Bitcoin Struggling While Altcoins Nosedive Below Supports
Bitcoin price started a downside correction and traded below USD 10,000. Ethereum declined below USD 250 and XRP is down close to 12%. Many altcoins are down more than 15% today, including KMD, HC, GNT, STEEM, OMG, and SNT.
Bitcoin started the week on a bearish note and declined below a few key supports near USD 10,200 and USD 10,000. BTC/USD even declined below USD 9,850 before it found support near the USD 9,650 area. It is currently (09:00 UTC) consolidating above USD 9,650 and facing a strong increase in selling interest.
More importantly, there was a sharp decline in most major altcoins, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is down around 10% and it traded below the USD 260 and USD 250 support levels. Besides, XRP/USD nosedived below the USD 0.320 and USD 0.300 support levels to move back into a bearish zone.
Total market capitalization
After a downside break below USD 10,000, bitcoin price failed to recover and extended its decline. BTC/USD traded below the USD 9,850 pivot level and even traded close to the key USD 9,650 support area. The next major support is near the USD 9,550 level, below which there is a risk of a downside break towards the USD 9,050 support.
On the upside, the USD 10,000 level is an initial hurdle. However, the main weekly resistance is now near USD 10,200, above which the price could climb towards USD 10,550 and USD 10,650.
Ethereum price started a strong decline from well above the USD 275 level. ETH/USD is down around 10% today and it even spiked below the USD 240 support area. The price is now correcting losses, but it could face resistance near the USD 255 and USD 260 levels. The main weekly resistance is at USD 275.
On the downside, the USD 240 level is an initial support, below which the price could decline towards the USD 230 and USD 225 support levels.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is down more than USD 100 from the last week’s high. BCH/USD even traded below the USD 420 and USD 400 support levels. It tested the USD 365 support and currently correcting higher. However, the previous support near USD 400 and USD 420 might act as hurdles for the bulls.
Litecoin is also down around 10% and it broke the USD 75.50 support area. LTC/USD tested the USD 68.00 area and it remains at a risk of more losses in the near term. Any further losses could lead the price towards the USD 60.00 support. On the upside, the key resistance is now seen near USD 75.50.
XRP price failed to stay above the key USD 0.320 support area and declined sharply below USD 0.300. It even declined below the USD 0.285 support before the bulls appeared near USD 0.270. It seems like the USD 0.300 level may perhaps act as a resistance and spark another decline in the near term.
Other altcoins market today
In the past three sessions, many small-capitalization altcoins tumbled more than 12%, including KMD, HC, GNT, STEEM, OMG, SNT, MANA, NPXS, ENJ, BCD, ZRX, ELF, NANO, BSV, and IOST. Conversely, FUN outperformed and rallied more than 50% today.
Overall, bitcoin price is showing a few bearish signs below USD 10,000 and it could continue to move down. A clear break below the USD 9,550 support might spark heavy losses. On the upside, a close above USD 10,200 is needed for a fresh increase.