09 Dec 2020 · 2 min read

Bitcoin Slides Towards USD 18K, Altcoins Gain Bearish Momentum

Bitcoin price declined 6% and it is now trading below USD 18,500. Ethereum declined below USD 565 and USD 550, XRP might continue to move down below USD 0.550. KSM, ZIL, UNI, and LSK are down over 11%.

After a long battle, bitcoin price started a bearish wave below the USD 19,000 support level. BTC broke the USD 18,500 support level and moved into a short-term bearish zone. The price is currently (05:00 UTC) down 6% and it could struggle to stay above the USD 18,000 level.
Similarly, there was a strong bearish move in most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD declined over 7% and it even broke the USD 550 support level. XRP/USD declined heavily below USD 0.585 and it could accelerate further below USD 0.550.

Learn more: This Bitcoin Cycle Is 'Right On Track' With 'Striking Similarities'

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After multiple failed attempts, bitcoin price started a steady decline below the USD 19,000 support. BTC even broke the USD 18,500 support level and traded close to the USD 18,000 level. The current price action suggests the bulls are losing control below USD 18,500. If there is a downside break below USD 18,000, the price could decline towards the USD 17,650 level.
An upside correction above the USD 18,300 level might face hurdles. The first key resistance is near the USD 18,500 level. The main resistance is now forming near the USD 18,800 level.

Ethereum price

Ethereum price followed bitcoin and it declined sharply below the USD 585 and USD 580 support levels. ETH even cleared the USD 565 buy wall and spiked below USD 550. Any more losses may perhaps lead the price towards the USD 520 level in the near term.
On the upside, the price might face sellers near USD 560 and USD 565. The key hurdle is now forming near the USD 580 level (the recent breakdown zone).

Bitcoin cash, litecoin and XRP price

Bitcoin cash price declined sharply below the USD 280 support. BCH traded below the USD 270 level and it is even struggling to stay above USD 265. If the bears push the price below USD 260, the next target for them could be near the USD 250 level. Conversely, a recovery wave towards the USD 275 and USD 280 levels may possibly face hurdles.
Litecoin (LTC) gained bearish momentum after there was a clear break below the USD 80.00 support level. LTC is down almost 10% and it is approaching the USD 75.00 support. The next major support is seen near the USD 72.00 level. Any more losses might prompt for a test of the USD 70.00 level.
XRP price failed to stay above the USD 0.600 support level and declined heavily. There was a clear break below the USD 0.585 support and the price even traded below USD 0.565. It is now trading near USD 0.550 and it seems like there could be more losses towards the USD 0.532 and USD 0.520 levels.

Other altcoins market today

In the past few hours, many altcoins declined over 10%, including KSM, ZIL, UNI, LSK, AVAX, RSR, ALGO, ADA, OMG, UMA, STX, YFI, AAVE, VET, and XLM. Out of these, KSM is accelerating losses below the USD 50.00 support zone.

Overall, bitcoin price is showing bearish signs below the USD 18,500 support zone. If BTC breaks the USD 18,000 support, there is a risk of a drop towards the USD 17,500 level in the near term.

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