Bitcoin Signaling Downtrend While Altcoins Holding Ground
This week, bitcoin price declined steadily below the USD 11,500 support. Recently, there was a sharp increase in selling, resulting in a bearish break below the USD 11,200 and USD 11,000 supports. BTC/USD even broke the key USD 10,750 support and moved into a downtrend. On the other hand, most major altcoins, including ethereum, ripple, bitcoin cash, litecoin and EOS remained stable in the past two sessions. Meanwhile, BCH/USD jumped around 5% and traded above the USD 340 resistance.
Total market capitalization
In the past three sessions, bitcoin price declined below the USD 11,200 and USD 11,000 support levels. BTC/USD is down more than 7% and is trading well below the USD 10,750 support (08:10 UTC). An immediate support is near the USD 10,500 level, below which the price could continue to slide towards the USD 10,320 and USD 10,250 levels.
If there is an upside correction, the USD 10,750 level might act as a strong resistance. The main hurdles on the upside are near USD 10,950 and USD 11,000.
Ethereum price stayed above the USD 202 and USD 200 support levels. ETH/USD is currently trading flat and is consolidating above the USD 206 level. On the upside, there are a few key resistances near the USD 212 and USD 215 levels.
If there is an upside break above USD 215, the price could recover towards USD 225. Conversely, if ETH follows BTC and declines below the USD 202 low, there could be a sharp downward move.
Bitcoin cash, eos and ripple price
Bitcoin cash price performed nicely in the past two sessions and gained more than 5%. BCH/USD surpassed the USD 340 resistance and tested the USD 350 resistance. If there is a downside correction, the USD 340 level may now act as a decent support in the near term. On the upside, the USD 350 and USD 355 levels are immediate resistances.
EOS stayed above the USD 4.000 support and is currently consolidating losses. On the upside, an initial resistance is near the USD 4.120 level, above which the bulls might challenge the USD 4.200 resistance area. On the downside, a break below the USD 4.000 support could push the price towards the USD 3.850 support.
Ripple price declined once again, but it stayed above the USD 0.290 support level and this week’s swing low. XRP/USD is currently consolidating near USD 0.295 and facing resistance near the USD 0.300 and USD 0.302 levels. On the downside, the main supports are near USD 0.290 and USD 0.288.
Other altcoins market today
In the past three sessions, a few small cap altcoins declined more than 6%, including ABBC, XMX, KMD, REN, MAID, GXC, XTZ, XMR, RIF and BCN. On the other hand, BTG, EKT, LINK, and STEEM gained more than 5% today.
To sum up, bitcoin price is signaling a downtrend below the USD 11,000 pivot level. If BTC/USD slides below USD 10,500, it could continue to decline towards the USD 10,250 and USD 10,050 levels in the near term.