Bitcoin and Altcoins Recovery Might Be Short-lived
This week started with a massive decline in bitcoin from well above USD 8,500. BTC/USD tumbled around 10% and it broke many supports near the USD 8,400 and USD 8,000 levels. The price is currently correcting higher, but upsides are likely to remain capped near USD 8,200 and USD 8,240.
Similarly, almost all major altcoins declined heavily, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is down around 15% and it tested the USD 200 support area. XRP dived more than 12% and it tagged the key USD 0.200 support area.
Total market capitalization
After a clear break below the key USD 8,550 support, bitcoin price declined sharply. BTC/USD tumbled below USD 8,240 and even traded below the USD 8,000 support area. It tested the USD 7,700 area and it is currently (08:30 UTC) correcting losses. On the upside, an initial resistance is near the USD 8,000 level, above which it could test the USD 8,240 resistance zone.
Unless the price surges back above USD 8,250, it is likely to extend its decline. On the downside, there are supports near USD 7,700 and USD 7,650, below which the price is likely to test USD 7,500.
Ethereum price fell sharply below the USD 220 and USD 212 support levels. ETH/USD declined around 15% and it even spiked below the USD 200 handle. The price is now recovering losses and it may perhaps test the USD 212 resistance area (the previous support).
On the downside, the USD 202 and USD 200 levels are very important. If the price settles below USD 200, it could decline towards the USD 184 level.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price broke the main USD 305 and USD 300 support levels. As a result, BCH/USD declined below the USD 285 support and tested the USD 260 area. It is now correcting higher and trading near the USD 280 level. On the upside, the previous supports near the USD 300 area are now likely to act as major hurdles.
Litecoin declined close to 15% and settled below the USD 55.50 and USD 52.50 support levels. LTC/USD even spiked below USD 50.00 and tested USD 47.50. If it attempts to recover, the USD 52.50 zone is likely to prevent gains in the coming sessions. On the downside, the main supports are USD 48.00 and USD 47.50.
XRP price nosedived after it broke the USD 0.220 and USD 0.210 support levels. It tagged the major USD 0.200 support area and it is now attempting a decent recovery. However, the USD 0.212 and USD 0.215 levels are likely to act as strong barriers for the bulls in the near term.
Other altcoins market today
In the past three sessions, many small-capitalization altcoins declined more than 10%, including SC, ELF, MKR, XZC, IOST, VET, ALGO, MONA, BCN, NEXO, GNT, AION, WICC, BSV, VSYS, SNX, EOS, BTG, and LSK. Out of these, SC is down 20% and ELF declined 18%.
Overall, bitcoin price is back in a bearish zone below the USD 8,500 and USD 8,240 support levels. After a short term upside correction, BTC/USD might resume its decline below the USD 7,800 and USD 7,700 levels.
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