Bitcoin and Altcoins Gaining Bearish Momentum
There were further declines in bitcoin and major cryptocurrencies. Considering the technical charts and indicators, there are bearish signs emerging. Bitcoin price broke a major support at USD 10,500, which may put a lot of pressure on buyers. It means there are possibilities of further downsides in bitcoin, Ethereum, bitcoin cash, litecoin and ripple in the near term.
Bitcoin failed to recover after yesterday’s decline. It extended losses and fell below a two major supports at USD 10,500 and 10,400. BTC/USD is currently down 6.5% to USD 10,215.
An immediate support on the downside is at USD 10,000, which is also a crucial pivot zone. Therefore, the price has to stay above USD 10,000 to avoid further declines. Should the price fail to hold the mentioned USD 10,000 level, there could be a fresh start to a bearish wave.
A recovery may kick start if BTC succeeds in breaking the USD 10,500 resistance. Above USD 10,500, the next key resistance is at USD 11,000.
Ethereum is down 6.8% to USD 820. The ETH/USD pair broke a significant support at USD 850, which could push the price below USD 800 in the near term.
If the price starts a recovery, it will most likely face sellers on the upside near the USD 850, 880 and 900 levels. Only a daily close above the USD 880 level could decrease the current bearish pressure.
Bitcoin Cash and Ripple
Bitcoin cash was once again one of the worst performers. It is down around 9.9% to USD 1,220. BCH/USD failed to hold the USD 1,300 and 1,250 support levels, which is a strong negative sign in the short term. On the downside, the USD 1,200 level holds the key for the next move.
Ripple declined 8.6% and traded below USD 0.98. XRP/USD is under a lot of pressure and it is likely to extend declines towards the USD 0.94 and 0.92 levels.
Other Altcoins Market Today
There was no high performing coin today except Nano, which is trading around 11% higher to USD 8.85. The company recently released a beta version of their wallet for Android, which got investors excited.
To sum up, the current market sentiment is short-term bearish. If bitcoin price slides below USD 10,000, it may increase bearish pressure.