Bitcoin and Altcoins Showing Signs of Weakness
Yesterday, there were bullish moves in bitcoin above the USD 5,250 and USD 5,300 resistance levels. BTC/USD even traded above the USD 5,400 level and formed a new multi-month high near USD 5,420. Recently, there was a sharp downside correction and the price declined below the USD 5,300 and USD 5,200 levels. The price tested the USD 5,100 level and it is currently consolidating losses. Similarly, there was a downside correction in ethereum and ripple. ETH traded below the USD 175 support and XRP declined below the USD 0.340 support area.
Total market capitalization
After bullish continuation above the USD 5,350 level, bitcoin price faced a strong selling interest above the USD 5,400 level. A new yearly high was formed near USD 5,420 and recently the price corrected lower. It broke the USD 5,300 and USD 5,200 support levels.
Buyers appeared near the USD 5,100 level and the price is currently trading near the USD 5,130 level. On the upside, the broken support at USD 5,200 may act as a resistance. On the downside, a break below the USD 5,100 level might push the price towards the key USD 5,000 support area.
Ethereum price declined sharply from well above the USD 180 level and broke the key USD 175 support. ETH is down more than 5% and it is trading below the USD 170 level.
An immediate support is at USD 165, below which there is a risk of a downside extension towards the USD 160 level. On the upside, the USD 175 level could act as a strong resistance.
Bitcoin cash, eos and ripple price
Bitcoin cash price failed to stay above the USD 300 and declined heavily. BCH/USD broke the USD 285 and USD 280 support levels. The price is down around 7% and it seems like it could test the main support at USD 265 in the near term.
EOS traded close to the USD 6.00 resistance and declined below the USD 5.80 and USD 5.70 support levels. The price tested the USD 5.50 support level and it remains at a risk of a downside extension towards the USD 5.35 level.
Ripple price is down more than 5% and it broke the USD 0.345 and USD 0.340 support levels. XRP/USD is trading below the USD 0.338 level, with supports near the USD 0.332 and USD 0.330 levels. On the upside, the previous support at USD 0.340 may now act as a resistance.
Other altcoins market today
In the past two sessions, many small cap altcoins corrected lower by more than 8%, including IOST, NULS, LRC, REP, WTC, STRAT, PIVX, AION, STEEM, ARK, ZIL, TRX and PAI. Out of these, IOST, NULS, LRC, REP and WTC are down more than 10%.
The current price action is slightly bearish and suggesting more downsides in bitcoin towards the USD 5,000 support level. Once the current correction is complete, BTC price is likely to rebound above USD 5,200 and USD 5,250 in the near term.
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