Bitcoin and Altcoins Consolidating At Risk Of Further Declines
Bitcoin price faced a fresh round of selling recently around the USD 4,500 level. BTC/USD started a downside move and traded below the USD 4,400 and USD 4,320 support levels. Similarly, ethereum price declined heavily and moved back below the USD 130 and USD 125 supports. The current technical structure is negative and it seems like bitcoin price could continue to move down toward the USD 4,000 and USD 3,800 supports.
Total market capitalization
After a small upside correction, bitcoin price faced a fresh round of selling near the USD 4,500 level. BTC/USD declined and broke a few important supports near the USD 4,400 and USD 4,350 level. The price is down more than 5% and it could continue to move down if sellers gain pace below USD 4,100.
The main support is near the USD 4,000 level, below which the price may slide sharply towards the USD 3,800 level. On the upside, the previous support at USD 4,400 and USD 4,550 levels are likely to act as strong hurdles for buyers.
Ethereum price also failed to gain momentum above the USD 135 and USD 140 level. As a result, ETH/USD declined and broke the USD 130 and USD 126 support levels.
The price is currently trading in a bearish zone below the USD 126 level and it could continue to slide if sellers push the price below the USD 120 support. The next key support is at USD 112 and resistance on the upside is at USD 130.
Bitcoin cash and ripple price
Bitcoin cash ABC tumbled more than 20% and traded below the USD 220 and USD 200 support levels. BCHABC may continue to move down and it could test the USD 180 level. BCHSV is also down more than USD 20 and is currently trading below the USD 40 level. The next support is near the USD 35 level followed by USD 30.
Ripple price declined more than 8% and broke a few important supports near the USD 0.425 and USD 0.420 levels. XRP/USD could even trade below the USD 0.400 support and accelerate losses towards USD 0.382.
Other altcoins market today
A few small cap altcoins tumbled more than 15% today, including SRN, POLY, MITH, MOAC, LRC, OMG, RVN, ETN and MANA. Out of these, SRN declined around 25% and POLY is down around 17%.
To sum up, bitcoin price is back in a bearish zone below the USD 4,400 support level. It seems like BTC/USD may continue to slide below the USD 4,200 and USD 4,000 levels. More importantly, if sellers remain in action over the weekend, there could be heavy declines in bitcoin and altcoins like ethereum, ripple, BCH, neo and Litecoin.