Bitcoin Price, Altcoins Closing In Towards Next Crucial Break
In the past two sessions, bitcoin price declined below the USD 8,200 support area. BTC/USD tested the USD 8,000 support and it is currently (08:00 UTC) consolidating losses. It seems like the price is struggling to recover and it is facing many hurdles near USD 8,300, USD 8,400 and USD 8,500. Similarly, there were bearish moves in most major altcoins, including ethereum, ripple, EOS, bitcoin cash, litecoin, binance coin, cardano and stellar. ETH/USD traded below the USD 175 support and tested the USD 170 level. XRP/USD is still holding the USD 0.242 support and it is currently trading near the USD 0.250 and USD 0.252 resistance levels.
Total market capitalization
Recently, bitcoin price extended its decline below the USD 8,200 support level. BTC/USD even struggled to stay above the USD 8,000 support, but it managed to recover above USD 8,100. On the upside, an immediate resistance is near the USD 8,200 level, above which the price could recover towards the USD 8,350 resistance. The main resistance is still near the USD 8,500 level.
On the downside, the USD 8,000 level is a crucial support. If the price declines below USD 8,000, it could continue to slide towards the USD 7,850 and USD 7,700 levels.
Ethereum price settled below the USD 180 level and recently broke the USD 175 support. ETH/USD tested the USD 170 support and it is currently correcting higher. An immediate resistance is near USD 175, above which it could test USD 180.
On the downside, the USD 170 level is a strong support. If there is a downside break below USD 170, the price is likely to accelerate its decline towards USD 160 or even USD 155.
Bitcoin cash, eos and XRP price
Bitcoin cash price is struggling to hold the key USD 220 support area. If BCH/USD fails to stay above USD 220, it could decline further towards the USD 205 and USD 200 support levels. On the upside, there is a strong resistance forming near the USD 230 and USD 235 levels.
EOS settled below the USD 3.000 support level and it recently tested the USD 2.850 support area. The price is currently consolidating losses and is facing resistance near the USD 3.000 and USD 3.050 levels. On the downside, a break below the USD 2.850 support might lead the price to USD 2.650.
XRP price retested the USD 0.242 support area and it is currently moving higher. XRP/USD is approaching the USD 0.250 and USD 0.252 resistance levels. A clear break above USD 0.252 could push the price towards the USD 0.262 level.
Other altcoins market today
In the past three sessions, a few small cap altcoins climbed higher and gained more than 5%, including CENNZ, DRG, FCT, IOST, ENJ, BAT and NEXO. On the other hand, NRG, QNT, ETP, BCV, REN, and ZIL declined more than 5%.
Overall, bitcoin is slowly declining and is struggling to hold the key USD 8,000 support area. If there is a daily close below USD 8,000, BTC/USD could extend its decline below USD 7,850 and USD 7,700 in the near term.