Bitcoin and Altcoins Take Hit, Bears in Driver’s Seat
Recently, bitcoin price faced a strong resistance near the USD 13,100 and USD 13,150 levels. BTC/USD made a few attempts to continue higher, but it failed. As a result, there was a sharp decline below the USD 12,600 and USD 12,000 support levels. It tumbled more than 10% and traded close to the USD 11,200 support. Similarly, there were heavy losses in altcoins such as ethereum, ripple, bitcoin cash, EOS, litecoin, stellar and cardano. ETH/USD declined below the USD 300 and USD 280 supports. Besides, XRP/USD broke many supports and even settled below USD 0.340.
Total market capitalization
In the past three sessions, bitcoin price declined more than USD 1,800 and broke many important supports near USD 12,600, USD 12,000 and USD 11,650. BTC/USD even declined below the USD 11,400 support and traded close to the USD 11,200 support area. It is currently (08:10 UTC) correcting higher, with an immediate resistance near USD 11,600. If there is a decent recovery, the price could test the USD 11,850 and USD 12,000 resistance levels.
On the downside, an initial support is near the USD 11,320, followed by USD 11,200. The main support is near the USD 11,000 level, below which there could be more downsides.
Ethereum price also started a strong decline and broke the main USD 300 and USD 280 supports. ETH/USD is down more than 12% and it even tested the USD 265 support area. It is currently correcting higher, but the USD 280 level may now act as a resistance.
On the upside, the key resistance levels are USD 285 and USD 290. A close back above USD 300 is needed to start a fresh increase.
Bitcoin cash, eos and ripple price
Bitcoin cash price declined by more than USD 80 and broke the USD 380 and USD 350 supports. BCH/USD weakened more than 20% and traded close to the USD 320 level. It is currently retreating from lows, but it is likely to face resistance near the USD 350 and USD 360 levels.
EOS also declined more than 20% and traded below the USD 5.000 and USD 4.800 support levels. It tested the USD 4.400 level and it is currently consolidating losses. If there is an upside correction, the price might struggle to clear the USD 4.850 and USD 4.950 resistance levels.
Ripple price tumbled more than 16% after it settled below the USD 0.400 support. XRP/USD even broke the USD 0.350 support and tested the USD 0.320 support. If there are more losses, the price is likely to test the USD 0.300 support area. On the upside, the USD 0.350 level is an initial resistance, followed by USD 0.362.
Other altcoins market today
In the past two sessions, many small cap altcoins declined sharply and tumbled more than 15%, including QTUM, SOLVE, GXC, BTM, ONT, ELF, GNT, OMG, BTS, IOST, BSV, HC and MAID. Out of these, QTUM declined more than 23% and SOLVE is down nearly 21%.
To sum up, there was a major shift in the market sentiment, but it seems like bitcoin might hold the USD 11,200 or USD 11,000 support in the coming sessions. Having said that, BTC/USD must climb back above USD 12,000 to move into a positive zone.