Bitcoin and Altcoins Turn Overwhelmingly Bearish
Yesterday, bitcoin price broke a crucial support area near the USD 8,200 and USD 8,000 levels. It opened the doors for more downsides and BTC/USD crashed below the USD 7,850 and USD 7,650 support area. The price is down more than 8% in the past three sessions and it is now trading below the USD 7,550 pivot level.
Similarly, there were strong downsides in ethereum, EOS, ripple, bitcoin cash, litecoin, binance coin, ADA and XLM. ETH/USD is down more than 8% and it broke the key USD 160 support area. XRP/USD tumbled and traded below many key supports near the USD 0.280 and USD 0.265 levels.
Total market capitalization
After a successful close above USD 8,000, bitcoin price declined heavily. BTC/USD bears gained traction, resulting in a sharp decline below USD the USD 7,850 support. The price dropped more than USD 500 and traded below the USD 7,650 and USD 7,550 support levels. It tested the USD 7,300 zone and is currently (08:00 UTC) correcting higher.
On the upside, an immediate resistance is near the USD 7,550 level, above which the price could recover towards the USD 7,650 resistance and a pivot zone. On the downside, there are short term supports near USD 7,300 and USD 7,250.
Ethereum price also followed bitcoin and declined more than 8%. ETH/USD traded below the USD 165 and USD 160 support levels. It tested the USD 154 area and is currently correcting higher. However, there are many hurdles near the USD 165 level.
On the upside, the main resistance is near USD 170 (the previous support). If there is an upside break above USD 170, the price could start a fresh increase. On the downside, the price might struggle to hold the USD 154 and USD 152 support levels.
Bitcoin cash, eos and ripple price
Bitcoin cash price declined around 5% and traded below the USD 215 and USD 205 support levels. BCH/USD even spiked below USD 200, but it later recovered. The price is currently trading above USD 205 and facing hurdles near the USD 215 and USD 220 levels.
EOS settled below the main USD 2.850 and USD 2.800 support levels. As a result, there was a sharp decline and the price tumbled below USD 2.650. It traded towards the USD 2.550 support and it is currently correcting higher. On the upside, the previous support near USD 2.800 may now act as a resistance.
Ripple price reacted to the downside sharply below the USD 0.282 support area. XRP/USD even broke the USD 0.260 support area and traded close to the USD 0.250 support area. It is currently rebounding, but facing resistance near the USD 0.268 and USD 0.270 levels.
Other altcoins market today
In the past three sessions, many small capitalization altcoins declined more than 8%, including ICX, RVN, NEW, GNT, KMD, NPXS, ELF, VET, ZIL, BNB and ALGO. Out of these, ICX declined close to 12% and RVN is down around 11%.
Overall, bitcoin is trading in a significant downtrend below USD 8,000 and USD 7,850. In the short term, there could be an upside correction, but BTC/USD is likely to face many hurdles near USD 7,650 and USD 7,850.
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