Bitcoin and Altcoins Start the Week With Bearish Moves
This past week, we saw a couple of swing moves in bitcoin price above the USD 8,500 level. BTC/USD climbed back towards the USD 8,700 and USD 8,800 resistance levels. However, the bulls failed to remain in action and the market recently declined below key supports. Similarly, there were bearish moves in altcoins, including ethereum, ripple, EOS, bitcoin cash and cardano. ETH/USD is down around 4% and it is currently (08:10 UTC) trading below the USD 265 support area. Ripple is trading above the key USD 0.430 support area and it might consolidate before the next upward move. The current structure is slightly negative, suggesting a minor decline before a possible fresh increase.
Total market capitalization
There was a major rejection near the USD 8,700 level bitcoin price . The BTC/USD pair started a fresh downside correction and traded below the USD 8,600 and USD 8,500 support levels. The price is down around 1.5% and is trading near the USD 8,400 support area. If there is a break below the USD 8,400 support, the price could accelerate losses towards the key USD 8,200 support area.
On the upside, an initial resistance is near the USD 8,600 level, above which the price could struggle near the key USD 8,700 weekly resistance.
Ethereum price struggled to clear the USD 275 resistance and recently declined below the USD 270 and 265 support levels. ETH/USD is down around 4% and it seems to be struggling near the USD 260 support level.
If there are more losses, the price could test the main weekly support near the USD 250 level. On the upside, an initial resistance is near the USD 265 level, above which the bulls might attempt to clear the weekly hurdle at USD 275.
Bitcoin cash, eos and ripple price
Bitcoin cash price is currently correcting lower below USD 440 level after it failed to clear the USD 450 resistance area. BCH/USD is down around 4% and it is currently trading near the USD 425 level. If there is a downside break below USD 425, the price could continue to decline towards the USD 410 level. On the upside, the main hurdles are near the USD 440 and USD 450 levels.
EOS declined more than 8% after Block.one, the company behind EOS announced its new social media platform Voice. The price traded below the USD 8.00 and USD 7.60 support levels. An initial support is near the USD 7.20 level, below which the price could test the key USD 7.00 weekly support. On the upside, an initial resistance is near the USD 7.50 level, above which the price may struggle near the USD 7.80 level.
Ripple price is comparatively stable, but it settled below the USD 0.450 and USD 0.440 support levels. XRP/USD is currently consolidating above the USD 0.330 support, below which the price could continue to decline towards the USD 0.325 support. On the upside, a break above the USD 0.450 level is likely to clear the path for the bulls in the coming sessions.
Other altcoins market today
In the past three sessions, a few small cap altcoins started a fresh decline and weakened more than 6%, including AION, RVN, BTT, XIN, QTUM, TRX, IOST, HC, ZEN and HOT. Out of these, AION is down around 11% and RVN declined nearly 9%.
To sum up, bitcoin price is currently correcting lower and it might test the USD 8,320 or USD 8,200 level. If there are more losses, the bulls are likely to defend the USD 8,000 barrier.
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