current bearish pressure. If not, BTC/USD could decline further towards USD 7,500 or USD 7,200.