Bitcoin and Altcoins In Red With Sellers In Control
This past week, bitcoin struggled near a few important resistances such as USD 3,850 and USD 3,900. BTC/USD failed to climb above the USD 3,900 resistance and finally started a downward move. The price broke the key support at USD 3,800 to move into the red zone. Similarly, ethereum price failed to climb above the USD 138 and USD 140 resistance levels, resulting in a drop below the USD 132 and USD 130 support levels. Ripple price also trimmed most its gains and declined below the USD 0.315 and USD 0.308 support levels. The current price action is bearish and it seems like there could be more losses in bitcoin and altcoins before buyers take a strong stand in the coming days.
Total market capitalization
After many failed attempts near the USD 3,900 resistance, bitcoin price started a strong decline. BTC/USD broke the key USD 3,820 and USD 3,800 support levels to enter a bearish zone. Sellers even pushed the price below the USD 3,750 support level.
The price is currently (UTC 10:20 AM) down more than 2%, with an immediate support at USD 3,700. The next key weekly support is at USD 3,650, below which the price could tumble towards the USD 3,540 support. On the upside, an initial resistance is near the USD 3,800 level. If there is a clear break above USD 3,800, the price could revisit the USD 3,900 resistance. The main weekly resistance for buyers is near the USD 4,000 level.
Ethereum price topped near the USD 140 resistance and declined heavily. ETH/USD broke the USD 132 and USD 130 support levels to start a short-term downtrend. The next key support is at USD 125, where buyers could emerge.
On the upside, an initial resistance is near USD 130 and USD 132, above which the price could recover towards the key weekly barrier at USD 140.
Bitcoin cash, eos and ripple price
Bitcoin cash fell significantly after it failed to stay above the USD 140 support. BCH/USD is down more than 6% and it recently broke the USD 126 and 125 supports. The next immediate support is at USD 122 and USD 120.
EOS gained bearish momentum and declined more than 8% to breach the USD 3.50 and USD 3.40 support levels. The price is trading below USD 3.30 and it could soon test the USD 3.20 support level.
Ripple price also followed a bearish pattern and broke the USD 0.320, USD 0.315 and USD 0.308 support levels. XRP/USD is now approaching the USD 0.300 support, below which the next support is at USD 0.292. The main resistances are at USD 0.308 and USD 0.310.
Other altcoins market today
During the past few sessions, many small cap altcoins traded lower and fell more than 8%, including THETA, KMD, ELF, HOT, ONT, ETP, STEEM, ICX, MANA, ARK and DGTX. Out of these, THETA is down around 13% and KMD declined roughly 11%.
Overall, the crypto market moved into the red zone, with a close below USD 3,800 in bitcoin. There could be a short-term upside correction, but buyers are likely to struggle near USD 3,800 and USD 3,820. Going forward, there could be more losses in BTC and altcoins before buyers reappear.