Bitcoin and Altcoins Continue To Follow Bearish Path
Yesterday, we saw a strong bearish reaction in bitcoin near the USD 10,500 resistance level. As a result, BTC/USD started a fresh decline below the USD 10,400 and USD 10,320 levels. The price is now trading near USD 10,200 and it seems like the bears are eyeing more downsides in the coming sessions. Similarly, there were mostly bearish moves in major altcoins, including ethereum, ripple, bitcoin cash, binance coin, EOS and litecoin. ETH/USD is sliding towards the USD 180 support level and XRP/USD is consolidating above the USD 0.260 support area (08:00 UTC).
Total market capitalization
After bitcoin price failed to settle above the USD 10,500 resistance area, there was a fresh decline. BTC/USD declined steadily and broke a few important supports near the USD 10,320 level. The price is currently trading with a negative angle near USD 10,200 and it seems like there could be a downside extension towards the USD 10,000 and USD 9,850 levels.
On the upside, an immediate resistance is near the USD 10,350 level. However, the main hurdles are near the USD 10,400 and USD 10,500 levels.
Ethereum price broke the USD 192 and USD 190 support levels. The recent decline indicates that the price could continue to slide towards the main USD 180 support area. If there are more downsides, the next stop might be USD 175.
On the upside, the recent supports near the USD 190 and USD 192 levels are likely to act as strong resistances for the bulls. However, a successful follow through above USD 195 is needed for upside acceleration in the near term.
Bitcoin cash, eos and ripple price
Bitcoin cash price failed to surpass the key USD 320 resistance level and started a downward move. BCH/USD is now trading below USD 310, but it is somehow holding the USD 305 support level. If it fails to stay above USD 305 and USD 300, there could be a drop towards USD 280.
EOS struggled to continue above USD 3.650 and USD 3.700. As a result, it declined below USD 3.600 and tested the USD 3.500 support. The next key support on the downside is near the USD 3.350 level. On the upside, the USD 3.650 and USD 3.700 levels are important hurdles for a decent upward move.
Ripple price is holding the USD 0.262 and USD 0.260 support levels. At the same time, XRP/USD is facing a strong resistance near the USD 0.275 and USD 0.280 levels. The main resistance on the upside is still near the USD 0.290 level, above which the price could turn bullish.
Other altcoins market today
In the past three sessions, many small cap altcoins declined more than 5%, including ABBC, TOMO, WAX, GXC, BEAM, HC, BCN, XVG, ETP, ALGO, XEM and EGT. Out of these, ABBC declined more than 12% and TOMO declined nearly 11%.
To sum up, the recent rejection in bitcoin near USD 10,500 sparked a fresh decline. Going forward, the USD 10,000 support level holds the key. A daily close below USD 10,000 could accelerate losses. Conversely, the bulls need to gain momentum above USD 10,400 and USD 10,500 for a strong rally.
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