Bitcoin and Altcoins Breakdown Could Trigger Additional Losses
This week, we saw a steady decline in bitcoin price below the USD 11,200 and USD 11,000 support levels. Yesterday, we discussed the chances of bearish continuation below the USD 10,500 support area. BTC/USD did move down and fell significantly below the USD 10,000 support. Also, altcoins failed to hold key supports and declined heavily, including ethereum, ripple, litecoin, EOS, XLM, BNB, bitcoin cash, ADA and TRX. ETH/USD is down more than 10% below USD 200 and USD 190. Besides, XRP/USD fell sharply below the USD 0.285 and USD 0.270 support levels.
Total market capitalization
In the past three sessions, bitcoin price faced a strong rise in selling interest. BTC/USD broke the USD 10,200 and USD 10,000 support levels to move further into a bearish zone. The decline was such that the price spiked below USD 9,800 and traded close to the USD 9,500 level.
The price is currently (08:10 UTC) consolidating near the USD 9,720 level, with an immediate resistance near the USD 9,850 level. However, the main resistances are near the USDS 10,000 and USD 10,150 levels, above which the price could start a decent recovery.
Ethereum price failed to hold the key USD 200 support level and declined more than 10%. ETH/USD even traded below the USD 190 support and tested the USD 184 support area.
The price is currently struggling to recover and is facing a couple of important resistances near the USD 192 and USD 196 levels. The main resistance is now near USD 200, above which the price could gain bullish momentum. On the downside, the key support is near USD 180, followed by USD 175.
Bitcoin cash, eos and ripple price
Bitcoin cash price struggled to gain momentum above the USD 350 resistance and started a strong downward move. BCH/USD broke the USD 340 and USD 330 support levels. The next key support is near USD 300, below which it could test the USD 285 support.
EOS extended its decline below the main USD 4.000 support level. The price is down 14% and is currently trading near the USD 3.500 level. If there is a downside break below the USD 3.500 support, the next stop for the bears could be near the USD 3.250 and USD 3.200 levels.
Ripple price fell significantly and was one of the worst performers among major altcoins. XRP/USD traded below the key USD 0.285 and USD 0.270 support levels. It is now at a risk of more losses below the USD 0.260 and USD 0.252 support levels.
Other altcoins market today
In the past three sessions, many small cap altcoins tumbled and declined more than 15%, including BTG, BTM, WTC, TRX, STEEM, GXC, OMG, HC, ODE, ELA, ONT and AE. Out of these, BTG is down 20% and BTM declined close to 19%.
Overall, bitcoin price traded below a couple of important supports near the USD 10,000 level, opening the doors for a larger downside correction. Therefore, there are chances of more downsides in BTC and altcoins in the coming sessions.
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