Bitcoin and Altcoins Resume Downtrend, Bears In Driver’s Seat
This past week, bitcoin failed to settle above the USD 10,000 resistance and started a sharp decline. BTC broke many important supports near USD 9,550 to enter a bearish zone. The price is currently (08:30 UTC) gaining bearish momentum and it might even break the USD 9,000 support.
Similarly, most major altcoins are declining and struggling to recover, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is down more than 4% and it tested the USD 220 support level. XRP/USD is also sliding and it is likely to test the USD 0.180 support in the near term.
Total market capitalization
Recently, bitcoin price attempted an upside correction above the USD 9,300 level. However, BTC failed to continue higher above USD 9,500 and started a fresh decline. It is currently trading below USD 9,200 and it may soon test the USD 9,000 support. Any further losses could put a lot of pressure on the bulls and the price might even break the 8,800 support level.
On the upside, the initial resistance is near the USD 9,300 level. The main weekly resistance is near USD 9,500, above which the price could rally to USD 10,000.
Ethereum price is gaining bearish momentum and it recently tested the USD 220 support. ETH is currently correcting higher, but it is likely to face sellers near the USD 230 level. The key weekly resistance is forming near the USD 238 and USD 240 levels.
On the downside, there are might be more losses below the USD 220 support. In the mentioned case, the price might decline towards the USD 204 and USD 200 support levels.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price settled below the USD 240 support level and it even broke the USD 230 support. It is currently holding the USD 220 support, but there is a risk of more losses. To move back into a positive zone, BCH price must climb above the USD 240 resistance level.
Litecoin declined steadily after it broke the USD 45.00 support. LTC tested the USD 42.00 support, but it is likely that the bears are not done yet. The next key weekly support is near the USD 40.00 level, below which the price might test USD 38.00. On the upside, the bulls are likely to struggle near USD 43.50 and USD 45.00.
XRP price is down more than 3% and it is now trading well below the USD 0.192 and USD 0.190 support levels. The current price action suggests that the price might continue to move down towards the USD 0.180 level. Any further losses may perhaps lead the price towards the USD 0.175 support zone.
Other altcoins market today
In the past three sessions, many small-cap altcoins declined more than 8%, including LEND, MKR, BNT, VET, KMD, LRC, STX, ENJ, IOST, SC, MANA, NANO, DIVI, SNX, SNT, DCR and ICX. Conversely, CHSB and PIVX managed to climb more than 10%.
Overall, bitcoin is down more than USD 1,000 since the last week and it might continue to decline. If BTC settles below USD 9,000, it could open the doors for more losses towards the USD 8,600 and USD 8,500 support levels.
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