Bitcoin and Altcoins Gaining Bearish Momentum

Bitcoin and Altcoins Gaining Bearish Momentum

In the past two days, bitcoin price failed to gain pace above the USD 7,350 and USD 7,400 resistance levels. As a result, BTC/USD started a fresh decline and recently broke the key USD 7,200 support area. However, the price is still holding USD 7,000 (09:00 UTC), below which there is a risk of a sharp drop.

Moreover, most major altcoins were dragged lower by bitcoin, including ethereum, XRP, bitcoin cash, litecoin, EOS, BNB, ADA, TRX and XLM. ETH/USD is now trading below USD 150 and it could continue to move down towards USD 140. Besides, XRP/USD is likely to revisit the main USD 0.202 support area in the near term.

Total market capitalization

Bitcoin price

Recently, bitcoin price extended its decline below the USD 7,250 and USD 7,200 support levels. BTC/USD tested the USD 7,080 level and it is currently consolidating losses. The current price action is bearish and it seems like there could be more downsides below the USD 7,020 and USD 7,000 support levels. The next major support is near the USD 6,850 level, below which the price could even revisit the USD 6,550 support area. On the upside, there are many resistances for the bulls near USD 7,200, USD 7,280 and USD 7,350.

Ethereum price

Ethereum price is now trading below the USD 152 and USD 150 resistance levels. ETH/USD is declining and it is likely to test the USD 140 support area. Any further losses may perhaps push the price towards the USD 135 level. On the upside, the USD 152 and USD 150 are important hurdles. A clear close above USD 152 is needed for a strong rise in the coming sessions.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price is down more than 4% and it failed to clear the USD 220 and USD 225 resistance levels. BCH/USD is now approaching the main USD 200 support area. If the bulls fail to protect the USD 200 handle, the price could dive towards the USD 182 support area. On the upside, an initial resistance is near USD 215, followed by USD 220. Litecoin is sliding below the USD 45.50 and USD 44.50 support levels. LTC/USD is likely to accelerate lower toward the USD 40.50 and USD 40.20 support levels. On the other hand, a successful break above USD 45.50 is needed for a recovery. XRP price started a fresh decline below the USD 0.220 support area. XRP/USD traded below USD 0.215 and it seems like it could even trade below USD 0.212 and USD 0.210. In the mentioned case, the price is likely to revisit the USD 0.202 support area.

Other altcoins market today

In the past three sessions, a few small capitalization altcoins extended their decline more than 5%, including RLC, QNT, MOF, FET, KMD, LUNA, ZEN, EKT, ATOM, DGD, IOST and TRX. Out of these, RLC dived around 12% and QNT is down close to 11%.

Overall, bitcoin is under pressure and it could even break the USD 7,000 support area in the coming sessions. Conversely, BTC/USD must gain pace above USD 7,350 and USD 7,400 to start a strong upward move. __

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