Bitcoin and Ethereum Downside Break Could Gain Pace
Bitcoin price failed to gain bullish momentum above the USD 6,500 resistance on many occasions. As a result, BTC/USD declined heavily and broke two important supports at USD 6,450 and USD 6,400. The price traded close to the USD 6,300 level and it is currently (UTC 07:40 AM) consolidating losses. Similarly, ethereum price failed to move above the USD 210 resistance and declined sharply. ETH/USD moved into a bearish zone, with a close below the USD 200 – USD 201 support area. It seems like the market sentiment turned short term bearish and puts bitcoin and altcoins at a risk of further slides.
Total market capitalization
After buyers failed to push bitcoin price above key resistances, there was a solid bearish reaction below the USD 6,450 support level. BTC/USD declined heavily and broke the next main support at USD 6,400. It cleared the path for sellers to take control, resulting in a push towards the USD 6,300 area.
The price found support near the USD 6,300 level and it is currently consolidating losses. If there is an upside correction, the previous supports at USD 6,380 and USD 6,400 are likely to act as resistances. On the downside, a break below the USD 6,300 level could take the price towards the USD 6,250 support.
Ethereum price also followed bitcoin and nosedived below the USD 200 support. ETH/USD is currently down more than 3% to USD 197. An immediate support is at USD 195 followed by USD 192.
If the price corrects higher towards the USD 200 or USD 202 levels, it is likely to find a strong selling interest. To recover positively, the price must move back above the USD 205 level.
Bitcoin cash and ripple price
Bitcoin cash price declined more than 4% and traded close to the USD 400 support. BCH/USD is under a lot of pressure and any recoveries towards the USD 430 or USD 440 levels are likely to face many obstacles. On the downside, the USD 410 and USD 400 levels are important supports in the short term.
Ripple price also declined and traded below the USD 0.450 support. XRP/USD is currently at a risk of more declines towards the USD 0.440 or USD 0.424 support level.
Other altcoins market today
Many small cap altcoins struggled to hold gains and declined between 7%-15%, including revain, STRAT, WAX, POLY, KMD, MGO, HC and XVG.
To sum up, bitcoin sellers are back in action after buyers failed to push the price above USD 6,500. If BTC/USD continues to slide, there is a risk of a downside break below the USD 6,300 and USD 6,250 support levels. Similarly, ethereum price may well decline towards the USD 180 level in the coming sessions if it fails to move back above USD 200 and USD 205.
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