Bitcoin and Altcoins Target Additional Weakness
Bitcoin price started a downward move yesterday from the USD 6,600 resistance level. BTC/USD declined below the USD 6,550 level and later broke the USD 6,500 support to move into a short term bearish zone. Similarly, ethereum price failed to stay above the USD 205 support and it seems like the USD 200 support is currently (UTC 08:00 AM) at risk. The current price action is indicating an increase in selling pressure on bitcoin and altcoins, which may result in additional weakness in the next two sessions.
Total market capitalization
There was no recovery above the USD 6,600 resistance in bitcoin price . BTC/USD started a fresh decline and broke the key USD 6,500 support. It tested the USD 6,450 support, but it seems like there are possibilities of more losses.
The next major support on the downside is at USD 6,400, below which bitcoin buyers may come under a lot of pressure. On the upside, the previous support at USD 6,500 is now a major resistance. Above USD 6,500, the main hurdle for buyers to take control is at USD 6,600.
Ethereum price also declined further and broke the USD 205 support. ETH/USD traded close to the USD 200 support and it is currently consolidating losses.
If the price settles below the USD 200 support, there could be heavy declines towards the USD 180 level in the near term. On the upside, the USD 205 and USD 210 levels are important resistances for buyers.
Bitcoin cash and ripple price
Bitcoin cash price extended losses and broke the USD 440 support. BCH/USD even tested the USD 425 support and it is currently down more than 3.5%. To recover, the price has to move above the USD 440 and USD 450 resistance levels. If not, sellers could push the price towards the USD 400 handle.
Ripple price also followed bitcoin this time and traded below the USD 0.465 and USD 0.460 support levels. XRP/USD may continue to move down towards the next key support at USD 0.435.
Other altcoins market today
Despite the recent bearish moves in bitcoin, two altcoins, POLY and ELF traded higher and posted gains more than 10%. On the other hand, many coins like PIVX, NANO, ARK, ETP and MOAC declined between 6%-12%
To sum up, it seems like bitcoin price failed to hold this week’s gains above USD 6,700. BTC/USD may continue to move down, but buyers are likely to take a stand near the USD 6,400 support. Similarly, ETH/USD could find a strong buying interest near the USD 195 – USD 200 zone.
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