Bitcoin and Altcoins Turn South
Bitcoin faced an increased selling pressure after it failed to break the USD 8,300 resistance on many occasions. BTC/USD tumbled more than USD 500 and broke the key support at USD 7,800. It is currently (UTC 08:30 AM) above the USD 7,500 support and is attempting a recovery. Similarly, major altcoins like ethereum, ripple and litecoin declined heavily and registered losses between 5-8%. August 2018 opened with bearish moves in bitcoin and altcoins, but BTC is still well supported on dips near USD 7,500 and 7,200.
Bitcoin price declined more than 6% and traded a few points below the USD 7,500 support. BTC/USD is currently recovering and is trading near the USD 7,580 level. An immediate resistance is near USD 7,680, above which, the price may perhaps test the USD 7,800 level (the previous support).
On the downside, the USD 7,500 support is an important area for bitcoin buyers. A break and close below this could open the doors for a push towards the USD 7,200 support.
Ethereum price tumbled more than 5% and broke the USD 435 support. ETH/USD traded close to the USD 400 level and formed a low near USD 410. It is currently recovering above USD 420 with resistances near USD 435 and 440.
If the price resumes its slide, it could retest the USD 410 support. Below this, the price remains at a risk of a crucial bearish break below the USD 400 handle.
Bitcoin cash and ripple
Bitcoin cash price failed to stay above the USD 800 and USD 775 support levels. BCH/USD declined and even spiked below the USD 750 support before recovering to USD 760. It may correct higher, but buyers will most likely face key barriers near the USD 775 and USD 780 resistances.
Ripple price was stable compared to ethereum and bitcoin cash. XRP/USD declined below USD 0.4350, but recovered back above USD 0.44. It seems like the price may well recover higher if it breaks the USD 0.45 resistance.
Other Altcoins Market Today
Many altcoins posted heavy declines today, including Polymath, Bitcoin Private, Pundi X, WAN, ICX, ELF, TenX, VeChain, ZenCash, Nano and Nuls. The worst performer was Polymath, down by more than 30% to USD 0.35.
Overall, bitcoin and altcoins moved into the red zone and started August on a bearish note. Having said that, dips in BTC/USD are still well supported as long as the price is above USD 7,000.