Bitcoin Could Decline Further, Altcoins Won’t Go Down Quietly
After consolidating losses and a short term upside correction, bitcoin price resumed its decline below the USD 8,300 level. BTC/USD even broke the USD 8,000 support area and traded to a new monthly low near USD 7,750. The price is currently correcting losses (08:00 UTC), but upsides are likely to remain capped near USD 8,250 and USD 8,300. On the other hand, downsides were contained in many major altcoins, including ethereum, ripple, EOS, bitcoin cash, litecoin, binance coin, tron and cardano. ETH/USD retested the USD 155 support level and bounced back above USD 165. XRP/USD is currently consolidating losses and facing hurdles near the USD 0.245 and USD 0.250 levels.
Total market capitalization
There was a downside extension in bitcoin price below the USD 8,200 and USD 8,000 support levels. BTC/USD tested the USD 7,750 area and it is currently correcting higher. An immediate resistance is near the USD 8,150 and USD 8,200 levels. However, the main resistance is near the USD 8,300, above which the price could recover to USD 8,500.
If the price fails to correct above USD 8,300, it is likely to continue lower. In the mentioned case, the price may perhaps revisit the USD 7,750 level. Any further losses could push the price to USD 7,500.
Ethereum price declined below the USD 165 support, following bitcoin’s decline. However, ETH/USD stayed above the USD 150 and USD 152 support levels. The price bounced back above USD 160 and it is currently trading above USD 165.
On the upside, there are a few important resistances near the USD 172 and USD 175 levels, above which there are chances of a recovery in the near term.
Bitcoin cash, eos and ripple price
Bitcoin cash price retested the main USD 200 support level and it is currently consolidating below the USD 220 resistance. If there is an upside break above USD 220 and USD 230, BCH/USD might recover towards the key USD 250 level. Conversely, there is a risk of a downside break below the USD 200 support area.
EOS remained stable above the USD 2.500 level. However, the price is facing a lot of hurdles near the USD 2.850 and USD 2.900 levels. The key resistance for a strong recovery is near the USD 3.000 level. On the downside, a break below USD 2.500 might push the price to USD 2.200.
Ripple price tested the USD 0.225 support area and it is currently trading above USD 0.240. XRP/USD seems to be facing a strong resistance near the USD 0.245 and USD 0.250 levels, above which the price might test the key USD 0.264 resistance.
Other altcoins market today
In the past three sessions, many small capitalization altcoins declined more than 5%, including CRPT, BCN, RIF, BEAM, NEXO, LAMB, KCS, LSK, LINK, QNT and HT. Out of these, CRPT is down around 13% and BCN declined nearly 10%.
Overall, bitcoin price is showing a lot of bearish signs and it might continue to decline below USD 8,000. Having said that, BTC/USD could soon complete the current downward move and start a recovery above USD 8,500 in the coming days.
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