Bitcoin and Altcoins Turn Red, Eye Last Line of Defense
In the past few hours, bitcoin price followed a bearish path below the USD 11,650 and USD 11,550 support levels. BTC even tested the USD 11,100 region and it is currently (08:30 UTC) consolidating losses. The next major support is near USD 11,000, below which the price might decline heavily towards USD 10,500.
Similarly, most major altcoins are declining and slowly gaining bearish momentum, including ethereum, XRP, litecoin, bitcoin cash, EOS, TRX, XLM, LINK and ADA. ETH/USD broke the USD 385 support and it might continue to move down towards USD 362. XRP/USD is down over 2% and it is approaching the USD 0.272 support.
Total market capitalization
After a close below USD 11,800, bitcoin price faced an increase in selling pressure. As a result, BTC traded below the key USD 11,550 support level. It tested the USD 11,100 region and it is currently correcting above USD 11,250. However, the price is likely to face a strong resistance near the USD 11,500 and USD 11,550 support levels (the recent breakdown zone).
On the downside, the USD 11,200 level is a short-term support. The main support is near USD 11,000, below which it could decline towards USD 10,650.
Ethereum price is now trading well below USD 400, and it broke the USD 385 support level. ETH is down close to 3% and it is declining towards USD 278 level. The next key support on the downside is near the USD 262 level.
If there is an upside correction, the price might rise towards the USD 395 and the USD 400 resistance levels, where the bears are likely to protect more gains.
Bitcoin cash, chainlink and XRP price
Bitcoin cash price is down over 3% and it is trading well below the USD 280 support. BCH is currently testing USD 275 and it seems like the price could continue to move down towards the USD 262 and USD 260 support levels. On the upside, the previous support at USD 290 is now a key hurdle.
Chainlink (LINK) is slowly moving lower below USD 14.50. An initial support is near the USD 14.00 level, below which the price might continue to move down towards the USD 12.80 level. Any further losses could lead the price towards the USD 12.00 support zone.
XRP price failed to recover and extended its decline below the USD 0.280 support. It even broke the USD 0.275 level and it might retest the USD 0.270 support level. If there is a downside break below USD 0.270, the price is likely to dive towards the USD 0.255 support. On the upside, the main hurdle for a fresh increase is near USD 0.285.
Other altcoins market today
In the past three sessions, a few small altcoins climbed over 5%, including KSM, ANT, LEND, OKB, RSR, RUNE, HT and HYN. Conversely, BNT, RLC, FXC, CKB, BAT, XVG, WAVES, REP, ADA, OMG, BTG, MIOTA and ZRX are down over 5%.
In brief, the bitcoin price is slowly gaining bearish momentum below USD 11,550. If BTC fails to stay above the USD 11,100 and USD 11,000 levels, there is a risk of a larger decline in the coming days.
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