Bitcoin and Altcoins Could Extend Losses
After a strong rejection near the USD 4,000 resistance, bitcoin price started a sharp decline. BTC declined below the USD 3,980 and USD 3,950 support levels. It moved into a bearish zone and tested the USD 3,900 support level. Similarly, there were bearish moves in ethereum below the USD 136 and USD 135 support levels. ETH tested the USD 132 support and it is currently (UTC 08:10 AM) correcting higher. Ripple price is trading with a bearish bias near USD 0.300 and it may continue to decline in the near term.
Total market capitalization
There was a strong downward move in bitcoin price from the USD 4,000 resistance. BTC declined below the USD 3,950 support level and it even spiked below the USD 3,900 level. It is correcting higher towards the USD 3,950 level, which was a support earlier and now it could act as a resistance.
If buyers push the price above USD 3,950, the price may revisit the USD 4,000 resistance. If not, there is a risk of a fresh decline towards USD 3,900 or USD 3,860 in the coming sessions.
Ethereum price also faced an increase in selling pressure after it failed to surpass the USD 138 resistance. ETH/USD declined below the USD 135 support level and tested the next key support at USD 132.
The price is currently correcting higher above USD 133, but it is likely to face sellers near the USD 134 or 135 levels. On the downside, a break below the USD 132 support may push the price towards USD 130.
Bitcoin cash, eos and ripple price
Bitcoin cash price trimmed most of its recent gains and broke the USD 160 support level. BCH/USD is currently trading near USD 158 and it may continue to move down towards the USD 155 support level.
EOS was comparatively stable above the USD 3.62 support. However, there are many hurdles on the upside near the USD 3.65 and USD 3.70 levels. On the downside, the main support is near the USD 3.60 level.
Ripple price declined below the USD 0.306 and USD 0.304 support levels. XRP/USD is trading near the USD 0.300 support and it may continue to decline towards the USD 0.295 and USD 0.292 support levels in the near term. On the upside, an initial resistance is at USD 0.302, followed by USD 0.304.
Other altcoins market today
In the past three sessions, many small cap altcoins declined more than 8%, including DGB, AOA, POLY, ABBC, ONT, QBIT, STEEM, PAI, ICX and QASH. Out of these, DGB is down around 15% and AOA fell close to 13%.
Overall, bitcoin price failed to gain bullish momentum above the USD 4,000 resistance and declined sharply. Going forward, the USD 3,900 support might play a crucial role for the next move. If BTC settles below USD 3,900, there could be additional losses in the coming days.