Bitcoin and Altcoins Bears Are Back In Driver’s Seat
After yesterday’s strong increase, bitcoin price failed to continue above the USD 10,200 and USD 10,250 resistance levels. Later, BTC/USD declined sharply below USD 10,000 and USD 9,850. The price is now (09:00 UTC) back in a bearish zone and consolidating near the USD 9,550 support.
Similarly, there was a substantial decline in most major altcoins, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is down more than 6% and it traded below the USD 265 support. XRP/USD is also down 8% and it is approaching the USD 0.268 support area.
Total market capitalization
In the past three sessions, bitcoin price reversed all its yesterday’s gains from well above USD 10,000. BTC/USD settled below the key USD 9,850 level and it is currently consolidating near the USD 9,550 support. If there are more downsides, the bears are likely to aim a test of the USD 9,050 and USD 9,000 support levels in the near term.
On the upside, an initial resistance is near the USD 9,650 level. The key hurdle is now at USD 9,850, above which the bulls are likely to take charge.
Ethereum price is down more than 6% and it broke a few key supports near USD 265 and USD 260. ETH/USD tested the USD 250 support and it is currently trading near USD 258. On the upside, the USD 265 level is now a key breakout zone for the bulls.
If the price continues to move down below USD 255 and USD 250, the next stop for the bears may perhaps be the USD 240 support area.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is down more than 10% and it failed to stay above the USD 400 and USD 385 support levels. BCH/USD even tested the USD 375 support and it seems like the bears are aiming a test of the USD 355 support level. On the upside, the previous support near USD 385 and USD 400 are likely to stop the bulls.
Litecoin extended its decline below the key USD 75.50 support area. LTC/USD is now approaching the USD 70.20 support level, below which there is a risk of a drop towards the USD 66.50 level. On the upside, the USD 73.50 level is now a key barrier, followed by USD 75.00.
XRP price declined below the USD 0.292 and USD 0.285 support levels. The price is now approaching the USD 0.270 and USD 0.268 support levels. Any further losses could lead the price towards the main USD 0.255 support level. On the upside, the key resistance is now near USD 0.285.
Other altcoins market today
In the past three sessions, many small-capitalization altcoins declined more than 8%, including WAXP, CENNZ, MONA, EOS, ARDR, DGB, KMD, ENJ, QNT, XVG, XEM, ELF, and BCN. Out of these, WAXP is down around 24% and CENNZ declined nearly 15%.
To sum up, the recent rejection in bitcoin was crucial. The main support is now near the USD 9,050 level, where the bulls are likely to emerge. Conversely, the price must climb above the USD 9,850 and USD 10,000 levels to start a fresh increase.
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