Bitcoin and Altcoins Retreating From Recent Highs
Yesterday, we saw a decent upward move in bitcoin price above the USD 10,750 resistance. However, BTC/USD struggled to continue above the USD 10,900 and USD 11,000 resistance levels. As a result, there was a fresh decrease and the price declined sharply below the USD 10,650 and USD 10,500 support levels. Similarly, there was a sharp decline in major altcoins, including ethereum, ripple, BCH, EOS, ADA, BNB and XLM. ETH/USD broke the USD 190 support and XRP/USD is down more than 5% (08:00 UTC). All these are bearish signs, but the bears could only take control if bitcoin price settles below the key USD 10,000 support area.
Total market capitalization
After a bearish reaction from the USD 10,900 area, bitcoin price declined below the USD 10,500 support. BTC/USD even gained bearish momentum below the USD 10,320 support and it is down roughly 6%. An immediate support is near the USD 10,050 level. However, the main support is near the USD 10,000 level, below which the price could turn medium-term bearish.
On the upside, an initial resistance is near the USD 10,320 and USD 10,400 levels. To start a fresh increase, the price needs to surpass the USD 10,500 resistance area.
Ethereum price declined more than 6% and broke the USD 195 and USD 190 support levels. The next key support is at USD 185, below which ETH/USD could extend its decline towards the USD 175 support area.
Any further losses may perhaps call for a move towards the USD 160 support area. On the upside, the recent support near USD 190 and USD 192 might act as hurdles. However, the main resistance for a strong rally is near the USD 200 level.
Bitcoin cash, eos and ripple price
Bitcoin cash price is under a lot of pressure and it recently declined below the USD 305 support area. Therefore, there are chances of more downsides below the USD 300 support. In the mentioned case, the price could decline towards the USD 280 support level in the near term.
EOS declined below the USD 3.650 support level. The price is down around 2% and it seems like it could soon test the USD 3.500 support level. If there is a downside break below the USD 3.500 level, the price could trade towards the USD 3.250 level.
Ripple price was the first to start a bearish wave from the USD 0.292 resistance area. XRP/USD declined below the USD 0.280 and USD 0.270 support levels to move into a bearish zone. The next important support is at USD 0.262, below which the price is likely to test the USD 0.250 support level.
Other altcoins market today
In the past three sessions, many small cap altcoins declined more than 8%, including BEAM, REN, DGTX, ABBC, ICX, NEXO, ALGO, BCD, GXC and XMR. Out of these, BEAM is down around 13% and REN declined close to 12%.
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Overall, bitcoin price is struggling below the key USD 10,500 support level. However, a successful break below the USD 10,000 support is must for more downsides in the coming sessions. If not, BTC might bounce back towards USD 10,500 and USD 10,700.