Bitcoin Price, Altcoins Poised For Further Weakness
This past week, bitcoin price declined heavily below the USD 9,000 and USD 8,500 support levels. BTC/USD even traded below USD 8,000 and it is currently (08:00 UTC) showing signs of bearish continuation. Similarly, most major altcoins, including ethereum, ripple, EOS, BNB, litecoin, bitcoin cash, cardano and stellar are declining and trading well below important support levels. ETH/USD is struggling to recover above the USD 175 resistance, and XRP/USD is likely to resume its decline below USD 0.232 in the near term. Overall, bitcoin and altcoins are likely to extend their decline in the near term.
Total market capitalization
In the past few sessions, bitcoin price made a couple of attempts to recover above USD 8,200. However, there was no convincing break above USD 8,200 and BTC/USD remained in a downtrend. It is currently trading well below USD 8,000, with an immediate support at USD 7,750.
If there is a downside break below USD 7,750, the price could accelerate decline towards the USD 7,500 and USD 7,350 levels. On the upside, an immediate resistance is near the USD 8,000 level. The main weekly resistance is near the USD 8,200 and USD 8,250 levels.
Ethereum price is facing a strong resistance near the USD 175 level. To move into a positive zone and start a decent recovery, ETH/USD must break the USD 175 and USD 180 resistance levels in the near term.
On the downside, an initial support is near the USD 160 level. However, the most important weekly support is near the USD 152 and USD 150 levels, below which the price could decline heavily.
Bitcoin cash, eos and XRP price
Bitcoin cash price is currently consolidating losses above the USD 205 and USD 200 support levels. If BCH/USD resumes its decline below USD 200, the next key support is near the USD 175 level. On the upside, there are many hurdles near the USD 225 and USD 235 levels.
EOS settled below the key USD 3.000 support area and it is currently consolidating near USD 2.750. On the downside, the key support is near the USD 2.500, below which there is a risk of a breakdown towards USD 2.100. On the upside, a close above USD 3.000 might start a decent recovery.
XRP price is facing a strong resistance near the USD 0.242, USD 0.245 and USD 0.250 levels. If XRP/USD continues to struggle, it could resume its decline below the USD 0.232 and USD 0.230 support levels in the near term. The next key support is near the USD 0.215 level.
Other altcoins market today
In the past two sessions, a few small capitalization altcoins extended their decline by more than 6%, including LAMB, NPXS, WIN, AOA, BTT, DCR, FCT, DGB, ZRX, ETP, ABBC and ARDR. Out of these, LAMB is down around 18% and NPXS declined nearly 16%.
Overall, bitcoin price is trading in a strong downtrend below USD 8,200 and there are chances of more downsides in the coming sessions. It seems like BTC/USD might even break the USD 7,500 support. Similarly, there is a risk of further weakness in most major altcoins.
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