Bitcoin and Altcoins Showing Signs of Continuing Weakness
Yesterday, we discussed the chances of more downsides in bitcoin price if it breaks the USD 10,000 support. BTC/USD did trade below the USD 10,000 support and it might continue to slide in the coming sessions. Similarly, there were bearish moves in most major altcoins, including ethereum, bitcoin cash, litecoin, ripple, EOS, and binance coin. ETH declined below and tested the USD 200 support. XRP/USD is now (08:10 UTC) trading below USD 0.310 and it might soon break USD 0.300.
Total market capitalization
Yesterday’s recovery in bitcoin price failed to gain traction above the USD 10,400 level. As a result, there was a fresh decline in BTC/USD below the USD 10,250 and USD 10,000 support levels. The decline was such that the price even broke the USD 9,820 support levels. The price is down more than 3.5% and it might soon test the USD 9,600 support.
If there are more losses below the USD 9,600 support, the price could decline towards the USD 9,250 support. On the upside, an initial resistance is near the USD 9,880 level. The main resistance is now near the USD 10,000 level.
Ethereum price also extended losses below the USD 220 support level. ETH/USD even broke the USD 210 support and tested the USD 200 level. The price is currently consolidating losses, with an immediate resistance near USD 210 and USD 211.
The main resistance on the upside is now near USD 220. On the downside, if there is a downside break below USD 200, the price could accelerate losses towards the USD 190 level.
Bitcoin cash, eos and ripple price
Bitcoin cash price traded below the USD 315 support and is currently struggling to clear the USD 300 support level. If there is a downside break below USD 300, BCH/USD could extend its losses towards the USD 280 support level. On the upside, the price may now face hurdles near the USD 320 and USD 322 levels.
EOS revisited the USD 4.000 support level, where the bulls took a stand. As a result, the price started a short term upside correction and traded above the USD 4.100 level. However, the price might struggle to surpass the USD 4.200 and USD 4.250 resistance levels.
Ripple price dipped sharply below the USD 0.320 and USD 0.315 support levels. XRP/USD tested the USD 0.302 support zone and is currently correcting higher. On the upside, it seems like the price might face a strong selling interest near the USD 0.316 and USD 0.319 levels.
Other altcoins market today
In the past three sessions, many small cap altcoins extended losses by more than 7%, including JCT, BTC, NRG, SOLVE, ARDR, TRX, ELF, BTT, ETP, ZIL, THETA and RVN. Out of these, JCT declined around 15% and BTG is down nearly 14%.
To sum up, bitcoin price is under pressure below USD 10,000 and remains at a risk of more downsides below USD 9,600. In the short term, there could be an upside correction, but BTC/USD might struggle near USD 10,000.
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