Bitcoin Below USD 7,000 Again, Altcoins Struggling to Recover
In the past 3-4 days, there was an increase in selling pressure on bitcoin after it broke the USD 7,200 support area. BTC/USD traded below the USD 6,850 support and it could continue to move down towards the USD 6,550 and USD 6,200 support levels in the near term.
Similarly, almost all major altcoins are declining steadily, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is now (08:30 UTC) trading below USD 155 and remains at a risk of more downsides towards USD 145. XRP/USD is also weakening and it seems like the bears are eyeing a test of USD 0.178 or USD 0.175.
Total market capitalization
After a successful close below the USD 7,200 support, bitcoin price started following a bearish path. BTC/USD broke many key supports near USD 6,850 to move into a short term bearish zone. The next key support is near the USD 6,550, below which there is a risk of more losses towards the USD 6,200 level in the near term.
On the upside, an initial hurdle is near the USD 6,850 level (the recent support). The main weekly resistance is now near the USD 7,200 level, above which the price might rise towards USD 7,500.
Ethereum price is down more than 8% from the month’s high and it broke the USD 160 support level. ETH/USD even traded below the USD 155 support and tested USD 148. If there are more losses, the bulls might try to defend the key USD 145 support area.
On the upside, the USD 160 and USD 162 levels are important hurdles. A successful break above USD 162 could open the doors for a fresh increase towards USD 175.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price failed to stay above the main USD 250 and USD 240 support levels. BCH/USD is down 5% and it is currently trading near the USD 220 support. Any further losses may perhaps lead the price towards the USD 205 and USD 200 support levels. On the upside, the USD 240 and USD 250 levels are now breakout resistances.
Litecoin is down more than 5% and it broke the USD 42.50 and USD 41.20 support levels. LTC/USD is declining and it could even decline below the USD 40.00 support level. The next key support is near the USD 38.50 level. If there is an upside correction, the USD 42.50 level is likely to stop an upward move.
XRP price is following bitcoin and trading below a couple of important supports such as USD 0.190. An initial support is near the USD 0.180 level, below which there is a risk of a breakdown below the USD 0.178 level. On the upside, the bears are likely to protect USD 0.192 and USD 0.195.
Other altcoins market today
In the past three sessions, a few small-capitalization altcoins declined more than 4%, including MKR, DGB, SXP, CKB, KNC, STX, ARDR, NMR, VSYS and GNT. Out of these, MKR is down close to 7% and DGB declined around 6%.
Overall, bitcoin price is trading in a bearish zone below the USD 7,200 support and pivot level. However, BTC might find a strong buying interest near USD 6,550 or USD 6,200 and it could start a decent increase in the coming sessions.
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