Bitcoin and Altcoins Decline Reaches Significant Juncture
Yesterday, we saw signs of weakness in bitcoin and altcoins. BTC remained in a downward descend and broke the USD 5,240 and USD 5,120 support levels. Sellers even pushed the price below the USD 5,000 support area. It tested the USD 4,860 support area and recently recovered above USD 4,950. Ethereum too declined below the USD 174 and USD 170 support levels. ETH found support at USD 160 and it is currently (08:10 UTC) correcting higher. Ripple was under a lot of selling pressure and broke the USD 0.335 and USD 0.326 support levels. XRP is now trading below USD 0.320, with a bearish angle.
Total market capitalization
There was an extended downside correction in bitcoin price below the USD 5,300 and USD 5,200 support levels. BTC even broke the USD 5,000 and USD 4,950 support levels before buyers emerged near the USD 4,860 level. The price recovered recently above USD 4,950, but it seems be facing hurdles near USD 5,000 and USD 5,020.
A break above the USD 5,020 level might call for a test of the USD 5,075 resistance area. The next main resistance is at USD 5,180 and USD 5,200. On the downside, the USD 4,900 and USD 4,860 supports are very important, below which the price could move towards USD 4,500.
Ethereum price was under a lot of pressure and it declined after it broke the USD 170 support level. ETH even broke the USD 165 support and tested the USD 158 – USD 160 support area, where buyers emerged.
The price must stay above USD 158 – USD 160 to start a fresh increase. The price is currently correcting higher, but it could struggle to move above the key USD 170 resistance level in the near term.
Bitcoin cash, eos and ripple price
Bitcoin cash price extended declines below the USD 280 support level. BCH/USD broke the USD 270 support level and even tested the USD 255 level. The price is currently recovering above USD 265, but it may face a strong resistance near the USD 275 and USD 280 levels.
EOS nosedived below the USD 5.50 support level and traded close to the USD 5.00 support. It tested USD 5.05 and recovered above USD 5.25. The main resistance on the upside is near the USD 5.40 level, followed by USD 5.50.
Ripple price reversed most its gains and broke the USD 0.332 and USD 0.330 support levels. XRP/USD even broke the USD 0.322 support and traded close to USD 0.313. The price remains in a bearish zone and it could test the USD 0.310 support.
Other altcoins market today
In the past three sessions, many small cap altcoins declined by more than 8%, including MXM, ABBC, KCS, ELA, MKR, BCD, HT, PAI, BTS, BSV, SNT, ONT, THETA and ZRX. Out of these, MXM is down around 11% and ABBC declined close to 10%.
Overall, bitcoin price corrected sharply in the past three sessions and tested the key USD 4,900 and USD 4,860 support levels. BTC is likely to bounce back above USD 5,100, but if bulls fail to gain strength, there could be another drop towards USD 4,860 or USD 4,800 in the near term.
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