Google Ads Ban Impact: Bitcoin and Altcoins Nosedives
Bitcoin came under heavy selling pressure after Google banned crypto ads. Altcoins also followed the negative market sentiment and tumbled sharply. Almost all coins are down 10-15% and are trading in the red zone.
Yesterday, Google officially announced it is banning all ads related to cryptocurrencies starting June 2018. This greatly impacted the market since bitcoin, ethereum, bitcoin cash, ripple and almost all cryptocurrencies declined sharply. The market sentiment turned bearish and prices moved into a bearish region.
Bitcoin price tumbled and broke a couple of important support levels such as USD 9,000 and USD 8,600. The decline in BTC/USD was nasty as the pair even surpassed the USD 8,000 level.
The pair traded as low as USD 7,650 and it is currently down 9.2% to USD 8,180. It seems like the price is in a recovery mode, but it could face resistances on the upside such as USD 8,400 and USD 8,500.
Above USD 8,500, the broken supports at USD 8,800 and USD 9,000 are major barriers. On the downside, a decent support is forming around USD 8,000. If the price breaks down below USD 8,000, it could retest the recent low of USD 7,650.
Ethereum declined heavily and broke the USD 650 and 600 support levels. The ETH/USD pair traded as low as USD 570 and it is currently correcting higher.
The pair is still trading 11% lower from the USD 687 high. Supports on the downside are seen as USD 600 and USD 570, and resistance are at USD 640 and 650.
Bitcoin Cash and Ripple
Bitcoin cash is now trading well below the USD 1,000 support. BCH/USD traded towards the USD 850 support, recovered and is currently down 11% to USD 930.
Ripple extended declines and traded below the USD 0.65 support. XRP/USD seems to be under a lot of pressure and it could even test the USD 0.60 support level. Resistances are at USD 0.70 and USD 0.75.
Other Altcoins Market Today
All other altcoins are under selling pressure and following the current slide. However, it seems like there is a short-term support base forming, considering the oversold levels.
In order to recover substantially, bitcoin price must hold the USD 8,000 support. If BTC/USD fails to stay above the mentioned support, there are chances of further downsides toward USD 7500 and USD 7200. On the flip side, a break above the USD 8,500 resistance may perhaps improve the market sentiment.