Bitcoin and Altcoins Could Extend Downsides
Yesterday, we saw renewed selling pressure on bitcoin below the USD 3,925 and USD 3,900 support. BTC/USD extended losses and broke the USD 3,800, USD 3,700 and USD 3,640 support levels. Similarly, ethereum declined heavily below the USD 140 and USD 132 support levels. ETH/USD is currently (UTC 08:10 AM) trading near USD 125, with a bearish angle. Ripple price also fell sharply and traded below the USD 0.350 and USD 0.335 support levels. The current price action is pretty bearish and it seems like there could be more downsides in BTC and altcoins in the coming sessions.
Total market capitalization
Sellers gained control below USD 3,800 and pushed bitcoin price below the USD 3,700 and USD 3,640 support levels. BTC/USD traded close to the USD 3,540 support and it is currently consolidating losses. An initial resistance is at USD 3,600, above which the price may test the USD 3,640 resistance.
On the downside, an initial support is at USD 3,540 – USD 3,550, below which the price is likely to visit the USD 3,500 support in the near term.
Ethereum price tumbled and settled below the USD 132 support. ETH/USD even broke the USD 130 and USD 125 support before buyers appeared near the USD 120 – USD 121 zone.
If there is an upside correction, the previous supports at USD 130 and USD 132 are likely to act as hurdles. On the downside, the USD 120 – USD 121 zone is a crucial support, below which the price could decline towards the USD 106 support.
Bitcoin cash, eos and ripple price
Bitcoin cash price declined heavily and it even broke the USD 140 and USD 132 support levels. BCH/USD is down around 8% and it may soon break the USD 127 support. The next main support is at USD 125, followed by USD 122. On the upside, resistances are aligned at USD 132 and USD 138.
EOS trimmed most its gains and traded below the USD 2.60 and USD 2.50 support levels. The price is currently trading near USD 2.40 and it may decline towards the USD 2.25 support.
Ripple price gained bearish momentum after it broke the USD 0.350 support. XRP/USD traded below the USD 0.340 and USD 0.330 supports to move further into a bearish zone. The next crucial supports are USD 0.320 and USD 0.312.
Other altcoins market today
Many small cap altcoins declined heavily and are down more than 8%, including R, TRX, AE, REPO, DCN, BCZERO, STRAT, WTC, WAN, ZIL and STEEM. Out of these, R is down around 15% and TRX fell close to 12%.
Overall, bitcoin is back in a bearish zone below USD 3,750. If BTC/USD breaks the USD 3,500 support, sellers are likely to push the price towards USD 3,200. Besides, ethereum and ripple could also extend declines if they fail to stay above the USD 120 and USD 0.320 supports respectively.
However, some of the top 50 coins in terms of market capitalization are still in positive territory for the week.