Bitcoin Price, Altcoins Gaining Bearish Momentum Below Weekly Lows
Recently, there was a minor upside correction in bitcoin price above the USD 8,000 level. However, BTC/USD failed to gain momentum above the USD 8,100 level and struggled to test the USD 8,200 resistance. As a result, there was a fresh decline below USD 8,000 and USD 7,900. Similarly, ethereum, EOS, bitcoin cash, litecoin, ripple, binance coin, ADA and XLM are currently declining. ETH/USD is now trading well below USD 175 and it could accelerate its decline below USD 170. XRP/USD is trimming its recent gains and it is now trading below the USD 0.292 support area, with a bearish angle.
Total market capitalization
After a failed upside attempt, bitcoin price resumed its decline below the USD 8,000 support. The recent decline was such that BTC/USD even broke the weekly low and traded to a new monthly low below USD 7,900. The next key support is near the USD 7,800 level, below which there is a risk of an extended decline towards the USD 7.650 level.
On the upside, an immediate resistance is near the USD 7,950 level. However, the main resistance is now near the USD 8,000 and USD 8,040 levels, above which the price could test USD 8,200.
Ethereum price is under a lot of pressure and it is now trading well the USD 175 support area. If ETH/USD gains pace below USD 170, it is likely to continue its decline towards the USD 162 and USD 160 levels.
On the upside, the recent support near USD 175 may perhaps act as a resistance. A successful break above USD 175 might push the price towards the USD 180 and USD 182 levels.
Bitcoin cash, eos and XRP price
Bitcoin cash price failed to recover above the USD 225 resistance and declined further. BCH/USD is currently trading below the USD 215 support and it seems like it could decline towards the USD 205 and USD 200 support levels. On the upside, the key hurdles are near USD 225 and USD 230.
EOS failed to climb back above the USD 3.000 pivot level and resumed its slide. The price is currently testing the USD 2.850 support area, below which there is a risk of an extended drop to the USD 2.650 support area. On the upside, the main barrier is now near the USD 3.000 level.
XRP price performed well so far and even climbed above the USD 0.300 level. However, the recent decline in bitcoin and ethereum spark bearish moves in XRP/USD. The price is down 2% and is trading below the USD 0.292 support area. The next major supports are USD 0.285 and USD 0.281.
Other altcoins market today
In the past two sessions, a few small capitalization altcoins climbed higher and gained more than 5%, including SOLVE, DGTX, CENNZ, SC, HOT, SNX, SEELE and QNT. Out of these, SOLVE rallied more than 30% and DGTX is up more than 15%.
Overall, bitcoin is gaining bearish momentum below USD 8,000 and it could continue to slide in the near term. The next stop for sellers could be USD 7,800, below which the price is likely to test the USD 7,650 area.
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