Bitcoin and Altcoins Move Into Bearish Region
Yesterday, we discussed a couple of important support levels for bitcoin near the USD 3,700 and USD 3,620 levels. BTC/USD struggled to gain bullish momentum, resulting in a decline below the USD 3,620 support. The price even cleared the USD 3,600 support and moved into a bearish zone. Similarly, ethereum price failed to stay above the USD 125 and USD 120 supports. ETH/USD is under pressure below USD 120 and it may continue to move down. Ripple price and other altcoins also traded lower and currently (UTC 06:40 AM) signaling more declines.
Total market capitalization
There was no upward move in bitcoin price above the USD 3,850 and USD 3,900 resistance levels. BTC/USD started a downside move and traded below the USD 3,700 support level. It cleared the path for sellers to take control and the price declined below the key USD 3,620 support.
The price is currently down more than 3% and it is trading below the USD 3,700 level. An initial support is at USD 3,480, below which there is a risk of a downside extension towards the USD 3,300 level.
Ethereum price broke the main supports near the USD 125 and USD 120 levels. ETH/USD declined more than 10% recently and it even broke the USD 115 support.
If the price continues to move down, there could be more losses below the USD 110 support. The next major support is at USD 106 and USD 105. On the upside, there is a solid resistance near the USD 120 level, which was the crucial support.
Bitcoin cash and ripple price
Bitcoin cash price started a major downward move and broke the USD 160 and USD 150 supports. BCH/USD may continue to move down and it could test the USD 130 or USD 125 support level. BCHSV also declined nearly 10% and broke the USD 90 and USD 85 supports. Going forward, there are chances of a test of the USD 75 support before the price starts a fresh upward move.
Ripple price moved down sharply below the USD 0.3500 support to enter a bearish zone. XRP/USD could continue to move down towards the USD 0.330 and 0.325 support levels.
Other altcoins market today
During the recent bearish wave, many small cap altcoins declined by more than 10%, including XET, PAY, QASH, QTUM, NPXS, PPT, BTCP, ONT and ETC. Out of these, XET declined more than 70% and PAY was down around 16%.
Overall, bitcoin price may continue to move down towards the USD 3,400 level, below which there is a risk of heavy declines. To recover, BTC/USD must move above the USD 3,750 and USD 3,800 resistance levels. Similarly, ethereum price needs to clear the USD 120 and USD 125 resistance levels to avoid a significant bearish wave in the near term.
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