Bitcoin and Altcoins Remain At Risk Of Additional Weakness
This past week, there was a fresh decline initiated in bitcoin price below the USD 3,550 and USD 3,500 support levels. BTC/USD even traded towards the USD 3,400 support where buyers emerged. The price is currently (UTC 08:10 AM) trading in a range below the USD 3,500 resistance and it could be setting up for the next break in the coming sessions. Ethereum price also declined recently and settled below the USD 110 resistance. ETH/USD could accelerate losses if sellers push the price below the USD 105 and USD 102 weekly support levels. More importantly, ripple price trimmed most of its gains from well above USD 0.330 and declined below USD 0.305. XRP/USD is currently struggling to stay above USD 0.300 and it may perhaps drop significantly in the near term.
Total market capitalization
After trading close to the USD 3,400 support, bitcoin price started a short term upside correction. However, there are many barriers for buyers, starting with the USD 3,500 weekly resistance. Above the mentioned weekly resistance, the price is likely to test the next major resistance at USD 3,550.
A successful daily close above USD 3,550 is needed for buyers to gain traction. On the other hand, if the price fails to break USD 3,500 or USD 3,550, it could decline below the USD 3,400 and USD 3,320 support levels.
Ethereum price failed to surpass the USD 112 resistance recently and traded below the USD 110 support. ETH/USD is currently under a lot of pressure and once sellers clear the USD 105 support, there could be heavy declines toward USD 100 or USD 95.
On the other hand, a break above the USD 110 and USD 112 weekly resistance levels will most likely clear the path for buyers to gain control.
Bitcoin cash, eos and ripple price
Bitcoin cash failed to stay above the USD 120 support and tested the USD 118 support. BCH/USD is trading with a bearish angle and it might continue to decline towards the USD 115 and USD 112 support levels.
EOS failed to test the USD 2.50 resistance level and declined below the USD 2.40 support. Buyers are currently defending the USD 2.35 support, with a few positive moves.
Ripple price performed very well this past week, but it soon trimmed most its gains. XRP/USD broke the USD 0.320 and USD 0.305 support levels. The price is currently trading above USD 0.300 and it could correct higher towards USD 0.305 or USD 0.308.
Other altcoins market today
During the past few hours, a few small cap altcoins declined between 5%-12%, including AOA, REP, RVN, STEEM, XEM, DENT and LINK. Out of these, AOA is down around 11% and REP traded lower by 8%.
To sum up, the current price action is clearly bearish on bitcoin below the USD 3,500 resistance. BTC/USD must break the USD 3,500 and USD 3,550 resistance levels to start a decent upward move. If not, BTC and altcoins are likely to extend the current downtrend in the coming sessions.
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