Bitcoin and Altcoins Turned Red
Yesterday, bitcoin price tested the USD 12,000 resistance level, where sellers emerged. BTC/USD started a downside correction below USD 11,800, but it failed to hold the key USD 11,500 support. As a result, there was a downside extension below the USD 11,200 support level. Similarly, there were bearish moves in major altcoins such as ethereum, ripple, bitcoin cash, EOS and litecoin. ETH/USD broke the USD 290 support and it is currently (08:10 UTC) struggling to hold the USD 285 support. XRP/USD is under a lot of pressure below USD 0.400 and USD 0.390 and it could even break the USD 0.372 support.
Total market capitalization
Recently, bitcoin price faced an increase in selling pressure after it broke the key USD 11,500 support level. BTC/USD even broke the USD 11,200 support level and it is down more than 5%. The price is now trading below the USD 11,000 level, with an immediate support near the USD 10,800 level.
If there are more losses, the price could even test the USD 10,650 support level. On the upside, an initial resistance is at USD 11,200, followed by USD 11,320. To start a decent upward move, bitcoin price must climb back above the USD 11,500 resistance.
Ethereum price remained below the USD 300 resistance and recently declined below the USD 290 support level. ETH/USD is currently trading near the USD 285 support and it seems like the pair could extend losses towards USD 280 and USD 275 support levels in the near term.
On the upside, an immediate resistance is near the USD 290 level, above which there are chances that the pair might retest the USD 300 resistance area.
Bitcoin cash, eos and ripple price
Bitcoin cash price failed to clear the USD 420 resistance and recently started a fresh decline. BCH/USD is down around 4% and it broke the USD 405 and USD 400 support levels. If the pair continues to slide, there are chances of more losses below the USD 390 support level.
EOS was rejected near the USD 6.000 resistance level. As a result, there was a downside reaction below the USD 5.900 and USD 5.800 support levels. The price is currently trading near the USD 5.750 support, below which there is a risk of more losses towards the USD 5.600 support area. On the upside, the key hurdles are near USD 5.900 and USD 6.000.
Ripple price remained in a bearish zone and extended losses below the USD 0.400 support area. XRP/USD broke the USD 0.392 and USD 0.385 support levels to move further into a bearish zone. If it breaks USD 0.372, the next stop could be USD 0.360.
Other altcoins market today
Despite bearish moves in bitcoin and ethereum, a few small cap altcoins climbed higher and gained more than 8%, including DOGE, KMD, NET, REN, DENT, QNT, EGT and SOLVE. Out of these, DOGE is up around 27% and KMD rallied nearly 23%.
Overall, bitcoin is struggling to hold gains and it could continue to move down towards USD 10,650 or USD 10,500. To start a fresh increase, BTC/USD must surpass USD 11,200 and gain strength above USD 11,500 in the coming sessions.
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