Bitcoin and Altcoins Gaining Bearish Momentum
This week started with a bearish bias, with bearish moves in bitcoin below the USD 8,400 support area. BTC gained bearish momentum and it even broke the key USD 8,000 support area. The price is down more than 7% and it seems like there could be more losses in the near term. Similarly, there were heavy losses in altcoins such as ethereum, ripple, bitcoin cash and EOS. ETH is down more than 6% and it is currently (08:10 UTC) trading below the USD 250 support area. Ripple price also declined and broke the key USD 0.432 and USD 0.425 support area. The current price action is bearish and the market could continue to decline in the near term.
Total market capitalization
Recently, there was an increase in selling pressure on bitcoin price below the USD 8,500 and USD 8,400 levels. BTC/USD broke the key USD 8,200 and USD 8,000 support levels to enter a bearish zone. The price is down 7% and it is currently trading near the USD 7,800 level. An immediate support is near the USD 7,600 level, below which the price might extend losses towards the USD 7,400 level.
On the upside, an initial resistance is near the USD 8,000 level, above which the bulls are likely to struggle near the USD 8,200 barrier.
Ethereum price is currently under a lot of pressure and it recently broke the USD 260 and USD 250 support levels. ETH/USD even broke the USD 245 support and it could continue to decline towards the USD 240 support area.
On the upside, an initial resistance is near the USD 250 level, above which the price may perhaps recover towards the USD 260 level. The main resistances are near USD 265 and USD 270.
Bitcoin cash, eos and ripple price
Bitcoin cash price started a major drop below the USD 440 and USD 420 support levels. BCH/USD is down around 8% and it recently broke the key USD 400 support area. The price is currently consolidating and it might recover above the USD 410 and USD 420 levels.
EOS declined below the USD 7.50 and USD 7.00 support levels. The price is currently down around 10% and it even broke the USD 6.80 support level. It is currently trading near the USD 6.60 level, with an immediate support near the USD 6.50 level. If there are more losses, the price could test the USD 6.25 support area.
Ripple price also started a major decline below the USD 0.432 and USD 0.425 support levels. XRP/USD even broke the USD 0.410 level and even tested the USD 0.400 support area. As long as the price is above the USD 0.400 support, it could recover in the coming sessions.
Other altcoins market today
In the past two sessions, many small cap altcoins declined more than 10%, including HOT, XTZ, BTT, XVG, PAI, KCS, VEST, ONT, BCN, ELF, QTUM, XIN and ENJ. Out of these, HOT is down around 14% and XTZ declined nearly 13%.
To sum up, bitcoin price is gaining bearish momentum below the USD 8,000. As long as BTC/USD is below USD 8,000 and USD 8,200, there is a risk of more losses in the near term. On the downside, the main supports are near USD 7,500 and USD 7,400.
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